Epstein Secrets

BOGEN,ROBERTA KLING,JUDITH K BRYAN,F W SEASIDE PARTNERS LLC HEILWEIL,J

LATON INC BRADLEY PLACE LLC SCULLEY,CAROL L BANK OF AMERICA NA CASEY,WILLIAM TIGGES,PETER M

arkets. Much has been written on the timing, funding and process by which corporate tax reform could be enacted. In this report, we use House Speaker Paul Ryan’s Blueprint proposal as a starting point in quantifying the impact of corporate tax reform on the S&P 500, with some scenario analysis to account for

thus remain parked offshore, allowing corporations to avoid the tax hit associated with bringing them back to the US. Both Trump and the House (under Ryan) have proposed a mandatory tax of overseas earnings of US firms’ foreign subsidiaries at reduced rates, such that this cash can be brought back and p

not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and

d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens

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

d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens

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

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

not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and