GOP Lawmakers Optimistic on Tax Reform This Year

GOP Lawmakers Optimistic on Tax Reform This Year

GOP Lawmakers Optimistic on Tax Reform This Year

$DIA, $SPY, $QQQ, $VXX

US Stock Market Indexes Climb to New Record Highs, as The Trump Rally Extends

Paul Ryan (R-WI), the top Republican in the US House of Representatives will reassure America’s business leaders Tuesday that tax reform is on track for this year.

In what is billed as a major speech, Speaker Ryan will seek to dispel the notion that tax reform is adrift by describing what a US tax code overhaul will look like from The Trump Administration.

 

Speaker Ryan will emphasize the importance of permanent reforms and reject the notion that legislation should do little more than reduce tax rates. He will underscore the need for international corporate tax reforms in remarks to the National Association of Manufacturers.

Sunday, he said that he expected Congress to finalize legislation to dismantle Barack Obamacare by mid-Summer.

Financial markets have been anticipating lower taxes.

Major stock indexes have hit multiple record highs from Donald Trump’s election on bets he would improve economic growth by cutting taxes and boosting infrastructure spending.

The tax reform debate has largely moved behind closed doors, where Speaker Ryan is trying to hammer out an agreement with Senate Republican leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, White House economic adviser Gary Cohn and Republican Chairmen of the 2 congressional tax committees. The aim is to unveil tax reform legislation in September.

Monday, America’s Technology CEO’s met with President Trump in the Oval Office where they talked about ways to modernize our government’s antiquated IT systems.

American’s should understand the President Donald Trump is not distracted, he communicates directly to over 100-M Americans daily on Twitter, without the media filter, and that he has his own Dream Team draining The Swamp, the markets are telling us that Donald Trump is in the Oval Office for a full 8 years.

Monday the US major stock market indexes finished in record territory again: DJIA +144.71 at 21528.99, NAS Comp +87.25 at 6238.98, S&P 500 +20.31 at 2453.46

Volume: Trade on the NYSE was light with 801-M/shares exchanged.

  • NAS Comp +15.9% YTD
  • S&P 500 +9.6% YTD
  • DJIA+8.9% YTD
  • Russell 2000 +4.5% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bullish (0.39) Bullish (0.31) Bullish (0.35) Very Bullish (0.51)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Bullish (0.41) Neutral (0.15) Very Bullish (0.50) Very Bullish (0.58)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.34) Bearish (-0.33) Bearish (-0.39) Bearish (-0.29)

Stay tuned…

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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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