by Tyler Durden
Thursday, May 27, 2021 - 06:00 PM
JPMorgan CEO Jamie Dimon went scorched earth on President Biden s tax plan, which would raise the current corporate tax rate from 21% to 28%,
arguing that it would result in capital flight out of the United States. The tax increase is actually four times what the tax decrease was from 2017, Dimon said during a Thursday virtual hearing before the US House Committee on Financial Services.
You all know the phrase the devil is in the details, well the details here are all that matter, not the top line of 28%. If you want to have a healthy, growing, competitive America against the rest of the world, you need a global, competitive tax rate, Dimon added.
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The rise of special purpose acquisition companies (SPACs) as a popular alternative structure for taking a company public in the past year has caused increased regulatory scrutiny surrounding the SPAC structure. On May 24, 2021, the U.S. House Committee on Financial Services will hold a hearing regarding SPACs, direct listings, public offerings and investor protections associated with these offerings. In advance of the hearing, the committee released draft legislation amending the Securities Act of 1933 and the Securities Exchange Act of 1934 to specifically exclude all SPACs from the safe harbor for forward-looking statements. If passed, this amendment would create increased potential liability for inaccuracies in forward-looking statements for companies looking to go public through a SPAC.
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Ray Ross, co-head of electronic trading at BMO Capital Markets, is looking forward to continued innovation in US equity markets this year after new venues and order types launched in 2020.
Ross told Markets Media there has been a lot of market microstructure change over the last few years that has allowed the broker to implement trades faster and with lower impact, to the benefit of end-investors.
Ray Ross, BMO Capital Markets
âWe have seen lots of good progress and we are certainly eager to see what is coming next,â he said.
Three exchanges launched in the US in September 2020 â Members Exchange (MEMX), MIAX Pearl Equities and Long Term Stock Exchange (LTSE) â taking the total to 16.
Guest Columnist
Last week was another busy week in Congress and across the West Virginia’s Second District. I hope you had a wonderful Mother’s Day with your families and loved ones.
Last week we celebrated the Wild & Wonderful beauty of West Virginia for National Travel and Tourism Week. We also celebrated National Day of Prayer.
We are blessed to live in a country where freedom of religion is protected and where the freedom to assemble and worship are enshrined in our Constitution. That is why I’m proud to be the lead sponsor of the Protecting Religious Freedom in America resolution in Congress.