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Wall Street about Trump Tax Plan
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Loading...From an economic perspective, Wall Street was lukewarm on the possibility that Trump's tax proposals — in their current form — would drive any sort of expansion. Several firms left their outlooks unchanged, citing a lack of actionable specifics.
Without further ado, here's a roundup of Wall Street commentary on the tax plan:
1. Bank of America Merrill Lynch
BAML saw nothing in the tax plan drastically enough to change his views on the US economic outlook. The report contains a little more details, but it only provides us with good points, which makes us think that there are serious shortcomings. The current plan does not indicate how the tax cuts will be paid. There is a modest tax cut, but we doubt the Congress adopts significant tax changes.
2. Morgan Stanley
According to Morgan Stanley, the administration is on the right track, but like BAML does not expect the changes to happen dramatically. "We think this reform will not be accepted, but the next proposal, which will be 25%, has a great chance of going through the congress"
3.Nomura
Nomura is confident about the ability of at least part of the tax plan to come into force - but there are some concerns about a particular area and these are the reliefs for individuals. According to Nomura, this abridgement will very hardly pass through the congress until the middle of 2018 if everything goes according to plan.
We may also receive modest reductions in corporate taxes, but given the complexity of the corporate tax code, the concern about the deficit, and the ability of special interests to influence Republican senators, we remain pessimistic about the probability of significant corporate tax reform.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
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