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US TSYS: LBBW's Karl Haeling also expected on the US tax plan that "there is
going to be much more resistance to tax change proposals once the details are
announced. So in this sense, the markets may be on the verge of pricing-in a
shift to a new stage where there is much more lobbying and opposition to
elements in the proposal from various interest groups that are negatively
- He added that "the House Republican proposal is also expected to involve more
than 1000 pages, and Republicans want full Congressional passage of new tax laws
by Christmas. So with all of this, the odds are rising for 1) the tax cuts end
up being smaller than hoped, 2) it takes much longer to get the plan fully voted
into law 3) little-understood new tax changes get implemented that hurt economic
growth and 4) some combination of all three of these possibilities."

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