Federal Tax

Caterpillar Soars 7% To All Time High After Smashing Earnings, Boosting Guidance

Dow futures are higher by over 100 points following a spate of big beats among Dow components including 3M, GM, UTX, but none more so than Caterpillar which just announced blockbuster Q3 EPS of $1.95, nearly 50% higher than the $1.22 consensus estimate (and above the highest forecast), on revenue of $11.4 billion, which also was well above the $10.73 billion expected.

US Spent A Record $4 Trillion In Fiscal 2017, Pushing Deficit To $666 Billion

Federal tax receipts reached a record high $3.3 trillion, thanks to slightly faster growth, according to a senior Treasury official. But government outlays also hit a record high last year at nearly $4 trillion ($3.95 trillion to be precise), 3% higher than they were in the previous fiscal year, thanks to increased spending on Social Security, Medicare and Medicaid, as well as higher interest payments on the public debt

What Could Possibly Go Wrong With Tax Reform? The Answer, According To Goldman, Is "Plenty"

In a report looking at "what could possibly go wrong" with tax reform, Goldman analysts find that while "recent developments on tax reform have been positive" with the Senate’s "tentative budget agreement likely headed for passage in the Budget Committee this week" and the Big Six framework signaling narrower tax policy differences, there’s "plenty that could still go wrong."

The “Trump Tax Plan” - Details & Analysis

Trump's "historic" tax bill, as proposed today, will likely look very different by the time it is actually voted on. However, as is always the case, the “devil is in the details." Here are the notable highlights...

Government By Goldman

"...now Cohn’s in charge of the economy and talking about eliminating financial reform and basically putting the country back to where it was in 2005, as if 2008 didn’t happen. I’ve started the countdown clock to the next financial crash, which will make the last one look mild."

CalExit 3.0: New Petition Calls For Cali Secession...3rd Time's A Charm?

Well, rather than pursue a ballot measure, which requires 585,407 signatures, the CalExit 3.0 group has petitioned California's Attorney General to call for a Constitutional Convention of the States so they can, among other things, amend the U.S. Constitution to allow for a "clear and reasonable path for individual States to become independent, so that CA can secede, if they so choose."

Electric Vehicles No Threat To Oil Prices Anytime Soon

Hardly a day goes by without another media report about the impending demise of the Internal Combustion Engine as petroleum powered cars and trucks are replaced by uber-clean Electric Vehicles. It is just a matter of time before EVs start to materially reduce global oil demand thereby capping a meaningful oil price recovery now and creating an ever-shrinking industry in the future... Except it isn’t true.