Comments from Steve Mnuchin about tax reform and stocks that investors are talking about. Tax reform or look out below is that what we need to start thinking about well, i think, number one, we dont want to pass a tax bill just to support the market markets are up 80 of the time, number two number two, its an irresponsible comment by mnuchin and number three, the u. S. Market is lagging other markets around the world, so theres no or very, very little expectation that a tax plan will occur and that it will occur thats going to impact this market. Heres Steve Mnuchin with these comments there is no question that the rally in the stock market has based into it reasonably High Expectations of us getting tax cuts and tax reform done it also has based into it amount mitchell on regulatory relief which they have begun to see, and theres expectations, so i think to the extent we get the tax deal done, the stock market will go up higher, but theres no question in my mind if we dont get it done
Mean for your money and the future of where stocks go from here john najarian, this is a long way from the finish line but at least now we can begin the race. Yeah. There were winners and losers right away, based on peoples perception perhaps not full understanding, but perception one of those losers right away was Toll Brothers, tol people came scrambling in, they hit that stock more than the other Home Builders. All the Home Builders sagged a little on this about the deductibility of certain things but Toll Brothers because its luxury homes, thats where i focused. They were actively buying puts in big numbers today. Rich, youre number five on the latest list. So people are going to look to you now for advice on what you think all of this is going to mean for where the market goes from here. Lets get some of it here. This is a powerful reform bill for investors because right now we can identify companies that are going to specifically benefit from a lower tax rate and from repatriatio
Today, all triggered by headlines about the gop tax plan. The big fear for the market, the steep cuts in the Corporate Tax rate may be pushed back until 2019. And with that, stocks sold off, though eventually they cut some of those losses. The dow finished the day down 101 points to23,461. The nasdaq dropped 39. The s p 500 was off nine. The tax wrangling included, today, the passage of the legislation by a house panel. That paves the way for a full house vote next week according to majority leader kevin mccarthy. But what moved stocks today was not news but details from the newly released Senate Version of a proposed law. Ylan mui has more. Reporter the senate releasing its longawaited tax plan today. That proposal would delay the deduction in the Corporate Tax rate by one year. It wouldnt get down to 20 until 2019 but it would stay there permanently. It would limit the companiess ability to deduct interest. There are big changes on the individual side as well. The senate bill would k
Include 3. 6 billion in cuts. Mull Mick Mulvaney will be holding a briefing in a moment. In the meantime, joining us is former cbo director and treasury for secretary phillip swiggle. Good to have you both with us. Good morning. Dan, every time we get a budget, obviously, we make all the kaf ycaveats of challenges e its reality but what strikes you about this initial proposal. You know, the budget was really only three numbers, if you will. Revenue, Discretionary Spending and what we call entitlements or mandatory spending. In this budget the president proposes to cut Discretionary Spending, particularly domestic, and some entitlements, particularly medicaid. But he leaves off the table, as he did during the campaign, Social Security and medicaid or medicare, im sorry. Of course, interest on the debt you cant cut. So, there are substantial portions of the budget that are literally off the table, which means pretty big cuts to the rest of the budget and no revenue increases. Certainly t
Cramer, faber is off president is in wisconsin, surp positive, yields tick up on decent core ppi. Tech stocks taking a tumble. Treasury is out with its plan to loosen Bank Regulations and is the worst over for under armour . The stock having a nice bounce after the warriors take the title. First up, tech stocks looking to rebound from their worst twoday streak of the year jim looking at some of the percentage declines for fang, somewhere in the 4 to 5 range. What happened is you didnt get followthrough other than the negative apple you got a downgrade of adobe that lasted for about 30 seconds. There were no substantive calls and by the way no preannouncements that these great tech selloffs that weve had there usually is a linkedin tableau data, upgraded today by goldman. Theres something to hangon to which says tech has slowed down but we didnt get that, which made it so it was more of an air pocket than it was the beginning of some gigantic rollover. Just didnt get it i was looking fo