There are two ways to summarize Trump's sweeping proposed tax plan: extremely amibitious in the grand scheme of things, with virtually no details. Oh, and one more thing: it has almost no chance of passing in its current form.
On Wednesday, the President will reveal a "broad-stroke" vision on his tax reform plan. Coutest of Citi and various media sources, here is a detailed cheatsheet of what is known, what remains unknown and what has been leaked.
"Our problems are significant, and they are not the singular purview of either political party. We need coherent, consistent, comprehensive and coordinated policies that help fix these problems. The solutions are not binary – they are not either/or, and they are not about Democrats or Republicans."
"The resulting losses for mutual funds, pension funds, insurance companies, banks, and other holders of government debt might be large enough to cause some financial institutions to fail, creating a fiscal crisis."
"A new analysis by Dr. David Macpherson of Trinity University and Dr. William Even of Miami University finds that an $11 minimum wage in St. Louis would cost the city roughly 1,000 jobs, with the job loss mostly occurring among the city’s most vulnerable populations."
Asian shares and S&P futures rose on optimism that today's rescheduled U.S. vote on health care will pass following Trump's Ultimatum to the Freedom Caucus. European stocks gave up some of Thursday’s gains, falling for the fourth time in five days, and moving further away from a 15-month high reached a week ago while the yen weakened for the first time in nine days.
House Speaker Paul Ryan revealed on Sunday the latest set of changes to the Republican healthcare overhaul bill, among which the provision for more generous tax credits for older Americans as well as the addition of a work requirement for the Medicaid program for the poor.
"I want people to know ObamaCare is dead; it's a dead healthcare plan. These folks were no’s, mostly no's, yesterday, and now every single one is a yes. Only because everyone knows it's on its last, dying feet, the fake news is trying to say good things about it, the fake media. There is no good news about ObamaCare. ObamaCare is dead."
The Republicans have created their own problem. They are trying to keep Obama’s definition of healthcare policies while repealing Obamacare. That is not only an exercise in illogic. It is an exercise in futility.