Stocks Tank As Brady Confirms SALT Deductions Will Stay In House Bill

US equities just legged lower - led by tech-heavy Nasdaq - after Ways & Means Committee Chair Kevin Brady confirmed that The House Tax Bill will keep SALT deductions, implicitly lowering tax revenues (and thus a potentially smaller corporate tax cut).

Nasdaq is leading the drop...

 

Apple most notably extended losses on the headline...

 

And FANG Stocks are fading..

Comments

Paul Kersey mtndds Tue, 11/14/2017 - 14:32 Permalink

SALT deductions are good for America's middle and upper middle class homeowners, but bad for the multi-billionaires and the multi-billionaire money changers. Keeping the SALT deduction should bring down the values of money changer/TBTF bank stocks. Perhaps the money changers will have to give up their deferred compensation plan loopholes, instead.

In reply to by mtndds

Last of the Mi… Tue, 11/14/2017 - 13:23 Permalink

Take out SALT deductions and it becomes a tax INCREASE for 90% of the middle class, to say nothing of making the NAR's head explode. How are they going to launder illegal foreign funds wihout the deduction? Their timing is way off, they're supposed to change the bill minutes before it's voted on thus avoiding consumer blow back for passing an actual tax increase.  

Md4 Tue, 11/14/2017 - 13:40 Permalink

"The House Tax Bill will keep SALT deductions, implicitly lowering tax revenues (and thus a potentially smaller corporate tax cut)."

Fine.

No tax bill then.

nsurf9 Tue, 11/14/2017 - 14:03 Permalink

Please take notice:  No body, county, state or foreign government (even when working abroad) gets to rip out the first, best, pound(s) of flesh from the US sheepel-citizens, but the US Government.

jtmo3 Tue, 11/14/2017 - 15:31 Permalink

Knowing what we know about the casino and CB's not allowing stocks to drop, what idiot would title a headline with stocks tank? When the CB's lose control of this market, you and everyone in the world will know it. It hasn't happened and it's not going to without a very specific major event happening. I swear this place is becomming a pain in the ass. With all the fucking pop up adds, it's hard to keep reading all the doom news that just never pans out. It might just be time to move on. Nothing like coming here and seeing a headline that says stocks dump or stocks tank and then you check the market and it's down like 2 points or finishes green. 

haruspicio Tue, 11/14/2017 - 19:37 Permalink

Killing SALT off will help me as I am resident in NJ which has outrageous property taxes and a high State income tax....but I am about to sell my last property there and get the hell out moving to a low tax state. My ex is also moving out of state saving her lots of money.  We are retired and pay over $30,000 in SALT each year on 3 properrties plus state income tax. The taxes are so high that you can make almost nothing by renting a palce out that has no mortgage. The greedy bastards have had enough of my money so bye bye NJ.NJ has a huge unfunded liability for state and local pensions and who can it come to to fund this? Either the feds which means that I as a federal taxpayer pay for it.....or they come to the taxpayers in the state....I can't avoid the former even by moving abroad, but I certainly don't wish to risk being in the latter group.

dunce Wed, 11/15/2017 - 01:45 Permalink

They don't have to eliminate SALT they can cut the deduction above a certain point. We are not wqual under tghe law as long it exists.

dunce Wed, 11/15/2017 - 02:06 Permalink

They don't have to eliminate SALT, they can cut the deduction above a certain point. We are not equal under the law as long it exists.