Have Yourself A Very Trumpy Tax Plan

The big stuff is, of course, the reduction of the corporate rate to 15%, the reduction of the individual rates, simplification of brackets, trimming deductions (sorry Blue State high state tax paying friends), reduction of the pass-through entities tax to 15% (Just a personal comment: you have got to be kidding, Mr. President, but if this happens, I will take it and run!), a get out of jail free (or mostly free) card to repatriate corporate earnings to the United States and conversion to a territorial tax system.

The Dow got all atwitter in the run up to the big announcement, took a look and then, like the groundhog seeing its shadow, slid 21 points. The 10-year crept up, currency and commodity markets barely moved. In other words, it was largely, for the markets, a non-event.