STOCKS SHRUG OFF TAX REFORM: Here's what you need to know

Win McNamee

The GOP’s plan to cut taxes is done. President Donald Trump still has to sign the bill into law, but it has cleared its biggest hurdles, passing a vote in both the Senate and House of Representatives on Wednesday.

The bill is largely expected to provide a boost to stocks, in part because of a lower corporate tax rate and tax repatriation holiday. Some companies have already announced plans for the cash coming their way, but the stock market shrugged off the news.

The Dow, S&P, and Nasdaq all posted slight losses on Wednesday.

Here’s the scoreboard:

  1. IT’S DONE: MASSIVE REPUBLICAN TAX BILL PASSES CONGRESS IN GENERATIONAL OVERHAUL. The bill now goes to Trump to sign.
  2. AT&T is handing out more than $US200 million in special bonuses because of the GOP tax cut. The company wasted no time in announcing how it would use its tax-plan windfall.
  3. Trump’s tax plan could bring $US250 billion into the US – here are the companies set to benefit most. Qualcomm and Apple are among the companies at the top of the list.
  4. Rich homeowners in blue states are among the biggest losers in the GOP tax bill. The GOP’s tax bill is set to disproportionately affect homeowners in affluent parts of the US.
  5. Trump applauds ‘Obamacare repeal’ in the tax bill – but there’s a big problem with that claim. Trump said the bill’s repeal of the Obamacare individual mandate “means Obamacare is being repealed,” which isn’t true.

Other Stories

Trump’s stock market braggadocio neglects a key constituency that helped elect him

2 GOP senators are postponing their bills to stabilise the Obamacare insurance market

The creator of $US17 billion cryptocurrency litecoin has sold his entire stake

Bonds around the world are getting crushed

Chipotle is sliding after customer complaints of vomiting and diarrhoea at an LA restaurant

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.