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Samantha LaDuc has nailed some big calls on stocks in recent years. She sees another S&P 500 high coming in 2026, but an unhappy Main Street.
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Disruption. It's coming for the U.S. dollar in the form of digital currency. Last week the Biden administration detailed a broad plan for adopting a central bank digital currency (CBDC) in the coming years. The Departments of Energy, Commerce, the Treasury, and other agencies weighed in on how to manage and regulate a CBDC.
The government is reacting in part to the explosive growth of digital currencies. About three out of ten U.S. adults currently invest in some form of cryptocurrency, or "crypto," like Bitcoin or Ethereum. These digital "coins" rely on a decentralized network of computers to verify financial transactions, cutting out third parties like banks or credit cards.
The good, the bad, and the ugly of crypto
Advocates of crypto point to its affordability, efficiency, and its ability to reach consumers with little or no access to traditional banking services. With just a mobile phone or a crypto ATM, consumers can easily send and receive digital currency, even across international borders.
On the other hand, crypto is still largely unregulated and volatile. Investors in Bitcoin, for example, saw returns of over 70% in 2021, but the currency is down almost 60% year to date. And if you send your payment to the wrong account (called a "digital wallet") there may be no way to retrieve it. Crypto has also been used for money laundering, fraud, and to fund terrorism. Several
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IN THE annals of modern American economic policymaking, among the most revered pieces of legislation is the Tax Reform Act of 1986. During the three decades since its passage, Democrats and Republicans alike have hailed the law not only for overhauling the country''s tax system, which Jimmy Carter famously called 'a disgrace to the human race', but also for doing so with bipartisan support in both houses of Congress. As Republicans embark on yet another sweeping rewrite of the tax code, many point to the 1986 effort as a model to emulate. It was 'really something special', Donald Trump said in August. However, admirers of America''s last comprehensive revision of its tax code should be disappointed with the GOP''s current attempts.The bill that passed in 1986 took a long, arduous path to President Ronald Reagan''s desk. Originating out of a three-volume report by the Treasury department, it faced numerous brushes with death, and took more than two years to wind its way through Congress. The process included full committee hearings, markups and deliberations. The final bill eliminated many deductions, credits and exemptions that favoured some taxpayers over others. This generated new revenues, which were then used to reduce tax rates, mainly for low and middle-income individuals. The bill did ...
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