President Trump To Make ‘Big Push’ for Tax Reform

President Trump To Make ‘Big Push’ for Tax Reform

President Trump To Make ‘Big Push’ for Tax Reform

$DIA, $SPY, $QQQ, $VXX

President Donald Trump will begin a major push next week to convince the public of the need for tax reform, with his focus on fiscal policy in a bid to win a big legislative victory by the end of the year.

Gary Cohn, director of the National Economic Council, said in an interview that President Trump would begin the tax reform push next Wednesday with a speech in Springfield, Missouri, his 1st in a series of addresses to the American public support for tax reform.

“We are completely engaged in tax reform. Starting next week the president’s agenda and calendar is going to revolve around tax reform,” Mr. Cohn said.

Mr. Cohn said President Trump will spend the next several weeks leading a public campaign in support of a tax overhaul while the White House leaves Republican lawmakers to work out details of the plan,

“He will start being on the road making major addresses justifying the reasoning for tax reform and why we need it in the US,” he said.

“At the end of the day, tax legislation has to happen in Congress and the House. The “big six” [a group of White House officials and leading congressional Republicans] have been meeting and have come up with an outline and skeleton and we have a good skeleton that we have agreed to,” Mr. Cohn said.

“Now it is Chairman Kevin Brady’s time to get the Ways and Means committee together to put flesh and bone on it and they will do it next week when the House comes back into session,” he said.

“The Ways and Means committee will be drafting legislation and we will be on the road and holding meetings in Washington and elsewhere explaining why it is so important to have tax reform in America.”

Mr. Cohn said he believes the legislation can be written and pass both houses of Congress by the end of the year.

The financial markets reacted positively.

Friday, the US major stock market indexes finished at: DJIA +31.57 at 21814.97, NAS Comp -5.68 at 6265.63, S&P 500 +4.22 at 2444.50

Volume: Trade on the NYSE came in lite again at: 663-M/shares exchanged.

  • NAS Comp +16.4% YTD
  • DJIA +10.4% YTD
  • S&P 500 +9.1% YTD
  • Russell 2000 +1.6% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bullish (0.38) Neutral (0.10) Very Bullish (0.54) Very Bullish (0.50)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Neutral (0.03) Neutral (-0.02) Neutral (-0.06) Neutral (0.17)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Neutral (0.09) Neutral (-0.22) Neutral (0.02) Bullish (0.46)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.28) Neutral (-0.06) Bearish (-0.35) Bearish (-0.42)

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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