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Thursday, December 21, 2017

The Market And Energy Page, T+334 -- December 21, 2017

Not-ready-for-prime-time: e-mail to a reader earlier this morning --
1. The new tax bill is a $1.5 trillion package -- this is very much like a $1 trillion infrastructure bill that Trump has wanted. And unlike waiting for "shovel ready" projects (held up by CAVE dwellers), the $1.5 trillion starts getting disbursed as of January 1, 2018.

2. Remember when the US corporate tax was 35%, but everyone on CNBC said that the "real" rate paid by US corporations was significantly less due to loopholes? Well, CNBC has noted that again this morning: the new rate is 21% but one can imagine that US corporations will find ways to lower that tax rate, also. Just like the individual: I'm in a certain tax bracket but after deducting deductions/credits, etc., my effective tax rate is definitely lower.
  • Steve Liesman says:
    • current rate of 35% to drops to 21%
    • effective tax rate, estimate: current effective tax rate of 23% to drops to 9%!!!
  • the biggest winners, again, according to Steve Liesman:
    • real estate/rental
    • agricultural (think Deere)
    • utilities
    • health care/social assistance
    • transportation/warehousing
Weekly jobs report: first time claims rise more than expected! Link here --
  • forecast: 231,000
  • actual: 245,000
3Q17 GDP: final reading -- 3.2% vs 3.3% expected. Link here.

$58-WTI: oil falls as UK North Sea pipeline moves closer to restart. And that was about it. Not much reason to read the story. The headline says it all.

Saudi budget: previously posted but this story has a slight bit more information. AP is reporting that Saudi Arabia heralds biggest spending plans yet amid deficit.

Illinois: the state lost one resident every 4.3 minutes in 2017; dropped to 6th most populous state. Most populous states: CA, TX, FL, NY, Pennsylvania, and now Illinois. Retirement system of Illinois now on the hook for $120 billion. Illinois was the very first state noted by the blog facing doomsday; that first post was posted February 24, 2010. Some of the posts from that page:

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