JPMorgan's Cembalest: Trump Tax Overall "Most Radical Change In A Century"

As Republicans in the US House of Representatives eye “tax reform,” what they set out to accomplish isn’t just lowering US corporate taxes. The Trump tax is not a mere adjustment. They propose overhauling the system itself, moving from an income-based approach to a consumption-based approach. U S Rep. Devin Nunes (R-CA), a member of the House Ways and Means Committee, floated a trial balloon on CNBC Tuesday to this effect, saying there were be no tax reform if it did not include a border adjustment tax. That tax on consumption is part of a major system restructuring JPMorgan’s Michael Cembalest saw coming last February 8. The changes taking place should not be underestimated as they are...