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27 февраля, 16:11

Divided Republicans look to Trump to lead on tax reform

Republicans need President Donald Trump to get tax reform back on track. Lawmakers widely agree on the need for a major tax-code cleanup, but they are tied in knots over how. The main proposal, by House Speaker Paul Ryan, has taken a beating from many of the party’s erstwhile allies in the business community, not to mention a growing number of Republicans. But it’s unclear what the critics could support in its place, with lawmakers offering a host of competing proposals. That’s creating a big void that Trump, now working on a new tax-reform plan of his own, can fill — by resuscitating Ryan’s so-called border adjustment plan or perhaps with an entirely new vision for the tax code. “I’m waiting to see what’s coming out of the White House because, at the end of the day, the most powerful voice is going to be the president’s,” said Rep. Mike Kelly, a Republican member of the tax-writing Ways and Means Committee. Republicans have yearned for presidential leadership after trying for years, unsuccessfully, to launch reform from Capitol Hill when President Obama was more interested in other issues. “If you’re going to get tax reform done, the president has to lead,” said Rep. Jim Renacci, another Republican tax writer. Trump is set to address Congress on Tuesday, where he’s expected to lay out his legislative agenda, and the administration says its tax plan will be ready within weeks.The most immediate, and difficult, question facing Trump is whether to throw his weight behind Ryan’s border adjustment plan, which would essentially tax imports but not exports. It would be hugely embarrassing if his proposal were discarded at virtually the outset of lawmakers’ tax-reform debate. But it faces considerable obstacles in the Senate, where the No. 2 Republican John Cornyn, Finance Chairman Orrin Hatch and other influential Republicans have major concerns with the proposal. Sen. Lindsey Graham has said the plan wouldn’t get 10 votes from his colleagues. Trump’s own advisers have been deeply divided over the proposal. The president raised eyebrows when he told Reuters the border adjustment plan could create “a lot more jobs,” while stopping short of outright endorsing the plan. His press secretary Sean Spicer subsequently told reporters the proposal “benefits our economy, it helps the American workers, it grows more jobs, it grows the manufacturing base.” Ryan, who has been quietly lobbying the administration on the proposal, quickly trumpeted Trump’s remarks in a blast to reporters.Advocates like Ryan warn the entire tax-reform effort will implode without the border adjustment plan, because lawmakers have no other obvious way to raise the $1 trillion it would generate to finance tax cuts, and certainly no alternative that won’t create its own enemies. They also want the president's bully pulpit — including perhaps his Twitter account — to overcome organized opposition to the plan from retailers, apparel companies and other big importers. Business leaders are likewise pulling Trump in both directions, with the heads of Dow Chemical, Caterpillar, Boeing and other border-adjustment supporters meeting with him this week. Their conversation with him followed Trump’s meeting last week with the heads of the Gap, Best Buy, Walgreens and other retailers pushing him to kill the proposal. Treasury Secretary Steven Mnuchin said the administration is working behind the scenes with Republicans in both chambers to develop a consensus plan. “We’re working very closely with Paul Ryan and we’re working very closely with Senate leadership and we’re going to have a combined plan,” he told Fox Business News. “When we go to pass this, we’re going to have a plan that we all agree with.” Asked about the border adjustment proposal, Mnuchin said: “These are complicated issues,” pointing to the plan’s uncertain effects on the U.S. dollar. “We are taking this all into account, and I can assure you when we come out with the plan, we will have very carefully thought through all of these issues.” Speaking Friday at a conference for conservative activists, Trump said: “We are going to massively lower taxes on the middle class, reduce taxes on American business and make our tax code more simple and much more fair for everyone.” But Trump has hardly been a consistent leader on taxes. During his presidential campaign, he repeatedly rewrote his own tax-reform proposal, sometimes taking multiple positions on various tax issues — leaving Republicans in Congress to wonder what he’d be willing to really fight for.What’s more, Trump is still working with a skeleton crew on the issue. Neither Mnuchin nor economic adviser Gary Cohn are considered tax experts, and many key tax positions at Treasury — including assistant secretary for tax policy and deputy assistant secretary for international tax affairs – remain unfilled.That’s raised questions among tax watchers about how detailed his plan will be or how much it will differ from his previous proposals. There are other challenges. Though the border-adjustment issue has dominated the tax reform debate in Washington, it’s only the beginning of the controversy. The House plan is chockablock with contentious ideas, including dumping a century-old tax break for corporate borrowing and plans to expand the standard deduction – which the housing and charitable sectors fear will hurt their bottom lines by making the mortgage interest and charitable deductions less attractive. Republicans are unlikely to get much support from Democrats, thanks to the GOP’s plans to slash taxes on the rich, which means they will have little room for error, particularly in the Senate. And their bid to repeal Obamacare has gotten bogged down, eating up precious time and political capital, while other must-do items like raising the debt limit and reauthorizing a children’s health program loom. Meanwhile, other administration controversies threaten to push tax-reform aside even more. Many assume Republicans’ fallback plan is to simply cut taxes, a far easier task politically than tax reform. Any overhaul will necessarily create winners and losers, while there are only winners when it comes to tax cuts. Both George W. Bush and Ronald Reagan muscled big tax cuts through Congress in their first year in office. In an op-ed today, a former campaign adviser urged Trump to focus on simply cutting taxes. “What’s needed is a net tax cut for business,” wrote Stephen Moore. “Lawmakers shouldn’t get bogged down on the issue of how to ‘pay for’ it.”The difference this time is the debt is far higher, with the CBO predicting the government will be running trillion-dollar deficits for the foreseeable future beginning in six years. That will not only raise the hackles of deficit hawks. If Republicans cut taxes without doing much to clean up the code, that will leave less revenue available for any future overhaul — which could force them to choose between their love of tax cuts and their desire for tax reform.

