If the likely liberals who leaked details of President Donald Trump’s tax plan were trying to sink the proposal before it even got off the ground, the reaction of the stock market proved just how wrong they were.
Trump was supposed to make a big reveal of the tax plan Wednesday afternoon, but anonymous sources beat him to the punch as the website Axios published the plan on Wednesday morning and other news outlets had been discussing some of its details even earlier.
It is unclear who exactly leaked the plan. Most likely it was liberals bent on twisting the headlines of the plan’s highlights into the usual Democrat narrative of “tax cuts for the rich.” So far almost no Republicans have come out against the tax plan, making it unlikely the GOP tried to sabotage their own legislation.
So the leak of the tax plan was supposed to hurt the Trump administration, but it actually had the opposite effect. The plan contained a lot of proposals that made businesses quite happy.
Democrats couldn’t wait to jump all over the document, claiming it favored the rich and would hurt the middle class — their typical talking points that have no basis in reality.
It includes proposals like reducing the corporate tax rate to 20 percent, limiting the taxes that can be applied to small businesses and reducing the incentives for corporations to keep their money overseas. All of them are red meat to many businesses, conservatives and everyday Americans sick of paying too much of their money to the federal government.
In fact, the proposal was so well received that the stock market actually broke a four-day losing streak soon after the document was published, CNBC reported.
The market was lifted by hopes that the long-awaited tax reform that was promised by Trump on the campaign trail will actually come to fruition and move through Congress.
The Dow Jones Industrial Average, Standard & Poor Index, Nasdaq and Russell 2000 all ended the day on a high note, Marketwatch reported.
I’d be willing to bet that whoever leaked the tax plan feels pretty stupid right about now. Businesses around the country are going to love Trump’s tax plan, and it’s a good chance that the millions of Americans who will pay less in taxes once it is passed will love it, too.
Trump, and the Republicans, have a once in a lifetime opportunity to repair our broken tax system. Let’s hope they get it right.
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H/T Zero Hedge