Market Extra: Why the stock market isn’t banking on quick action on Trump’s tax cuts

Stock-market investors are cautiously penciling back in the prospect of corporate tax cuts, but they’re not ready to fully buy in, analysts said.

President Donald Trump and top congressional Republicans on Wednesday proposed sharp cuts to tax rates on businesses and many individuals, including lower rates on corporate profits, and incentives for business investment. The proposal would, for instance, cut the top corporate tax rate from 35% to 20%, rate that Treasury Secretary Steven Mnuchin on Thursday branded “not negotiable.”

The tax proposal “does not change our overall assessment that Congress will likely pass tax cuts for individuals in early 2018.

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