At long last, the House Republican tax plan (the “Tax Cuts and Jobs Act”) is out and it is a huge and confusing bill. Contrary to promises of simplifying the tax code, it is just as dense and complicated as the current system. Winners and losers will be determined on a case-by-case basis, depending on where you live, whether you itemize deductions and how you earn your money.
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Now that President Trump has named Jerome (“Jay”) Powell as the next Federal Reserve Chairman, to succeed Janet Yellen, you may experience one of those, “Why do I care about this?” moments.
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President Trump and Congressional Republicans are about to unveil two, potentially market-moving measures: a tax overhaul plan and a new Federal Reserve Chair. As if those were not enough, those events will occur amid a Federal Reserve Open Market Committee meeting, a monthly jobs report and stock markets soaring to new highs.
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