15 февраля, 19:40

Remarks by President Trump in Listening Session with the Retail Industry Leaders Association and Member Company CEOs

Roosevelt Room 10:40 A.M. EST THE PRESIDENT:  So it's nice to see we have some great retailers here today and we're going to go around the room and we'll all introduce ourselves.  Some of you I've read about on the covers of business magazines and it's great to have you here.  Thank you very much. I'm pleased to host all of you at the White House.  The CEOs -- you're some of the great CEOs of our country and the biggest in the retail industry, which is very important to the country in supporting millions and millions of jobs -- really one of the great job producers.  Probably, would you say, almost number one?  Pretty close, right? MR. KUSHNER:  I agree. THE PRESIDENT:  It is number one. There's a lot of confidence in our economy right now.  There's a great confidence level.  You've been seeing that in the stock market.  You've been seeing that in businesses.  And you've been seeing that at every chart that's taken.  There's evidence also by the jobs report that just came out for January -- 227,000 jobs added.  My administration remains very focused on the issues that will encourage economic growth -- that's what we're all about.  We have a lot of plants moving back into various states, including the state of Ohio, the state of Michigan, Pennsylvania.  You have a lot of companies moving back in, coming back into the country, bringing the jobs with them. We're cutting regulations big league.  We are really cutting them by massive amounts.  The auto industry just left a week ago -- they were here in the same room -- and they are very happy with what we're doing and everyone is.  I think just about every -- the financial industry.  We're having a lot of the different industries in and we're cutting regulations in just about every industry.  In fact, I can't think of any that we're not.  If I do, we have a major story, okay, because I think just every industry we're cutting, some more than others.  You have a very, very big regulatory problem and we're going to take care of that because I want more jobs.  We're doing that because we want more jobs. As you know, the overregulation costs our economy an estimated $2 trillion a year, which is incredible -- $2 trillion -- and it costs your businesses a lot of money, tremendous amounts of money and time.  I've taken executive action to create a permanent structure of regulatory reduction by creating one and one.  So basically, for every one regulation, two are out.  So we knock out two.  So we put in one, but to put in one, you have to knock out two.  That's the least of it, but it's an important symbol. In addition to reducing government regulations, we'll also reform our tax code to help middle-income families and American businesses grow and thrive.  Tax reform is one of the best opportunities to really impact our economy.  So we're doing a massive tax plan.  It's coming along really well.  It will be submitted in the not-too-distant future, and it will be not only good and simpler; it will be -- you're talking about big numbers of savings.  And we're talking also middle income and very much for business.  And the business is for middle income because you can employ a lot of people.  So we hope you're going to do that.   We're going to provide tax relief for families.  We're going to simplify very greatly the tax code -- it's too complicated.  We're going to bring down the number of alternatives, and I think it's going to be just a much, much simpler tax code.  In fact, H&R Block probably won't be too happy -- that's one business that might not be happy with what we're doing.  Other than H&R Block, I think people are going to love it. We're going to lower the rates very, very substantially for virtually everybody in every category, including personal and business.  And I just want to go around the room.  I'd like you to introduce yourself and then I'll tell you a little bit more, and you're going to tell me what you're looking for.  But we want jobs.  We want jobs brought back to the country.  We want them brought back fast.  We want you to expand your stores.  And you'll tell me why you will or why you won't.  And tell me why you won't -- we'll work on you a little bit, right, Vice President Mike Pence?  (Laughter.) So go ahead. MS. SOLTAU:  I'm Jill Soltau.  I'm with JoAnn Fabric and Craft Stores. MR. PECK:  Art Peck with The Gap. THE PRESIDENT:  Good.  Very good. MR. JOLY:  Hubert Joly with Best Buy. THE PRESIDENT:  Good.  Great store. MR. RHODES:  I'm Bill Rhodes with AutoZone. MR. CORNELL:  Brian Cornell with Target.  THE PRESIDENT:  Good.  The Tar-get -- right?  (Laughter.) MR. PESSINA:  Stefano Pessina, Walgreens Boots Alliance. MR. SANDFORT:  Greg Sandfort with Tractor Supply. THE PRESIDENT:  Yes. MR. ELLISON:  Marvin Ellison with J.C. Penney. THE PRESIDENT:  I read a good report on you.  (Laughter.)  Good job. MR. ELLISON:  Thank you.  (Laughter.) THE PRESIDENT:  So maybe we go around the room a little bit.  I guess we can let the press go now, right?  Do you suggest that?  Go ahead.  Thank you all very much. END  10:46 A.M. EST

