‘Like it or Not,’ President Trump’s Tax Cuts to Boost Economic Growth
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Ken Langone, the founder of Home Depot (NYSE:HD) says whether or not you are a supporter of President Donald Trump, his landmark tax-cut strategy will ultimately truly help “Make America Great Again” on every financial and economic level.
“It’s going to help growth like it or not, it’s going to help growth,” he said when confronted with the argument by NY-T’s columnist Paul Krugman that The Trump Tax cut is “mainly a giveaway” to corporations.
“The numbers we have so far show that the much-hyped bonuses are trivial, less than $6 Billion, or 0.03% of GDP, while stock buybacks have been more than $170-B. And many of those bonuses would probably have happened anyway, whereas stock buybacks are running far above historical levels,” Mr. Krugman recently wrote for the paper.
Mr. Langone disputed Krugman’s allegations, saying that Home Depot for the last decade has bought back billions of its stock each year.
Earlier this year, the world’s largest home-improvement chain will pay hourly workers a 1-time cash bonus of as much as $1,000 in the latest Quarter.
The move follows President Trump’s legislation last year that lowered the corporate taxes by 14 percentage points to 21 from 35%.
Mr. Langone is not alone in touting the economic benefits of the tax cuts.
Former Federal Reserve Chairman Alan Greenspan claims President Trump’s corporate tax cut is driving the stock market and a host of economic benefits, and that “we’re underestimating the impact of that.”
Wednesday, the major US stock market indexes finished at: DJIA -380.83 at 25029.20, NAS Comp -57.35 at 7273.00, S&P 500 -30.45 at 2713.83
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