Epstein Secrets

up the bills. Either is likely to hurt Republican support in these states. Tax reform: BAT won’t kill it The proposed border adjustment tax in the Ryan-Brady plan has been attracting a lot of attention lately. Although we have concerns about some specific aspects of the proposal (which we will discus

imports are subject to VAT. These facts together make it very apparent that both the case for tax reform and support for tax reform are very strong. Paul Ryan said on January 26 after the Republican retreat in Philadelphia that they “aspire” to pass tax reforms by August. Bankof America <> Merrill Lynch Ca

ica Merrill Lynch Internati he future distribute, researc e Hong Kong Securities and errill Lynch (Taiwan): Merrill Exchange Board of India; PT y; Merri (DIFC Branch), regulated b Va proved for publication and es of the FCA and PRA - detai ies dealer u forma jon ed in Singa LIBLMB} an bu pore to

; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer unde

eing reversed is the kind of thing which Alastair Ryan (our banks strategist) lies awake at night dreami

; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer unde

ch should be an attractive tailwind to DOV’s Energy segment. Tax Policy: Our estimates are based on 29% tax rate in ‘17/18. We calculate that under Ryan’s proposed plan, we can see about 19% upside to EPS. We estimate that under Trump’s proposed plan, we can see about 24% upside to EPS. Catalysts: J

itas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch Israel Limited, regulated by Israel Securiti

&S +1 415 676 3574 [email protected] Ryan Goodman, CFA Research Analyst MLPF&S +1 415 676