Trump’s Speech Was Great, BUT…..
In short, it was fun to watch Democrats finally admit that Trump looks "Presidential". Personally, I have enjoyed the speech very much as I have long held a view that President Trump is one of the best public speakers out there.
To see the full transcript of the speech please Click Here.
For our purposes (investing), this was the most important part.....
But to accomplish our goals at home and abroad, we must restart the engine of the American economy -- making it easier for companies to do business in the United States, and much harder for companies to leave.
Right now, American companies are taxed at one of the highest rates anywhere in the world.
My economic team is developing historic tax reform that will reduce the tax rate on our companies so they can compete and thrive anywhere and with anyone. At the same time, we will provide massive tax relief for the middle class.
And that is where our BUT comes in.
Those who expected clarity on this "phenomenal tax cut" were once again left disappointed. The stock market doesn't seem to mind for the time being, but that might change in the very near future.
Over the last few weeks we concentrated quite a bit of energy on outlining why Trump's tax cuts are unlikely to happen. And even if they do happen, most likely in 2018, by the time the legislative body gets done with it there won't be anything "phenomenal" about it. Please see.....
To quickly summarize, the devil is in the details. It is incredibly easy to say "massive" or "phenomenal" or "historic". It is entirely another thing to deliver. Once the stock market figures that out, perhaps as soon as today, watch out below.