Epstein Secrets

. The potential for a Freedom Caucus challenge to Paul Ryan’s leadership is unlikely given the party’s strong s

enda 8 Lame-duck session 2016 11 Tax 13 Health 17 Energy 19 Financial services 21 EY 1 | Election 2016 H

of only a few seats, and winning the White House, Republicans believe they have a mandate to govern. The potential for a Freedom Caucus challenge to Paul Ryan’s leadership is unlikely given the party’s strong showing. The path is clear for the Speaker to pursue the policy actions described in the “Better Way”

mberships, as well as appointments of membersto vacant slotson “A” committees (including Ways and Means, Energy and Commerce and Financial Services). Ryan and Democratic Leader Nancy Pelosi (D-CA) will conduct a negotiation to determine committee ratios, which would be expected to be close to what they

e and $516 billion for nondefense. Both Trump and Speaker Ryan want to eliminate the sequester as it applies to

retionary Telecom Staples Industrials Health Care Energy Materials Info Tech Real Estate Source: BofAML U

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

is underestimating ’17 EPS upside potential from Energy recovery given the segment’s close correlation to

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

naging Board and Chief Executive Officer, Siemens Energy Chairman of the Board of Management Chairman an

d James M. Flaherty Rob Flaherty Michael Flammini Ryan Flanagan Stephanie Flanders Bruce Flatt Sam Flem