UBS Reads Tax Bill, Says No Way Does It Pass

The just released Tax Cut And Jobs Act (surprisingly, the “Cut Cut Cut Act” moniker was quietly rejected), has 429 pages, which however was not an obstacle for UBS bankers to read it and, within the hour, not only opine on it, but throw up on its chances of passage.
As UBS chief economist Seth Carpenter writes shortly after noon, “to our read, the release confirms our view that tax reform is far from being a done deal. The bill contains several specifics that we believe will prove sticking points, which increase the difficulty of finding the votes to support the plan in both the House and the Senate.”
Fast fwding to Carpenter’s conclusion: “We maintain our view that tax reform is unlikely this year or next.”
And the details:
On the cost side, the plan includes several items that are expensive

This post was published at Zero Hedge on Nov 2, 2017.