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Earlier this year President Trump announced he was going to drop the corporate tax from 35% to 15%. Although this has not been put into action, what we can say is that from the looks of it banks will benefit the most.
Corporations in the US currently get a 35% tax however the main corporations i.e. Apple, Starbucks and google are getting tax reductions for different initiatives which satisfy the governments requirement for a tax break. Banks and other financial corporations are not eligible for these breaks which make this tax cut so beneficial for them. Banks are profiting from the full margin of the cut as opposed to other corporate institutions who will not see as much of a margin as they are already being given tax breaks.
Yalman Onaran from from Bloomberg News says “…seems like a lot of these are being priced in, stage by stage perhaps.” When asked about whether this will be a key component on the Key Bank Index (KBI) or the stock markets.
Regulation was a key point in the stock markets when Donald Trump was elected however its seems its not going as fast as people expected. “…That doesn’t look as fast, as quick. Its move even slower. But taxes are a big deal and investors are realizing it will be good for banks so that’s probably being priced in” - Yalman Onaran
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