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“Somebody Screwed Up” – House Must Vote Again On Tax-Reform Plan After Procedural Snag

Update: In an interview with MSNBC's Chuck Todd, Louisiana Senator John Kennedy offered the most honest explanation yet for the Senate Parliamentarian finding that three provisions in the final Trump tax bill violate Senate budget rules – meaning that the House will need to hold another vote on the bill. "Somebody screwed up," Kennedy said. […]


House Must Vote Again On Tax-Reform Plan After Procedural Snag

In an embarassing reversal of what House Republicans had celebrated as a done deal, the House will need to vote again on the final version of the tax reform plan passed earlier this afternoon. The second vote is the result of a technicality in one of the bill's provisions. According to Bloomberg, the Senate parliamentarian […]


Tax Reform & The “Japanification” Of America

Authored by Lance Roberts via RealInvestmentAdvice.com, On Friday, Kevin Brady of the House Ways and Means Committee was on my radio program discussing the “Tax Cuts & Jobs Act” bill which was released later in the day. Here are the details of the release he referenced in the interview. Of course, the real question is how are […]


“All-In” On Tax Reform

Authored by Lance Roberts via RealInvestmentAdvice.com, Review & Update In last week’s “Technically Speaking” post I discussed the S&P 500 hitting 2700 by Christmas. To wit: “As stated in the title, the current push higher puts 2700 in sight by the time Santa fills the ‘stockings hung by the chimney with care.’   As shown […]


The Media’s Reign Of Error Exposed

Authored by Mark Hemingway via WeeklyStandard.com, Covering the Trump presidency has not always been the media’s finest hour, but even grading on that curve, the month of December has brought astonishing screwups. Professor and venerable political observer Walter Russell Mead tweeted on December 8, “I remember Watergate pretty well, and I don’t remember anything like […]


Steven Mnuchin: “Nobody Thinks Russia Had An Impact On The Election”

With at least one crucial vote on the White House’s tax reform plan looming later this week, and Special Counsel Robert Mueller reportedly preparing to indict former National Security Adviser Michael Flynn and possibly his son as well, Treasury Secretary Steven Mnuchin defended the administration’s approach to both issues during an appearance on CBS’s “Face […]


Senate Begins “Marking Up” Tax Reform Plan As Post-Thanksgiving Vote Looms

The House is expected to vote on and, hopefully, pass its tax reform package on Thursday, but the Senate’s plan still hasn’t made it out of committee. Luckily for the Trump administration – which badly needs this legislative victory to stave off a donor mutiny –  this could soon change: To wit, the Finance Committee […]


Key Events In The Coming Week: Taxes, Inflation, Yellen, Draghi, Kuroda And Brexit

This week’s economic calendar features several key data releases and Fedspeak. The main data release in US include: CPI inflation, retail sales, industrial production, housing data and monthly budget statement. We also get the latest GDP and CPI reading across the Euro Area; the employment report in the UK and AU, Japan GDP, China IP, […]


Here’s The Latest On The GOP Tax Bill As The Senate Starts Debate

Much like the Obamacare repeal and replace effort earlier this year, the past couple of weeks have been an invariable roller coaster ride for GOP representatives as Congressional leaders have tried to form some level of consensus within a fractured party with competing interests.   This week will undoubtedly be no different. In light of […]


Hedge Fund Homebuyers In The Hamptons Already Have A Plan To Game Trump’s Mortgage Cap

One of the key changes in the House GOP tax bill was to implement a cap on home interest deductions to the first $500,000 worth of mortgage debt and eliminate  interest deductions from second homes.  Of course, given active opposition from some very powerful realtor and homebuilder lobbying groups, it’s unclear whether the changes will […]


Here Is The Full Text And Summary Of The Amended House GOP Tax Bill

While we await the full details of the Senate bill, moments ago the House Ways and Means Committee released the Amended House GOP tax bill, as well as its summary. Here are the key highlights from the Amendment (link), first in principle: Amendment to the Amendment in the Nature of a Substitute to H.R. 1 […]


Stocks Sink As Tax-Cut Hopes Fade, Junk Bonds Hit 8-Month Lows

Sell the news? Stocks are slumping (following Japan’s overnight volatility) as traders await tax-cut legislation from the House Ways and Means Committee (and The Senate will also release its own version). High-Tax companies are underperforming…   And Junk bonds just hit the lowest since March…   Whether this selling due to disappointment in what is […]


Another Delay: Senate Won’t Release Tax Bill On Thursday As Mnuchin Admits Corp Tax Cut Delay Likely

Yesterday, the dollar slumped and yields dropped after a WaPo report claimed that the corporate tax cut could – the core piece of GOP tax reform – would be delayed by up to a year, a clear indication that there may be irreconcilable differences in the Senate regarding tax reform. Then, moments ago, Axios confirmed […]


Tax Bill Fiasco: Senate Considering 1 Year Corporate Tax Cut Delay; Dollar Slides

Suddenly Republican tax reform is looking deader than a doornail. According to the Washington Post, which cites “ four people familiar with a draft of the legislation ” not only is there little to no compromise on the way forward, but the only thing Senate Republicans leaders can agree on is to punt the centerpiece of […]


Goldman On Tax Reform: “Now Comes The Hard Part”

The ink wasn’t even dry yet on the just published Republican Tax Cut And Jobs Act, and within the hour UBS was already confident that it has virtually no chance of passing: As UBS chief economist Seth Carpenter wrote shortly after the publication, “to our read, the release confirms our view that tax reform is […]