Yellen sends a message to Trump: Hands off Dodd-Frank Throughout the presidential election, now-President-elect Donald Trump has vowed to undo the financial service industry reforms contained in the Dodd-Frank Act. The Trump transition team’s website makes it clear that the issue hasn’t been forgotten, saying that Trump will work to “dismantle the Dodd-Frank Act and replace it with new policies.” Recommended for you: The Dodd Frank Act - Find The Dodd Frank Act! Find The Dodd Frank Act! Get More Results on the Look Smart Looksmart.com/The Dodd Frank Act | Sponsored In an appearance on Capitol Hill Thursday, Federal Reserve Board Chair Janet Yellen delivered her verdict on the suggestion: bad idea. Related: How Trump's Economy Can Go Right (or Wrong) Yellen was delivering regularly scheduled testimony before the Joint Economic Committee when she was asked by Rep. Carolyn Maloney (D-NY) for her thoughts on the law that placed new restrictions on the financial services industry in the wake of the financial crisis that led to the Great Recession. “We lived through a devastating financial crisis and a high priority for all Americans I think should be we that want to see put in place safeguards through supervision and regulation that result in a safer and sounder financial system,” Yellen said. “And I think we have been doing that and our financial system as a consequence is safer and sounder and many of the appropriate reforms are embodied in Dodd-Frank.” She cited a number of beneficial effects she believes the law has had, with regard to the stability of both individual financial institutions and on the broader financial system itself... http://www.msn.com/en-us/money/mark...mp-hands-off-dodd-frank/ar-AAkqq5E?li=BBnbfcL
If they abolished carried interest and instead made investment gains non-taxable. Think of all that hedge fund money that would trickle down!
Well, repealing Dodd-Frank is a good start. My prime brokers will deny me leverage no more, so I'll be able to bet the farms again. Obviously, if they subsequently make all my enormous gains tax-free, that would be a very sensible next step, indeed. I am sure the new Prez will get this done without undue delay.
BBG has an article about this. Why would any congressman want to repeal the Volcker rule? Prop trading never created any value for the economy.
I don't know about investment gains but you should not have to pay taxes on dividends. As a shareholder, when the company paid taxes they were paid for you based on the company's income. When you are taxed on dividends you are paying taxes on taxes. That should be illegal. They need to bring back the uptick rule though.
The reason dividend taxes exist is because corps pay lower tax rates. It is to prevent a tax arbitrage.