Last week, we finally learned a bit more about President Donald Trump’s well-trailed “massive” programme of tax cuts. Not a lot more, however. The plan designed to grapple with a tax code of 70,000 pages amounted to just a one-page briefing. This back-of-the-envelope scribble contained “rough principles around which the administration can negotiate with Congress”, said the Financial Times. No wonder stocks slipped.
The main features include a cut in corporation tax from 35% to 15%, along with a one-off offer to induce US firms to move their money back from overseas. The number [...]