Goldman Sachs warned on Friday that it expects a $5 billion hit to Q4 earnings as a result of tax reform signed by President Donald Trump on Dec. 22, approximately two-thirds of which is due to the repatriation tax.
As part of the GOP tax reform, a “repatriation tax” which allows companies to bring cash and assets held overseas to the U.S. by paying a one-time tax ranging from 8% on illiquid assets to 15.5% on cash and cash equivalents. It was introduced to encourage US companies to bring their vast overseas cash piles back home. In the 8-K, Goldman also said that the “remainder includes the effects of the implementation of the territorial tax system and the remeasurement of U.S. deferred tax assets at lower enacted corporate tax rates.”
The disclosure means the bank could post a steep loss for the quarter, albeit one driven by one time charges. Analysts expected Goldman’s Q4 earnings to hit $2.08 billion.
The repatriation tax “holiday” will allow Apple to bring back much if not all of its $252.3 billion foreign cash pile without a major tax hit – a long-standing company goal, while drugmaker Amgen last Friday also said it expects to incur tax expenses of $6 billion to $6.5 billion over time as it repatriates cash it has accumulated around the world because of the new law.
As the FT notes, Goldman is one of the first US companies to publicly estimate the impact of the new repatriation tax on its earnings, and adds that given that the US tax reform was led by Steven Mnuchin and Gary Cohn, the former Goldman executives who are now senior figures in the Trump administration, its impact on the influential investment bank was always going to be closely watched.
Ironically, in an analysis by none other than Goldman, the bank said that – drumroll – banks would be among the biggest beneficiaries from the sweeping changes to the US tax code that were signed into law by Mr Trump a few days before Christmas.
Several big banks — such as Bank of America and Barclays — have already warned that the tax changes will lead to a multibillion-dollar reduction in the accounting value of their deferred tax assets.
Goldman, which is due to report fourth-quarter results on January 17, said: “The impact of the tax legislation may differ from this estimate, possibly materially, due to, among other things, changes in interpretations and assumptions the firm has made, guidance that may be issued and actions the firm may take as a result of the tax legislation.”
Lauren Witzke: Among Several Children on Hunter Biden Laptop, Including Chris Coon’s Daughter
Well, folks. The dam is finally breaking on what is exactly going on with the Hunter Biden laptop scandal that the corporate media has refused to cover, simultaneously big tech is clamping down attempts to use their platform to share the story. And now we know why, because it involves underage children.
This weekend, Senatorial Candidate in Delaware and America First Patriot, Lauren Witzke, has exposed the most damning allegation yet. With an official police source confirming that Chris Coon’s Daughter is one of several children on the Hunter Biden laptop.
BIG BREAKING NEWS:
“Sources close to and with deep knowledge of the investigation, have informed me that Chris Coons’ DAUGHTER in addition to seven other underage girls are also featured on [Hunter Biden’s] laptop.” pic.twitter.com/rKWlUd7ep9
— Lauren Witzke (@LaurenWitzkeDE) October 24, 2020
There are other allegations going around possible connections to foreign children being on the Hunter Biden laptop as well as several children of other politicians including one of Barack Obama’s daughter.
This only further proves Joe Biden and his entire family, and Chris Coons, are completely compromised by foreign entities and domestic deep state actors within our Government. They hold no allegiance to anything but what their masters tell them to do, because at the end of the day they are at the whims of others leaking this information and publicly destroying them and their career.
We can only imagine more damning allegations are coming to break now that we have a first look at just how explosive the “Laptop From Hell”, as President Donald Trump puts it, really is.
Trump judges…….The Purge!
I’d rather be judged by 12 than carried by six.
That great lyric from Ice Cube has more bite and meaning in the run up to the 2020 election. Now we have the investigation of the investigators. The Mueller investigation and everything it has encompassed is now being scrutinized. We are finally looking at indictments and guilty pleas from the corrupt cabal that tried to bring down, frame, jail and impeach a duly elected, INNOCENT president and anyone in his sphere. Getting to the point of investigating the investigators has been a long hard slog.
We did not foresee how really deep and treacherous the swamp really was. You could investigate, indict and try someone like a Hillary Clinton for example, and someone of authority in that chain is a corrupt actor from the Deep State and you will then see the guilty party skate free. Or you can have a completely innocent Mike Flynn, Roger Stone, George Papodopoulos railroaded by a corrupt judge. The Michael Flynn case is the most glaring. The DOJ has dropped the case and charges against him and in an unprecedented move the judge does not drop the case, he extends it as if he is the prosecutor.
So there is a light at the end of the tunnel my friends. Donald Trump has been appointing a record number of federal judges. This is a brilliant move and somewhat frustrating and time consuming. But there is a method to the madness. Why investigate, indict and try just for a Deep State judge to let the guilty party walk free? Donald Trump has appointed over 300 judges and counting. More will be appointed to the bench and now there is a more likely chance when the guilty parties are tried, there will be justice. So there is a silver lining in this swamp covered cloud.
By Michael Ameer
The reckoning of the fake news media.
Karma, the sweet smell of poetic justice, the bully gets punched in the nose in the end! Fake news finally gets counted out and David to the Goliath is a teenager named Nicholas Sandmann the MAGA hat wearing unassuming media slayer.
Nicholas Sandmann and his legal team has announced a settlement with The Washington Post on their $250 Million dollar suit. This comes also on the heels of the multi-million dollar suit against CNN. They have stated 2 down and six to go. Here is their list:
NBC, CBS, ABC, NYT, Gannett, Rolling Stones.
Many have tried to get the media companies to report fairly but even Billionaire hardball players like Donald Trump are impotent against the media smear machines. Politicians, celebrities and any adults in the public realm have diminished rights when it comes to defending their reputation against lies and attacks from media behemoths. This is a sad state of affairs and what’s lead to the monumental rise of fake propaganda news.
In steps Nicholas Sandmann who was wrongly accused by many media outlets when the story broke of belligerent teens harassing a Native American man beating a drum in a rally. There were duel rallies in the area. Since the teen was wearing a MAGA hat the news media or better yet fake news media went into overdrive bashing the kids. When the whole video was viewed any honest person could see the kids did nothing wrong in the whole confrontation. But this blatant truth means nothing to fake news. They hate Trump so lies are okay as long as it hurts their intended target. Nicholas Sandmann is a normal American well behaved teen. With him being a teen or minor the laws give him protections not afforded a public figure. So he could aggressively defend himself with a good legal team. Now truth and justice has a chance to rule and not the mob rule of the left. If this could happen more often we would have a more honest press. But we know they have financial donors and backers that pay them to spread these lies so we will have to see what is coming down the pike in hopes there will be more honesty in reporting. But don’t hold your breathe.
By Michael Ameer