President Donald Trump promised both corporate tax reform and individual tax cuts during his campaign as part of his "America First" strategy. But investors may have to wait until next year to see the promise come to fruition.
According to President Trump, the tax cuts are still being worked on – including his promised 15% corporate tax rate. "We'll see what happens, but I hope it's going to be 15%," Trump said Sunday (Sept. 24) while preparing to board Air Force One, according to The Washington Post.
The proposed corporate tax rate is a whopping 20% lower than the current 35% standard, something business leaders are anxiously awaiting.
"15% would be terrific," said Joshua Bolten, president and CEO of the Business Roundtable, a business lobby that represents many of America's largest companies, to The Post.
In fact, Money Morning Chief Investment Strategist Keith Fitz-Gerald thinks we likely won't see the tax cuts until mid-2018 – if we're lucky.
"[If we don't get the tax cuts] the market will fall off," said Keith. "They confuse having a plan with actually doing something about anything in Washington."
Watch Keith's full interview on today's "Varney & Co." below…
Don't Hold Your Breath for Tax Cuts
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