You might be tempted to spend the weekend pouring through the details of the US tax system and the Republicans’ proposed reforms. Don’t waste your time. As President Trump said about health care, who knew that wholesale tax reform could be so complicated? There will be a point at which investors and economists need to get into the weeds of the reforms, but we’re going to have to wait to see plan C, or plan D, before it’s worth the bother.
We already had Plan A, the House Ways and Means Committee bill, and yesterday marked the unveiling of Plan B, the Senate Republicans’ bill. But as anyone who has taken a US civics course would know, neither will become law in their current form. After each gets amended and then, in all likelihood, passed by their respective legislatures, a conference committee from both houses will have to meet and draw up a unified common bill for Congressional approval and Trump signage.