Stocks Jump As Trump Promises Plan For "Biggest Tax Cut Ever" Next Week (Again)

Tyler Durden's picture

It's deja vu all over again...

  • *TRUMP SAYS HE WILL UNVEIL TAX PLAN NEXT WK: AP
  • *TRUMP SAYS PLAN TO INCLUDE `MASSIVE' CUT FOR COS., INDIVIDUALS

And the machines fell for it...

 

As AP reports, President Donald Trump says businesses and individuals will receive a "massive tax cut" under a tax reform package he plans to unveil next week.

In an interview with The Associated Press, Trump says the plan will result in tax cuts for both individuals and businesses. He would not provide details of the plan, saying only that the tax cuts will be "bigger I believe than any tax cut ever."

 

[which will be impressive compared to Reagan's 35ppt cut...]

 

 

The president says the package will be released on "Wednesday or shortly thereafter" — just before his 100 day mark in office.

 

Treasury Secretary Steven Mnuchin initially set a goal of getting tax reform passed by August, but that deadline has slipped. Mnuchin now says the administration still hoped to get a bill passed well before the end of the year.

The dollar and bond yields are moving higher also...

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Ghost of PartysOver's picture

Holy crap!   Next moment of "FaceBook Stupid" is scheduled for Monday (French Election).

101 years and counting's picture

in less than 100 days, trump has become a lackey for wall st.  maybe all the fucking crybaby liberal yahoos can shut up now that is as corrupt as obama and hillary?

Jim Sampson's picture

Reminds me of the swings back in 2000

BaBaBouy's picture

BullChit... Tax Cuts for Billionaires, The rest get a Relish Popsicle...

FrozenGoodz's picture

Sell the freak out of this rumor

BullyBearish's picture

"it's going to be really, really beautiul...and huge, just huge...and it will pass in no time...we're all going to be winners...you're going to love it..."

 

hey shrump...gfy

AGuy's picture

"Sir, I will gladly play you tuesday for one of your finest hamburgers today"

-Donald "Whimpy" Trump

For you younger folks who haven't seen the old popeye cartoons:

https://www.youtube.com/watch?v=30knrJBeyr0

Déjà view's picture

Will massive increased debt be covered by 'FERAL' Reserve & exporters with current account surpluses...

spastic_colon's picture

I told everyone 2 weeks ago that the "tax cut" headlines will be saved for when the stock market gets weak; rmember when janet said that monetary "policy" needs help from the fiscal side too?  well, they got the hint and and "help" means the same in fiscal speak as it does in fedspeak.....all you have to do is jawbone when needed, it works for the fed and it will work for trump.....all talk no action is all that is left....so there is no irony that this happened right after a 40 point DOW dive in 30 seconds and right before the french weekend.

order66's picture

Why wouldn't they, the whole market is supported by this one notion - that unpassable tax cuts will be passed.

Ricki13th's picture

Exactly how can there be major tax cuts which will never pass and no repeal of the major tax known as Obamacare. 

Kaiser Sousa's picture

markets...

hilarious.

DEATH TO THE MONEYCHANGERS.

DavidC's picture

Pathetic. Truly pathetic.

DavidC

Altesh's picture

Fucking tired of how the entire market is moved by a someone opening their mouth. 

pebblewriter's picture

And, who needs central banks when you have Twitter?

spastic_colon's picture

someone must already know the french outcome.

 

"Wednesday or shortly thereafter" — depending on the stock market (dont forget the major socials and FANG's report next 2 weeks)

 

Defiated's picture

I get 'moved' when the girlfriend opens her mouth.....

AGuy's picture

"I get 'moved' when the girlfriend opens her mouth....."

Perphaps "moved" as inspired to leave the room, 99.9999% when she opens her mouth, is to ask you to do something or complain about something ridiculous trivial.

TAALR Swift's picture

You may not be Winnning, but someone sure is making a bundle by front-running said Big Mouth and his Wall St. portfolio. 

Call it a Super-Mighty Preemptive Speculation. 

More God's work is getting done at GS than ever before.

Catalonian Capitalist's picture

Anyone who pays taxes fell for it. Follow the money! Or I should say the CB money coming online quarterly.

