3 Positive Things That Will Continue in Our WorldSubmitted by Green Financial Group on March 2nd, 2020
I’m sharing the top three things I believe are changing the world for the better.
There's a lot of doom, gloom, and uncertainty going on in the world today and I wanted to refer back to this video I shot a few weeks ago before our current climate began taking place. Although we are experiencing some short-term turbulence, there are still some long term changes taking effect in the underlying parts of the economy that will last. While we might not feel these three things today, they will have a positive impact on our economy for years to come.
The top three things I think are currently changing the world for the better are:
1. Corporate tax rates. In the past, the U.S. tax rate was at 40%, Canada had a tax rate of 26.5%, Germany’s was 30%, and China’s was around 25%. However, if you’re in Detroit and you’re paying 40% tax rates when you can drive across the bridge a few miles into Canada and pay 26.5% less, why would you not do that? That’s why we lost a lot of businesses to Canada—because of the much lower tax rate. We were contributing to the growth of these other countries.
Now the federal and corporate tax rates in the U.S. are at 21%. Those tax cuts have helped substantially; they’re propelling economic growth and attracting more businesses back to the U.S.
2. Tariffs. We’ve begun talks with many countries with higher tariffs. I don’t think we’re in a trade war at all; we’ve come to agreements with many countries: Canada, Mexico, Great Britain, and we’re working on one with China.
3. Oil. You can boil it down to fracking here in the U.S. The technology within fracking has changed the game when drilling for oil. 10 to 12 years ago we were importing 80% of our oil, now we’re exporting oil. We’re putting pressure on other countries because we are now among the largest oil producers in the world.
Feel free to reach out if you’d like to discuss these points further. Also, if you have any questions, contact us via email or phone at (713) 244-3030. We would love to help you.
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