Brinen & Associates

In-House General Counsel Services for your Company

Contact us today at (212)330-8151

  • About Us
    • Joshua D. Brinen
    • Martha Thrush
  • Practice Areas
    • Transactions and Corporate Law
    • Securities & Finance
    • Tax Planning and Controversy
    • Commercial Litigation
    • Commercial Real Estate
  • How We Can Help
    • Forming Your Company
    • Financing Your Company
    • Operating Your Company
    • Hiring Independent Contractors and Employees
    • Growing Your Company
    • Defending Your Company
  • Blog
  • Contact Us
You are here: Home / Operating Your Company / First Days in Mnuchin Land

First Days in Mnuchin Land

February 16, 2017 by Joshua Brinen

“Government! Three fourths parasitic and the other fourth stupid fumbling.”

― Robert A. Heinlein, Stranger in a Strange Land

It was only two weeks ago that we explored the economic possibilities of a U.S. Treasury led by Steven Mnuchin. Though the former Goldman Sachs CIO had some opposition in the Senate, he was confirmed earlier this week.  

President Chester Cheetah vowed to lead efforts to rein in Wall Street. Many critics noted that Mnuchin’s confirmation calls into question how tough this Wall Street insider would be on banks, lenders and anyone in the finance industry who has a hand in a stock market.

So… welcome to Mnuchin Land: Where the tide rolls in before the tsunami hits.

The Tide

It’s supposedly on the way, but as yet, there’s no concrete fiscal policy from the Trump administration. The Treasury Department often helps shape corporate and individual tax reform packages.

The Tsunami

If a wall goes up dividing us from Mexico and if certain taxes on imports are passed, a trade war may be on the horizon. So, theoretically, Mnuchin’s top priority will be preventing a trade war instead of establishing a tax reform plan that might be small business-friendly.

Just as the President felt there was an eroding trust with former NSA adviser Michael Flynn, the initial positive activity in the stock markets has eroded. Some banks are not confident in the administration’s tax plans or ideas because of this isolationist point of view, and it can affect your business.

The following example is from a recent dire note from Wells Fargo:

“Controversial policies and geopolitical events could impede the progress of U.S. and global economic recoveries. The potential for disruption is ever-present. The possibility of a near-term pullback in equity and commodity markets has us more conservatively positioned in most portfolios than in recent quarters.”

This means Wells Fargo – a major financial institution – is not as excited for new ventures in a “fascist carnival barker”-led America as we’d like it to be. Time will soon tell if other banks share the same sentiments, especially in late March when banks will show their quarterly earnings and projections.

What You Can Do

We’ve talked about the importance of globalism and globalization and how that can strengthen businesses and ultimately, the world economy. You as an owner or entrepreneur need to remember the motto of “making globalization great again,” because you might need to do some more convincing to secure loans or raise capital. Sadly, this is the calm before the storm. Prepare your pitches and get your books in order to ensure your business can survive the rough times that might be just a few months away.

The instability originating from Washington right now could lead to all sorts of corporate tax issues. Contact Brinen & Associates

Related Posts

  • Small Businesses Need Continuity Plans, Too
  • Knowing When To Double Down
  • Learn From Nasty Gal’s Mistakes
  • Focus On Yourself, Not Your Competitors
  • Active and Passive Businesses and the Proposed Tax Reform Bill

Filed Under: Operating Your Company Tagged With: corporate tax, small business

Private Companies Services

  • Corporate Formation and Governing Documents
  • Corporate Governance and Corporate Management
  • Shareholder Agreements and Buy-Sell Agreements
  • Corporate Transactions
  • Tax Planning and Controversy
  • Corporate Planning
  • Corporate Structuring for Outside Investment
  • Structuring of Equity Compensation for Key Participants
  • Operating Agreements and Partnership Agreements
  • Disposition and Dissolution
  • Commercial Litigation

Practice Areas

  • Transactions and Corporate Law
  • Securities & Finance
  • Commercial Litigation
  • Commercial Real Estate
  • Estate Planning & Administration

Contact Us

Fields marked with a * are required.

Frequently Asked Questions

  • How do you merge an Limited Liability Company and a corporation?
  • I have a DE corporation with offices in NJ and NY. Most of our business is conducted in NJ, but we are headquartered in NY. Do we need to file taxes in all three states?
  • For corporations, which jurisdiction has the lowest state taxes?
  • What tax benefits are there to forming a trust rather than a will?
  • I am interested in forming a non-profit corporation in NY; can I be the sole shareholder and director?

CONTACT US

Brinen & Associates
90 Broad Street, Second Floor, New York, NY 10004
URL of Map
Phone: (212)330-8151
  • Facebook
  • LinkedIn
  • Pinterest
  • Twitter

Practice Areas

  • Transactions and Corporate Law
  • Securities & Finance
  • Tax Planning and Controversy
  • Commercial Litigation
  • Commercial Real Estate
  • Estate Planning & Administration

FAQ's

Clients often come to us with some basic questions or problems to solve. Maybe they are entrepreneurs about to start a new business. If so, there are some threshold issues that need to be resolved about the right kind of company to set up and where it should be located. Or maybe it’s an individual who is beginning to think about writing her will. So we have prepared a few FAQ’s covering the type of inquires that we hear most frequently from clients and prospective clients.

READ OUR FAQs
©2020 Brinen & Associates, LLC - All Rights Reserved. | Disclaimer | Developed by Good2bSocial
logo
  • About Us
    • Joshua D. Brinen
    • Martha Thrush
  • Practice Areas
    • Transactions and Corporate Law
    • Securities & Finance
    • Tax Planning and Controversy
    • Commercial Litigation
    • Commercial Real Estate
  • How We Can Help
    • Forming Your Company
    • Financing Your Company
    • Operating Your Company
    • Hiring Independent Contractors and Employees
    • Growing Your Company
    • Defending Your Company
  • Blog
  • Contact Us