Big changes leave stocks unmoved

The US administration has finally fleshed out its tax-reform proposals. But neither that nor the announcement of a new Fed chair made much difference to the markets.

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Trump with the new man at the Fed: expect a "softly, softly" approach
(Image credit: 2017 Getty Images)

Lobbyists and tax lawyers are going to be "extra busy" over the next few weeks, says Randall Forsyth in Barron's. The US administration has finally fleshed out its tax-reform proposals. A bill introduced by Republicans in the House of Representatives aims to cut corporation tax to 20% from 35% (a figure of 15% was originally mooted). There will be a 12% one-off charge on repatriated corporate cash, while personal tax rates will fall, with reductions to be paid for by closing or reducing various breaks or loopholes.

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Andrew Van Sickle
Editor, MoneyWeek

Andrew is the editor of MoneyWeek magazine. He grew up in Vienna and studied at the University of St Andrews, where he gained a first-class MA in geography & international relations.

After graduating he began to contribute to the foreign page of The Week and soon afterwards joined MoneyWeek at its inception in October 2000. He helped Merryn Somerset Webb establish it as Britain’s best-selling financial magazine, contributing to every section of the publication and specialising in macroeconomics and stockmarkets, before going part-time.

His freelance projects have included a 2009 relaunch of The Pharma Letter, where he covered corporate news and political developments in the German pharmaceuticals market for two years, and a multiyear stint as deputy editor of the Barclays account at Redwood, a marketing agency.

Andrew has been editing MoneyWeek since 2018, and continues to specialise in investment and news in German-speaking countries owing to his fluent command of the language.