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Gun maker Colt announced Thursday that it will halt its production of AR-15 rifles for civilian sales, but the news might not be as exciting for gun control advocates as it...Guns and Weaponsread more
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Canadian trade union Unifor said roughly 4,500 of its members have been temporarily laid off because of the GM strike so far.Autosread more
Since the Cambridge Analytica scandal in March 2018, Facebook has suspended tens of thousands of apps stemming from an investigation into its developer ecosystem.Technologyread more
Citadel's Ken Griffin said Monday that Republican efforts to cut back taxes may be going a bit too far.
"You would usually reserve tax reform of this nature for right in the midst of a recession," the billionaire said in an interview with CNBC's Leslie Picker. "Do we need to cut taxes as much as we are? Probably not. Do we need to reform taxes, simply taxes, and keep America competitive. Absolutely."
Griffin's hedge fund manages over $27 billion, while the CEO himself has a net worth of $8.6 billion, according to Forbes.
"If we look at the OECD means, which are in the mid-20s, I don't understand why we're not closer to that number. I would have thought we would have landed it somewhere around 25 percent for our corporate rate, not 20 [percent]. But not probably not worth splitting hairs over."
The GOP has been hard at work to pass tax reform before year's end, hoping to give President Donald Trump his first major legislative win. The House passed its own version two weeks ago. The Senate is expected to vote on its version this week.
Importantly, the House bill would permanently lower the corporate tax rate to 20 percent from 35 percent, while the Senate's version seeks to abolish the Obamacare individual mandate. Though not unusual for politicians to debate the merits of a tax cut, some economists have been confused over the timing of the proposed relief.
"To the extent that this represents fiscal stimulus, this is a late-in-the-business-cycle-move," Griffin said. "It would be contrary to what you would traditionally do from an economics perspective."