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The tax collector must love poor people, he’s creating so many of them.
– Bill Vaughan
For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.
– Winston Churchill
The off-and-on possibility of changes being made to the US tax code have seemed unlikely…until now. For most of the year, a portion of the market bid has been in anticipation of tax change. But after 3 quarters of disappointment, this Congress may finally get a chance to do something. Both parties, especially Republicans, need an accomplishment – no matter how small. The dollar index is above an important moving average, companies with high tax rates are outperforming and the 10 year treasury is yielding above 2.3%.
It’s unlikely that a massive tax overhaul takes place, but chances are improving that something will take place. The low-hanging fruit should be the first place to look. Any stimulus would be welcomed by the equity markets, but stimulus packages often result in higher interest rates. If rates rise and the dollar strengthens, emerging markets could suffer. Keep an eye on the long end of the curve. There’s little doubt that any changes to the tax code will be revenue neutral, but that only seems to matter to the hawks on Capitol Hill.
At the margin, if we’re ok with the $20 trillion we have now, what’s another trillion or two?
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SCI Highlights
Weekly SCI Webinar
We will begin hosting a weekly lunch and learn online webinar to provide training on the best practices for the services available on the advisor portal. Please join me for a laid back and open session on Salt Creek and the new services available.
Every Tuesday starting 10/3/2017 @ 12pm CDT
Join from PC, Mac, Linux, iOS or Android:
Click here for Conference Login
Meeting ID: 325 159 0655
Dial In Audio: 669-900-6833
New SCI Advisor Portal
Advisors.SaltCreekInvestors.com
New to Salt Creek Investors? You just need a #Gnumber to get started… Existing Salt Creek advisors can access the portal using their email address and LSIA advisor number to login. Contact Bob Dunne with any questions or to set up a one-on-one demo.
The new account wizard is now available on the advisor portal, existing Salt Creek advisors should use it for opening new accounts.
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