Caution: Entering the tax reform spin zone

The next week is going to be awful

The US House plans to release the text of the tax bill on Nov 1, that’s next Wednesday.

Before that time and afterwards, expect endless commentary, rumors, and spin about what will be in the bill and what it will mean.

Expect oversized reactions, especially in the stock market along with the requisite angst elsewhere.

For instance, Nancy Pelosi is talking about the removal of the state and local tax deduction and saying it will cause house prices to drop 10%.

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