$DIA, $SPY, $QQQ, $RUTX, $VXX
FLASH: The Trump Administration’s tax law is fueling economic growth
Monday, White House National Economic Council Director Larry Kudlow that while many people are complaining about having to write bigger checks to meet their annual Tax Day obligation, policies that were put into effect under President Trump mean improved prosperity.
“This business about the so-called SALT, state and local deductions, remember this tax bill a year ago pretty much removed the AMT, the alternative minimum tax, so under the old system, they wouldn’t have gotten the deduction,” Mr. Kudlow said in a TV interview.
“Under the new system, many of the wealthy will, in fact, get a $10,000 deduction, so it is an odd paradigm.”
He called on businesses to look at their investment portfolios, as the economy is “booming, absolutely booming.”
“Unemployment is down. Blue-collar wage earners are growing faster than the white-collar counterparts. Women re-entered the labor force. The profits are significant. There are some good things we can talk about.”
Mr. Kudlow also applauded the news that Goldman Sachs economists over the weekend predicted President Trump would win re-election because of the strength of the economy.
“What a lovely thing especially from those guys who were pretty pessimistic about our tax cut plan and the economy,” said Mr. Kudlow. “I’m very glad to hear it. It shows me the prosperity is really spreading to Goldman Sachs. Well-done, guys.”
Monday, the major US stock market indexes finished at: DJIA-27.53 at 26384.77, NAS Comp -8.15 at 7976.01, S&P 500 -1.83 at 2905.58
Volume: Trade on the NYSE came in at 755-M/shares exchanged
- NAS Comp +20.2% YTD
- Russell 2000 +17.1% YTD
- S&P 500 +15.9% YTD
- DJIA +13.1% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes if Bullish in here.