JACKSONVILLE, Fla. – The Trump administration rolled out some broad strokes or "core principals" of the eagerly awaited 2017 Tax Reform plan.
The administration billed it as a "reform plan for economic growth and job creation."
While it was a bit light on detail, there was plenty there for taxpayers, financial markets and others to chew on.
Joe Krier, president of Krier Wealth Management, said that cutting business tax rates and reducing individual tax rates would be a popular move.
"What’s good for business is good for billionaires, but when you have tax breaks for middle income families across America, its one of those things that benefits everyone, except for the federal deficit," Krier said. "Paying for this is the part of the details we haven’t seen yet."
While the plan could drastically simplify the way taxes are prepared, the biggest impact to the markets would be a reaction to an expected improvement of the bottom line for companies.
"I think the financial markets would be happy at 20 or 25 percent. The cornerstone of this is the corporate tax rate. The markets know that if corporations are paying less taxes, their profits go up," Krier said. "The markets are expecting some kind of a cut. If this thing falls flat on its face, I think you would see the financial markets take a nose dive in reaction to it."