Tax Bill

Some random thoughts: 1. There was an opportunity to greatly simplify the tax system. Based purely on the length of the bill that didn’t happen. 2. Historically business reacts to tax cuts in three steps: (1) Executives feather their own nests. (2) Money goes into dividends (raising the value of your 401(k)) and stock buybacks (raising the value of your equity investments and stock index funds.) (3) Money finally gets to the workers as the economy heats up (3.9% 3rd quarter growth.) 3. 2027 is an interesting year. By then we will have had 5 new Congresses, potentially 2 new Presidents (President Trump gets 2 more, next President gets 4, next President gets 4, Next President gets 4 or 8,) and very possibly 3+ new Supreme Court Judges. So from the government side a lot of change (even seesawing) is possible. 4. Also in 2027 half of the first year baby boomers (born in 1946) will be dead. (That is my birth year so I am hoping I am not one of them.) For the next 20 years (until 2047) each
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