Tax Reform - Markets Reaction
The markets did not seem to react much to the GOP's release of its tax bill which will permanently (nothing it permanent so we think that is a lie right there) lower corporate rate from 35% to 20%. It also reduces the number of individual income tax brackets.
The plan would seek the biggest transformation of the U.S. tax code in more than 30 years. Markets seemed to shrug off the tax bill as skeptical it will pass. The focus of concerns seem to rotate around mortgage deductions which some argue will throw a wet towel on new home buyers.