Trader: I can’t wait for the Trump administration to get rid of the War on Christmas
Dorman Trading Group said Monday that it is suspending trading for Christmas and New Year’s Day amid a growing push by the Trump Administration to cut taxes and restrict access to healthcare coverage for millions of people with pre-existing conditions.
Dorman is the only major U.S. trading firm to issue a statement Monday announcing its decision.
The company said the move was due to the increasing pressure of a new administration that is trying to reduce corporate tax burdens.
Dangers of pre-emptionDorman said it will likely be affected by new rules that would limit the ability of health insurance companies to exclude pre-emptive payments from tax payments.
The move could impact thousands of traders around the country, said the company’s president, Joe Dorman.
The president said that Dorman’s clients have asked that their pre-Christmas and New Years Day trading be halted.
He said the decision was a reaction to the Trump White House’s recent move to eliminate all federal taxes on corporate profits above $1 billion.
The Trump administration has been under fire from conservative activists who say the tax cuts are needed to help pay for healthcare benefits for millions who will soon be uninsured.
They also say it’s a move that will drive down wages for millions more who will have to pay higher premiums for healthcare and that will further hurt the economy.
“We’re in a time of crisis and we’re being attacked,” said Dorman President Joe Darnold, whose firm is also part of the Dow Jones Industrial Average.
“We don’t have a choice.
We’ve got to stop being afraid of the Trump effect.
And I think that’s the best way to stop the Trump impact.”
Trump’s push to cut corporate taxes and expand access to affordable healthcare coverage has sparked a backlash from some economists and business groups.
Dorman is one of the largest trading firms in the United States.