To tax cut or not to tax cut, that is the question. No, the real question is whether David Stockman is a prophet after all. Tax reform has been the number one issue this column has written about in 2017. The media likes to judge a new President by the first hundred days. Here, they said not to judge by that milestone, but we should have some kind of an idea of what could be accomplished in the first year. Then they told us, taxes should be done by Labor Day.
Here it is two weeks before Thanksgiving and tax reform is still not a given this year. That famous philosopher Yogi Berra said it gets late early around here. Folks, that shipped sailed. It’s getting late, late around here. If some people find they have more month than money, Congress is finding they have more money than month. Too many money issues and not enough time.
Did they really tell us the corporate tax cut from 35-20% won’t happen until 2019? How many times did the stock market rally in our two-month long time window based on the rollout of some new tax plan? The answer is more times than we can count. Markets survived the big window and now in a seasonal dip before the Santa rally.