This week’s Market Update is posted and includes the following;
The GOP and the President of course announced their tax plan, or at least an outline of a tax plan. Some of the highlights included fewer tax brackets, ending the AMT, ending the death tax, a cut in the corporate tax rate. The negative for now seems to be the estimates ranging from $2-$5 trillion in reduced revenue. Now congress will set to the dirty work of hammering out the details into what could actually get passed by the House and the Senate. We obviously don’t know how much will change before a final version is passed (if it ever happens) but both sides of the aisle seem to believe that the country would benefit from reform. Included in the outline was also something of a tax holiday for cash repatriation, this has happened at least one other time (under George W. Bush) with virtually no stimulative effect.
Please click through to read the entire update.
Over the weekend my brothers and I went to Minneapolis for a Twins/Gophers Football/Vikings triple play. If you’ve been reading this blog for a while you might know this is something I like to do. You reading this have the things you like to do. If you’re an advisor, you are helping your clients have the financial ability to do the things they like to do which might include going to concerts like the one last night in Las Vegas. I want to offer my condolence to anyone affected by last night’s shooting be it directly or indirectly.