What you need to know on Wall Street today
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Congress passed the final version of the Republican tax bill on Wednesday, capping off a furious seven-week push to bring about the most sweeping changes to the US tax code in decades. Here's what you need to know:
- Companies are rushing to announce special bonuses and pay hikes after the GOP tax plan
- AT&T is handing out more than $200 million in special bonuses because of the GOP tax cut
- LOPEZ: Bonuses are nice, AT&T, but we see what you're doing, and workers have nothing to do with it
- The GOP says only "rich people" will get a tax increase from its bill — but millions of middle-class Americans could pay more
- RAY DALIO ON TAX CUTS: "We’re still not dealing with the bigger issues"
- An econ professor turned small-business owner breaks down his three big problems with the GOP tax plan
- DA COSTA: Trump's stock market braggadocio neglects a key constituency that helped elect him
- Here's how the newly passed GOP tax bill will impact the economy, businesses, the deficit, and your wallet
In markets news, Chipotle's latest health scare caught traders completely off-guard. And Art Cashin, director of floor operations at UBS, sent out his annual Christmas poem. And in crypto news:
- UBS: Bitcoin "has all the hallmarks of a bubble"
- A Chicago trading firm is hiring for a new cryptocurrency team
- The New York Stock Exchange is looking to dive into bitcoin with 2 new ETFs
- A US financial watchdog is warning investors about crypto "pump and dump" schemes
- A rush of companies are pivoting to blockchain
Lastly, here are the 17 business books everyone will be reading in 2018.
NOW WATCH: We talked to Nobel Prize-winning economist Paul Krugman about tax reform, Trump, and bitcoin