U.S. stocks were lower in late morning trading on Thursday as investors assessed long-awaited tax-cut proposals unveiled by Republicans amid deep skepticism around the passing of the bill.
The proposals were largely in-line with expectations and called for slashing corporate tax rate to 20 percent from 35 percent and reducing the number of tax brackets for individuals.
The tax-cut package was one of President Donald Trump’s campaign promises that helped propel the markets to record highs since the November election.
“Even though I think there’s a lot of potentially positive developments in the tax plan, I don’t know if any actual substance that comes out of Washington can even live up to expectations already built into the market,” said Jake Dollarhide, CEO at Longbow Asset Management in Tulsa, Oklahoma.
