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When we woke up this morning, and your alerts are going crazy.......Bitcoin tops $7289. Held it's ground for a bit then dip back below $7K. And like a stubborn mule it regained it's ground to settle above $7K.
Say what you want, I know there are skeptics who under estimate this technology & it's eventual value behind Bitcoin and other cryptocurrencies. Yet, it seems even Amazon has taken to the bug. They have recently acquired 3 domain names to utilize what maybe the set-up for future crypto payment acceptance.
With Amazon downplaying the purchases to a mear trade name protection move. Those names include amazoncryptocurrency.com, amazoncryptocurrencies.com & amazoncryptoethereum.com.
Amazon insist that there isn't enough demand for the digital coin to began accepting Bitcoin or any other cryptocoins as a payment outlet.
This I believe, will be the biggest understatement for many in the near future. There will be a point of trust in the technology, where bitcoin and it's siblings will integrate seamlessly due to demand.
Adding to the financial whirl wind today, President Trump has disclose the administration's Tax reform plan. As it would has been expected. Plenty of fanfare on both sides. I'm so amazed how we have a government that is elected by & for the people yet allows for complete differential in accomplishing little for ALL the people. But, maybe that's just me.
This 429 page Tax Cut & Jobs Acts reform bill entails proposals that are to enhance corporate & the middle class tax burdens. Trump is expecting a passing of the bill before Thanksgiving.
A snippet of the bill: - Increased Child Tax Credit
- Corporate Tax at 35% would be cut to 20%
- A company can now deduct investment within same year
- Larger standard deductions
- A reduced Home mortgage interest deduction
- Eliminating the Estate Tax after doubling it
- Eliminating Personal Itemized & Credit deductions
- Eliminating Medical Expense deductions
- Eliminating Alimony Payment deductions
- Eliminating Student loan interest deduction
- Changes in State & Local Tax (S.A.L.T.) deductions
- Tax on Imports from U.S. companies
- No changes in 401K Retirement
Plus, it would seem that doing our own taxes is in our future, as they will be that simplified as to do so.
The big loser in all this comes out to be the U.S. national debt to the tune of $1.7 trillion.
Let the Games begin!
Here's a little something on the lighter side of today's financial frenzy. President Trump's newly picked Federal reserve chair-person Jerome "Jay" H. Powell seems like he might go through confirmation without to much distraction.
Seeing as he pretty much follows or rather voted along the same lines as the current chairperson Janet L. Yellen. "Jay" as Trump affectionately pinned him in this mornings press conference has been on the Fed's board since 2012. Which would lead one to believe he understand the inner workings of the financial institutions. While others feel he is more in tune to Trumps's wealth building mentality. In Trump's own words........
Trump says,
"Today is an important milestone on the path to restoring economic opportunity to the American people"
Only time will tell.
I say, looking at the way Wall street has been reacting since Trump's election, The wealthy will continue to become wealthier.
They smell where the money is and go. If getting paid in the future is on your to do list. Simply........do what they do!
Touching more on the subject of picking the best stock for your portfolio, that I started in yesterday's post. Don't forget to look within your own circle.
They say, word of mouth is your best review. What about the products you use everyday. Cars was my example yesterday, but yes, things like the company that built the microwave oven you use. Or your favorite television, smartphone, computer. Believe it or not, your kids & grand-kids are a great source on whats the next new thing. What do you see other people using or talking about?
Your next best pick can in the palm of your hands, be staring right at you, speaking to you everyday.......APPLE Inc. (APPL, +0.73%)
Hits it's ALL-TIME high today.
Remember, INVESTing in the stock market and you own a piece of that company!
REAL TALK
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