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Goldman Sachs Says Tax Reform Will Cost Them $5 Billion in Earnings

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(Via Zerodhedge)

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.”

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Democrats

Progressive Delaware Website Uses Picture of African-American Candidate as Clickbait for Transgender Candidate.

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Wilmington, DEBlue Delaware — a far-left website that seeks to cover politics in Delaware from a liberal and progressive perspective, and hold Democratic office holders accountable to their ideology — used a Republican Candidates’ picture, Steven Washington, as a link to an article supporting his opponent, Tim McBride. Tim now goes by the name of Sarah, and is a transgender activist-turned-Delaware State Senate candidate. Both candidates are running for Senate in Delaware’s 1st Senate District. 

https://www.google.com/imgres?imgurl=https://i0.wp.com/bluedelaware.com/wp-content/uploads/2020/02/14257573_1309511252405875_2121716808778731178_o.jpg?fit%3D1079%252C880%26ssl%3D1%26resize%3D350%252C200&imgrefurl=https://bluedelaware.com/2019/07/09/sarah-mcbride-to-run-for-the-1st-senate-district/&tbnid=erRoKRZxPXM4nM&vet=1&docid=0Cr1dQEiYD1FQM&w=350&h=200&q=steve+washington+for+sd1&source=sh/x/im

When reached for comment regarding his thoughts, Steven Washington said: “I’m not sure that it was purposeful, but it doesn’t send a good message, and displays implicit racial bias.” 

When Mr. Washington first announced his candidacy, McBride’s Campaign Manager, Phoebe Lucas, released a statement claiming that the Republican party recruited heavily to find someone to run against McBride, because it 

“sees Sarah as a threat…picked a candidate who is already testing messages to attack Sarah on ‘family values.’ And we all know what that means.” 

Populist Wire isn’t exactly sure which candidate ranks higher on the Intersectionality score at this time. According to sources familiar with the GOP of Delaware, the party isn’t actively recruiting candidates to target specific threats, but rather to field a candidate for every contestable office.  

Sarah McBride, whose birth name is Tim, is a man suffering from gender confusion. According to researchers such as Dr. Paul McHugh from Johns Hopkins University School of Medicine, people suffering from such confusion have higher than usual rates of suicide, which is not reduced after “gender transition” therapy or “sex reassignment” surgery:

“Transgendered men do not become women, nor do transgendered women become men. All (including Bruce Jenner) become feminized men or masculinized women, counterfeits or impersonators of the sex with which they ‘identify,’ In that lies their problematic future,” 

Chris Hyde, from Birmingham University’s Aggressive Research Intelligence facility, when discussing gender reassignment surgeries states: 

“there’s still a large number of people who have the surgery but remain traumatized – often to the point of suicide.”

A brief overview of ‘Sarah’ McBride’s financial reports indicate that the majority of their donors are from out-of-state donors who enjoy enabling such confusion and suffering. 

Delaware’s 1st Senate District is predominantly African-American. Transgenderism is a tough sell in that community, but usually Republicans are too. This should be interesting. Steven Washington’s website is: 

votestevewashington.com 

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Culture

Neo-Con & Israeli Puppet Dan Crenshaw Lies About America First Patriots, Just Like He Did About Trump

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Dan Crenshaw continued an onslaught of attacks against Nick Fuentes, Michelle Malkin, and America First patriots by labeling them “vehement racists, antisemites, & ethnic nationalists”. This is a far cry from the truth. He also went on again to call America First patriots as ‘antisemitic’ in a response to Michelle Malkin blocking him. Dan Crenshaw also supported Red Flag laws, something that also got him a lot of flack. He also criticized Donald Trump in 2016 on top of coming out in favor of same-sex marriage, all of which that has been questioned and exposed of Mr. McCain, oops, we mean Crenshaw.

It is very apparent Mr. Crenshaw has nothing but an ‘Israel First’ policy, constantly making linear conclusions between conservatism and support for Israel. Making his own opinion that if you don’t support Israel, you don’t support America. A very sick and warped view of America Politics in general, some would say traitorous. Dan Crenshaw represents the worse the establishment can offer so far, he must be unseated, exposed, and further more shammed from the conservative movement, along with all the other conservative grifters and Conservative Inc. types.

Dan on Red Flag Gun Laws:

Dan’s Facebook Post from 2016 denouncing Trump’s “hateful rhetoric”:

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Politics

Conservative Inc. Coordinates Attack on Nick Fuentes and Michelle Malkin for being America First Patriots

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Since the ‘Groyper War’ Phase 1 was a decisive victory following the November 14th ‘Change my Mind’ rip-off Charlie Kirk attempted to pull off, this late weekend we’ve seen a new onslaught of attacks from many mainstream Republican pundits, attacking Nick Fuentes and Michelle Malkin for their American First allegiance. Conservative Inc. is scared of the true conservatives exposing them and their big donor’s motives & hypocrisy. Even YAF (Young Americans Foundation) who even recently hosted Michelle Malkin, disavowed “holocaust deniers, white nationalists, street brawlers, or racists”. A slew of other clips and comments were made by Guy Benson, Michael Knowles, Stephen Miller, Bradon Tatum,Jordan Schachtel, & Matt Walsh.

Twitter threads about Fuentes and Malkin

Tweets Supporting Fuentes and Malkin

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