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

India by DSP Merrill Advisers Regulations) by Merrill Lynch Interna dd 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are ralia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS the Corporations Act 2001. With the exception of BANA Australia, neither MLEA nor der the Banking Act 1959 nor regulated by

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

d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A., Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporati

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

rill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the

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

rill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the

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

rill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the