13 февраля, 09:14

'Phenomenal' End to the Week

'Phenomenal' End to the Week

01 февраля, 10:01

Неоправданные ожидания: что значат падающие оценки венчурных проектов

Сможет ли мировой рынок новых технологий вернуться к росту в текущем году?

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31 января, 22:54

11 Drugstore Products the Best Hair Stylists Swear By

Getting gorgeous hair like Lauren Conrad, Katie Holmes, or Jennifer Aniston is as easy as using the products their trusted hairstylists cant get enough of.

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31 января, 14:19

Rite Aid Down on Walgreens Deal Offer Price Cut & Delay

Rite Aid Corp. (RAD) and Walgreens Boots Alliance Inc. (WBA) jointly agreed upon a Jul 31, 2017 deadline for the deal and slashed the offer price to accommodate more store divestitures that would help gain regulatory approval.

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30 января, 23:15

Rite Aid shares hit by Walgreens Boots deal doubts

Concerns increase on whether regulators will approve takeover

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30 января, 23:09

Here's Why Rite Aid (RAD) is Tanking 17% Today

On Monday, shares of retail drugstore chain Rite Aid (RAD) are tanking, down around 17% in afternoon trading after Walgreens Boots Alliance (WBA) said it would pay a lower price per share in its pending acquisition of the company

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30 января, 17:06

Walgreens Will Pay Less For Rite Aid And Divest More Stores

Walgreens Boots Alliance said it will pay less for Rite Aid and potentially divest up to 1,200 stores -- 200 more than planned -- in order to complete the deal for the rival drugstore chain.

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30 января, 16:41

Walgreens and Rite Aid extend end date of agreement from Jan. 27, 2017 to July 31, 2017

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30 января, 16:40

Walgreens will divest up to 1,200 Rite Aid stores

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30 января, 16:40

Rite Aid's stock plummets 15% premarket after Walgreens lowers buyout bid price

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30 января, 16:39

Walgreens and Rite Aid agree to revised price per share for Rite Aid stock of minimum $6.50 and maximum $7

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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26 января, 17:37

Walgreens CEO Says Rite Aid Talks Continue Amid FTC Issues

Walgreens Boots Alliance CEO Stefano Pessina said the company remains “actively in discussions” with Rite Aid amid Federal Trade Commission concerns about a plan to divest 865 Rite Aid stores to Fred's Pharmacy in order to complete the deal.