And BMO's Ian Lyngen said the......>

US TSYS/RESEARCH: And BMO's Ian Lyngen said the proposed US tax plan that "we've

been pessimistic about the prospects of something substantial coming from the

process, and we'll retain that outlook for any headlines that emerge about

progress and compromises that are made."

- "Our pessimism is not simply our go-to view, but is rooted in the known

details of the budget plan, which proposes a $4+ trillion budget and cuts of

$1.5 trillion, which still leaves a sizable hole to fill in terms of which

deductions to cut given the proposed drop in the corporate tax rate," he said. 

- "Between the budget hawks, the details of the process, and the fractured

geography of who benefits from which provision, we're less certain that a

substantive bill that truly boosts growth can be the result of such a process,"

Lyngen said.

- Meanwhile others noted that any lobbyist worth their salt is working halls of

Congress right now to preserve their cherished industry-benefiting tax breaks.