Just last week, the Tax Cuts and Jobs Act was signed by President Trump. It slashes the corporate tax rate from 35 to 21 percent beginning in 2018, and is the biggest tax change in 30 years. While the focus appears to be mostly on big business with this permanent reduction, the American public is left with individual tax changes that expire at the end of 2025, unless Congress takes action.
Individuals will experience lower income tax rates, a doubled standard deduction, and the elimination of personal exemptions. Higher income families will benefit most, as their tax rates are lowered more than others. The Act is predicted to increase national debt, but those in favor are hopeful that it will bring in new revenue. Therefore, it’s possible that the American public will continue to support entitlement spending, but now concern that our long-term economic growth will be damaged has also come into play.
We are getting closer to seeing the final passage of the bill in congress, then onto President Trump for signing. My colleagues and I are anxiously awaiting the final bill, so we have some insight into how this will play-out for many of our clients 2018. It's clear that this is first and foremost a Corporate tax cut. It will remain to be seen to what degree the 'trickle-down' effect benefits corporations more than the American public. It's unfortunate that what could have been a great opportunity for us to finally get a more simplistic tax code, has become self-serving to the corporations, and the working American Public is left to shoulder the continued support of entitlement spending.
After a new record high of nearly $18,000 per coin this week, Bitcoin has become a digital asset that is garnering great attention in finance. As a cryptocurrency created to liberate web users from conventional banking and transactions, Bitcoin is climbing the ranks in both value and widespread use. Its pattern of monumental growth is based on growing interest from investors, and it appears to be forming into a financial titan as a result.
Based on these value trends, our former question of whether or not Bitcoin is here to stay has morphed into how the cryptocurrency will be regulated. Just this week, the US Securities and Exchange Commission Chairman warned Bitcoin investors to beware of criminal activity. Since cryptocurrency has substantially less investor protection than currency in traditional securities markets, there are greater opportunities for fraud. Speculation of legal misconduct on many cryptocurrency trading platforms has also surfaced. Looking to navigate this Cryptomania safely?
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