The Senate is re-writing the House tax bill and we're starting to get an idea of what it will include. The text will be released some time Wednesday, according to John Cornyn, the No. 2 Republican leader.
Bloomberg reports that the 7 current income tax brackets could remain, scrapping a House and White House effort to drop it to 4. It's not clear, however, at what thresholds the taxes will kick in.
The big question is whether the Senate will delay the corporate tax cut by one year, something thing Washington Post said they were considering. That news, late on Tuesday, hurt the US dollar and equities, at least initially.
Tomorrow will be a big day on the tax front, with final House revisions coming. Afterwards, the market will be sensitive to endorsements or pledges to vote against it from Congressmen.
"The House Ways and Means Committee is due to vote on its version of the tax reform bill Thursday and a vote by a full sitting House is expected next week.
The House plans to finish its work this week and bring the plan to a vote next week. There’s a good chance that the bill will pass the House by the end of this month but it may have more difficulty in the Senate where the GOP majority is slimmer. Either way, the dollar will bounce when the bill passes the House and how it trades after will depend on the difficulties it has in the Senate.
The Senate won't release its version of the GOP tax bill tomorrow, according to a senior GOP aide. Majority Leader Mitch McConnell said yesterday that the bill would come out on Thursday. The aide added that “senators will have information on the bill before they leave for the long weekend."
Bloomberg reports that the 7 current income tax brackets could remain, scrapping a House and White House effort to drop it to 4. It's not clear, however, at what thresholds the taxes will kick in.
The big question is whether the Senate will delay the corporate tax cut by one year, something thing Washington Post said they were considering. That news, late on Tuesday, hurt the US dollar and equities, at least initially.
Tomorrow will be a big day on the tax front, with final House revisions coming. Afterwards, the market will be sensitive to endorsements or pledges to vote against it from Congressmen.
"The House Ways and Means Committee is due to vote on its version of the tax reform bill Thursday and a vote by a full sitting House is expected next week.
The House plans to finish its work this week and bring the plan to a vote next week. There’s a good chance that the bill will pass the House by the end of this month but it may have more difficulty in the Senate where the GOP majority is slimmer. Either way, the dollar will bounce when the bill passes the House and how it trades after will depend on the difficulties it has in the Senate.
The Senate won't release its version of the GOP tax bill tomorrow, according to a senior GOP aide. Majority Leader Mitch McConnell said yesterday that the bill would come out on Thursday. The aide added that “senators will have information on the bill before they leave for the long weekend."
Comment:
UJ has been trading in narrow range
Comment:
Those pairs with USD now will be particularly difficult to trade
Comment:
NU has been trading inside narrow channel
Comment:
AU also trade inside narrow channel
Comment:
UJ oh thank God. That is also narrow channel
Comment:
Senate GOP plan would delay corporate tax cut until 2019, breaking with Trump
www.washingtonp...c4a0_story.html?hpid=hp_no...
negative for usd
www.washingtonp...c4a0_story.html?hpid=hp_no...
negative for usd
Comment:
NU . It's still inside range
AU:
UJ :
Those doesn't a good trade or good opportunity. It's now not the time to trade them.
AU:
UJ :
Those doesn't a good trade or good opportunity. It's now not the time to trade them.
Comment:
GU: buy the dip =)) . We just should see because now not the time to trade it.
