Ekathimerini has a surprisingly frank analysis of Donald Trump’s tax reform which benefits mainly corporations and the rich, while pushing up interest rates for consumers and for the federal government and increasing the national debt.
Globalist US Treasury Secretary Steve Mnuchin has lied about the effect of the tax cuts on boosting the economy as predicted by models, reports the New York Times meanwhile.
Largely responsible for this is, of course, our friend John Kelly, who as White House Chief of Staff, has made it his purpose to help Goldman Sachs and the Globalists loot America and depopulate it. John Kelly probably supports Rex Tillerson.
We don’t know what the relationship between Kelly and his chief of staff Kirjsten Nielsen is or why he has become a swamp creature so soon. But Team Patriot need to realize the White House Chief of Staff is working for the Globalists whether he is complicit, manipulated or just plain incompetent.
Eurozone bond yields rebounded from Friday’s lows after the US Senate passed a tax bill over the weekend, increasing the chances of more aggressive interest rate hikes there, and investors turned their focus to a key meeting of eurozone finance ministers.
The Senate narrowly approved a tax overhaul on Saturday, moving Republicans and President Donald Trump closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes.
“We had quite high valuations on European government bonds on Friday following the Flynn revelations, so Bunds had some catching up to do after the Senate passed the tax bill this weekend,” said DZ Bank analyst Rene Albrecht.
Tax cuts in the United States should boost growth and inflation and therefore increase the possibility of more aggressive rate hikes, he said.
“Secondly, the cuts add another 1.5 trillion dollars to US debt over the next 10 years, so US Treasuries should be cheaper,” he said.
US 10-year Treasury yields, which move inversely to price, were 4 basis points higher on Monday at 2.41 percent, suggesting they are already cheapening in anticipation of an increase in overall debt.
The debt of the world’s major developed countries tend to move in sympathy with each other, as many international investors switch between them.
Therefore, German bund futures opened more than 50 ticks lower at 163.2 on Monday and eurozone bond yields jumped 3 to 5 basis points across the board, bouncing off lows hit on Friday on the back of increased political risk in the US.
The yield on Germany’s 10-year government bond , the benchmark for the region, was 4.5 basis points higher at 0.345 percent, well off Friday’s near three-month low of 0.29 percent.
WASHINGTON — In pitching the $1.5 trillion tax overhaul, Steven Mnuchin, the Treasury secretary, has said repeatedly that the plan will pay for itself through a surge of economic growth and that over 100 people in Treasury are “working around the clock on running scenarios for us.”
Mr. Mnuchin has promised that Treasury will release its analysis in full. Yet, as the full Senate prepares to vote on a sweeping tax rewrite, the administration has yet to produce the type of economic analysis that it is citing as a reason to pass the tax cut.
Those inside Treasury’s Office of Tax Policy, which Mr. Mnuchin has credited with running the models, say they have been largely shut out of the process and are not working on the type of detailed analysis that he has mentioned. An economist at the Office of Tax Analysis, who spoke on the condition of anonymity so as not to jeopardize his job, said Treasury had not released a “dynamic” analysis showing that the tax plan would be paid for with economic growth because one did not exist.
Instead of conducting full analyses of tax proposals, staff members have been running numbers on individual provisions or policy ideas, like lowering the tax rate on so-called pass-through businesses and figuring out how many family farms would benefit from the repeal of the estate tax. Activity has picked up more recently as Treasury has sought to provide technical assistance to the Joint Committee on Taxation and the Congressional Budget Office for their estimates.