Bad News For Wall Street: No Tax Reform By August, McConnell Warns
by Tyler Durden
ZeroHedge.com
Mar 9, 2017
As explained, most recently two days ago, the key reason Wall Street is concerned about the complications involving Obamacare’s “repeal and replace”, which now appears will be stuck in Congress for a long time following vocal opposition from various conservative groups and outside lobby interests, is that it will delay tax reform. As Goldman laid it out over the weekend, “if Republican leaders cannot send the President an ACA bill by April or May, they will face two politically unpalatable options. First, they could continue to press for a solution, delaying consideration of tax reform for an indefinite period. This delay would occur because both proposals are expected to be considered under the “budget reconciliation” process. However, since only one tax bill and one spending bill can be considered under that process in each budget cycle—and ACA repeal legislation is expected to have tax and spending provisions—Republican leaders plan to consider the ACA bill in the FY2017 budget cycle, and to begin the FY2018 budget cycle, including instructions to pass tax reform, once the ACA bill has passed.”
The other option Goldman put forward would be to postpone ACA legislation and move to tax reform, essentially reneging on a campaign commitment.
The Rest…HERE
