GOP tax reveal to set off 'corporate hunger games'

Details of GOP tax plan released

1. Tax bill revealed: President Trump’s push to overhaul the U.S. tax system can be about to face its biggest test yet.

Up until This kind of point, the GOP tax “plan” has been limited to a broad, mostly detail-free framework of ideas of which many lawmakers along with also business groups could get behind. nevertheless come Wednesday, of which will be all about the details when House Ways along with also Means Committee Chairman Kevin Brady promises to unveil his 1,000-page tax reform bill.

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along with also of which’s those critical details inside bill of which could make or break the legislation. At issue: How will Brady propose to pay for the big business tax cuts Republicans have promised? Lawmakers, businesses along with also lobbyists will fight tooth along with also nail to preserve tax breaks they covet.

“Expect them to push back as if This kind of was a life-or-death struggle because for many, of which can be,” Chris Krueger, managing director of the Cowen Washington Research Group, wrote in a recent report. “Welcome to the corporate hunger game.”

The official path to modernize America’s outdated tax system was created when the House narrowly (216-212) passed a budget This kind of week of which includes instructions to fast-track a tax reform bill of which allows for $1.5 trillion worth of tax cuts over 10 years.

nevertheless of which won’t be an easy path. “The road ahead can be bumpy along with also riddled with potholes,” Isaac Boltansky, senior policy analyst at Compass Point Research & Trading, wrote in a recent report.

Of course, Wall Street will be watching the tax battle very closely because hopes for massive tax cuts have helped send the stock market to brand-new heights in recent months. Investors could get nervous if of which looks like those tax cuts will be scuttled by GOP infighting.

In any case, “expect some near-term volatility both in Washington along with also on Wall Street once the legislative text can be released,” Boltansky said.

2. Jobs report: The Labor Department can be scheduled to Discharge October’s job numbers on Friday.

The U.S. lost 33,000 jobs in September — the first monthly decline in employment in seven years — thanks in large part to Hurricanes Harvey along with also Irma. nevertheless overall, America’s job market can be in not bad shape. Unemployment can be at a 16-year low, along with also weekly jobless claims are consistently down.

The only problem can be of which wages aren’t increasing by very much, producing of which difficult for consumers to keep pace with inflation. We’ll see on Friday whether of which continues to be the case.

3. Fed meets as Trump mulls brand-new chair: The Federal Reserve meets This kind of week, that has a decision on interest rates set to be announced on Wednesday.

Don’t expect too much: The Fed can be not likely to raise rates This kind of time. nevertheless Janet Yellen’s term as Fed chair can be coming to an end, along with also President Trump can be required to pick her successor — or decide to stick with her — next week. So even without a rate hike, there’s a chance we could hear something interesting by Yellen.

4. Apple’s fourth quarter results: Apple (AAPL, Tech30) can be set to announce its fourth-quarter earnings on Thursday. In August, Apple said of which expects sales for the quarter to come in as high as $52 billion.

Since then, the company has announced along with also launched three brand-new phones. The iPhone 8 along with also 8 Plus have been on sale for weeks, along with also customers were able start ordering the iPhone X online This kind of week. The X will hit stores on Friday.

So far, sales of the 8 along with also 8 plus have reportedly been lackluster. According to the research firm Consumer Intelligence Research Partners, the 8 along with also 8 plus accounted for just 16% of total U.S. iPhone sales inside quarter ending on October 1. The iPhone 7 along with also 7 plus, for comparison’s sake, made up 43% of sales inside same time last year.

5. Facebook earnings: Facebook (FB, Tech30) heads to the earnings stage on Wednesday.

On Wall Street, at least, the social media giant has had a successful 2017. The company’s stock has soared more than 50% This kind of year. along with also though Facebook’s growth has been slowing, the company can be still expanding.

nevertheless the company has also had some very public faux pas, by CEO Mark Zuckerberg’s virtual visit to Puerto Rico to revelations of which the social media platform hosted Russia-linked ads. Investors might ask Facebook to explain itself.

6. Coming This kind of week:

Monday — Mondelēz (MDLZ) reports earnings

Tuesday — Aetna (AET), Kellogg (K), Pfizer (PFE), MasterCard (MA), Under Armour (UA) report earnings

Wednesday — Facebook, brand-new York Times (NYT), Tesla (TSLA) report earnings; House releases tax reform bill

Thursday — Apple, Starbucks (SBUX), Yum! Brands (YUM), Ralph Lauren (RL), CBS (CBS) earnings

Friday — October jobs report; iPhone X hits stores

sy88pgw (brand-new York) First published October 29, 2017: 7:53 AM ET

GOP tax reveal to set off 'corporate hunger games'

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