Tax cut delayed
Stocks are at a session low on reports that the Senate tax bill won’t lower corporate taxes until 2019.
The source is a comment from US Senator Bill Cassidy, a Republican from Louisiana.
Cassidy also said 7 tax brackets will remain but the top rate will be changed from 39.6%.
The text of the plan is expected out some time in the next 5-6 hours, if not sooner.
Update: Cassidy also said the Senate bill will not repeal the Obamacare individual mandate.
The Senate bill also is said to not include the excise tax on offshore payments.