AGuy's picture

"Anyone who pays taxes fell for it. Follow the money! Or I should say the CB money coming online quarterly."

FWIW: I more or less think is just an excuse to buy more crap with OPM (Other People's money) so they can claim big paper profits for their quarterly bonuses. No Financial manager really cares as long as its OPM they are using to play with. They only get upset when the bubble pops and they don't get any more bonuses.

offwirenews's picture

I guess the algos wanted to buy this news on a discount on this slow day. Given the wtf moment a little while ago.

khnum's picture

Make America Grate again

SloMoe's picture

Note, there was an "...or soon there after" quote in the AP story.

FrozenGoodz's picture

Shhh ... if he says it it will get done ... look at how tired we are of winning ... leverage the house buy the dip, the climb, and the sideways

DavidC's picture

I wonder if the algos are programmed to recognise that empty vessels make the loudest noise?

DavidC

buzzsaw99's picture

wearing my "i bought the april 21, 2017 dip" tee shirt and smiling.

hey, how'd you make out today? [/billy ray]

Fake Trump's picture

Russian roulette?

Ricki13th's picture

I'm interested to see how Trump will fund his big tax cuts because  the rich don't play taxes. Where is the revenue going to come if you don't make deep cuts to entitlements, military, etc.

AGuy's picture

"I'm interested to see how Trump will fund his big tax cuts because the rich don't play taxes. Where is the revenue going to come if you don't make deep cuts to entitlements, military, etc."

Simple, Its like the movie "The Producers" staring Gene wilder & Zero Mostel (aka Springtime for Hitler). The producers set up a play that was guarenteed to flop, took in big $$$ and promised them each 50% of the profits, and they made this same promise to dozen of investors. When the Play flopped the planned to keep all of the investor's money.

However, in this case, the US government owns a printing press that can create trillions out of thin air!

rickv404's picture

"...businesses and individuals will receive a "massive tax cut""

Paid for by tax increases elsewhere.

 

 

pebblewriter's picture

Naturally.  No free lunch.

FreeShitter's picture

Wait the debt ceiling gets raised...its gonna be yuuge

Yen Cross's picture

     So next week is ' Shadow Puppet Theatre', BIGLY...

jughead's picture

blah, blah, blah, more bullshit from the fucking wussy who could have been a president. 

jamesmmu's picture

How many times did he or his guy say that? WTF, market still buy that?

mailll's picture

How can Trump magically increase the military budget by 54 billion with tax cuts?  Oh, I forgot,

the FED will magically create money out of nothing to pay for it.

divingengineer's picture

Biggest tax cut Eva!
Will this be before or after they shut down the federal government because they're out of money?

hangemhigh77's picture

I hate Hillochio's fucking guts but stfu already Trump you're just a lying piece of shit shining us on. If you prosecute Assange that's it for me your're a god damned traitor.

barysenter's picture

The Assange story is next stage msm lies. Don't believe. Especially them.

hangemhigh77's picture

I hope you're right. At this point I want FUCKING BLOOD. Hang these fucking traitors.

hangemhigh77's picture

Fool me once shame on you. Fool me twice shame on me. I'm not that stupid Trump. We should just have a policy where we FUCKING HANG ALL POLITICIANS AND BANKSTERS.

LittleMaestro's picture

Take an off-the-cuff remark add five or six hyperbolic superlatives. That's what passes for presidential leadership now. Is China a curreny manipulator? Is a strong dollar good or bad? Is Russia our friend or foe? Are we repealing this law "immediately" or is it more complicated than we thought?

I need a drink!

hotrod's picture

OUR economy is doing so well that the USA is going to get THE MOTHER OF ALL TAX CUTS EVER.   NEXT WEEK.  OMG. 

Jason T's picture

will bring some of the John Galts back into the economy.

 

Like me.

jamesmmu's picture

Unrealving tax plan is a big deal? I thought he will pass his tax plan next week, wtf, he has talked about his tax plans for months, we need to hear it again and again, just pass it and get it over with. I just feel that each market feel, he came out and release some progress news or hope, well, come on! We had 8 years of hope with Obama, economy is shit, how much more hope do you need with Trump before the crash.

moorewasthebestbond's picture

Flip-flopping on everything is not a strategy.