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Director of International Public Policy and Advocacy
Global Innovation Policy Center, U.S. Chamber of Commerce
In June 2016, House Republicans introduced their vision for comprehensive tax reform. Premised on a simpler, fairer code than today’s, the GOP’s plan looks to promote economic growth and create jobs. It also proposes taxing imports at 20%. As part of the plan, Republican Speaker Ryan introduced a border adjustment tax (BAT) that taxes imports but excludes exports. The Tax Foundation concluded that a BAT could generate roughly $1 trillion in revenue over the next decade. According to some oil market experts, “the bottom line with a BAT is the price of crude oil rises.” And with almost a fifth… [more]
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In a Yardeni Research blog post highlighted by an article in the New York Times, economist Ed Yardeni argued that rising oil prices “may actually be good for the best stocks and shares ISA market, up to a point.” This is due, in part, to energy sector companies like Chevron and Exxon making up more than 12% of the S&P 500’s market capitalization. Yardeni notes that since late 2008 there has been “a strong positive correlation between energy prices and the stock market.” If prices continue to rise, however, the odds of that positive effect lasting diminishes. “At some point,”… [more]
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