As President Trump pursues his major tax reform, the markets wait with baited breathe. While the president can find comfort in the fact that the process is moving along on schedule, there may be some issues that could threaten its progress.
Bloomberg reports that the president and Senator Corker are butting heads yet again, and now it is getting nasty. Bloomberg writes:
…the president calling the senator “incompetent” and Corker accusing Trump of “debasing our nation” in an angry back-and-forth that could complicate the GOP’s path to a tax overhaul.
This sort of infighting has caused issues in the GOP before, but this time it could prove even more costly. Reuters writes that:
Alienating any members of his own party could be costly for Trump’s legislative initiatives in the Senate because Republicans control the chamber by just a slim 52-48 margin.
While the GOP is far more aligned with Trump’s tax strategy than they may have been with his healthcare plans, the president is still running a risk by insulting members of the party. Similar feuds have cost him in the past.
Bloomberg explains that this particular feud stems form Corker’s disagreement with Trump’s foreign policy.
Investors should be on their toes when the tax bill is proposed on November 1st. Many questions will be answered that day: If the massive corporate tax break that was promised will be delivered in full or in a watered down form and if the president can unite his Senate for a pivotal bill. Whichever way the wind blows will have a major effect on the markets.
To watch Bloomberg’s segment on the latest developments in tax reform, click here.
To read Reuters’ article on tax reform and Trump’s fallout with Senator Corker, click here.
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