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Global economy is experiencing a lot of havoc due to the chaotic events like the Russia Ukraine war, Covid and more. But the recent introduction of the Fair Tax Act by Republican Earl L. “Buddy” Carter has given hope to the market. The proposal may end the tax related complications in the system in United States. The effects of the announcement were reflected in several companies. Tonix Pharmaceuticals Holding Corps (NASDAQ: TNXP) being one of them, saw TNXP stock rising by over 80% after the announcement.
Fair Tax Act May Help
The Republican bill may potentially give rise to a positive tax revolt in the country. Rep. Jeff Duncan said that he understands the burden a nation has to face due to the unsuccessful income tax system. The bill can eliminate the current tax code, replacing income tax with sales tax. He added that this will abolish the “abusive Internal Revenue Services (IRS)”. He also believes that it can lead the citizens to achieve the American Dream.
Rep. Bob Good says he is standing with the bill for its capability to simplify the tax code. Furthermore, he stated that this will shift the United States tax code from “mandatory, progressive and convoluted system to an entirely transparent as well as unbiased one.”
Buddy Carter said that the bill will ease the taxation process as it will not require adding “87,000 agents to load up the revenue service against small businesses. Just like Bob, he too believes the act can simplify the tax code. If implemented, companies persisting in several sectors including retail, tech, healthcare and more can benefit from the act.
TNXP Stock Price Analysis
Company shares have lost over 90% of their value since June 2022 but started to pull themselves together. Though the buyers were dominating the market between June and July 2022, they failed to push the price uphill until the final days of July when stock closed at $2.14 on August 1, 2022 from $1.19 on July 22.
The price kept falling till the end of September 2022 before entering the consolidation phase which continued throughout the remaining months. The stock has gained 378% since this year’s beginning, causing a tensile bollinger band scenario. Currently, TNXP stock was trading at a market value of $1.3 up by over 8% since the previous close.
Healthcare is a growing industry and the recent surge in covid cases may increase the activities in the sector. BBC reported that China has registered over 900 million cases since the year’s beginning, meanwhile the World Health Organization (WHO) says that the nation is underreporting the stats.
In 2021, the healthcare sector accounted for 18.3% of the US GDP. Moreover, research says that the industry will grow to become a $665 Billion space by 2023. Consumer spending in healthcare is also expected to reach from $4.3 Trillion in 2021 to $6.2 Trillion in 2028.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
