More News, Rumors and Opinions Tuesday PM 1-28-2025
KTFA:
Henig: From Scott Bessent, the newly confirmed Treasury Secretary on X/Twitter just now: "As Treasury Secretary, I’m committed to eliminating income taxes, replacing them with a fair consumption tax, and adopting a gold-backed currency. We’ll erase debt, restore financial privacy, and unlock new technologies for a prosperous future. The golden age starts now." https://x.com/Scott_Bessent/status/1884014609872609669
Henig: Here's your bill submitted in Congress that intends to repeal the Federal Income Tax:
H.R.25 - To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.
Sponsor:Rep. Carter, Earl L. "Buddy" [R-GA-1] (Introduced 01/03/2025)Committees:House - Ways and MeansLatest Action:House - 01/03/2025 Referred to the House Committee on Ways and Means.
(All Actions)Tracker: Tip
This bill has the status Introduced
Here are the steps for Status of Legislation:
Introduced
Passed House
Passed Senate
To President
Became Law
Summary: H.R.25 — 119th Congress (2025-2026) A legislative analyst in the Congressional Research Service will begin analyzing this legislation after text becomes available. https://www.congress.gov/bill/119th-congress/house-bill/25
************
Clare: World Bank official pledges to Sudani to finance several oil, energy and infrastructure projects
1/28/2025
The Minister Mohammed Shia al-Sudani called on Tuesday on the World Bank's Vice President for the Middle East and North Africa, Osman Dayon, to enhance the experience of economic reforms that support the private sector, while Dayon pledged the bank's financing of a number of oil, energy and other infrastructure projects.
The Prime Minister's media office said in a statement received by Shafaq News Agency that Al-Sudani received Dayon and discussed ways of cooperation between Iraq and the World Bank, and the progress of development projects in Iraq.
The Prime Minister pointed out that development projects that aim to maximize the non-oil economy and contribute to job creation are a priority for government attention, stressing the continuation of economic reforms that support the private sector, and that the World Bank is called upon to enhance this experience.
Al-Sudani explained that the government considers the World Bank an important partner in the reform process, and that the Ministerial Council for the Economy has approved the program that was approved by the Ministry of Planning in cooperation with the World Bank, especially since the results of the reform steps in the customs and tax fields have begun to appear in a tangible and positive way.
The meeting witnessed discussions on financing the old railway rehabilitation project, and financing a number of other development projects, as Dayon pledged to finance a number of oil, energy and other infrastructure projects.
The International Finance Corporation (IFC)’s contribution to financing a number of private sector projects was also discussed, according to the statement. LINK
************
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Mr Sammy said...issues with oil and gas will always persist until a new rate appears. That's the only thing that will actually solve all this [disagreement between Baghdad and Kurdistan] FRANK: Yeah, that's absolutely right. I agree. All we need is the new exchange rate. Everything else will iron itself out.
Militia Man The US and the UK have some of the largest foreign currency in Iraqi dinar in the world outside of Iraq. When you get worried about them doing things where you don't get any value...it's absolutely false. The United States isn't going to throw away the trillions of dinar they have nor the UK. Keep that in mind because that should alleviate some of the significant [fear] of folk thinking Iraq's reinstatement of their currency or giving it a real effective exchange rate isn't going to bring value, it surely will IMO.
51.8% Of Stock Trades Are Now Done IN DARK POOLS
Lynette Zang: 1-28-2025
In today's live we are talking about the recent update that over 51% of all stock trades are done on markets that do not publish trade data. Meaning that these trades are essentially done on a black market...
Oh Boy... (IS The DEBT MARKET ABOUT TO IMPLODE?) Maybe... And Here Is Why.
Greg Mannarino: 1-28-2025