I was in New York all day seeing a few clients, meeting up with some old friends, and keeping my ear to the ground. I was invited to come on Making Money with Charles Payne. I've known him for many years and always love the opportunity to hang out and talk about the topics of the day.
I wasn't going anywhere and, since I had a late redeye that evening, I told the producers to put me any place they wanted and I can stay the whole hour, and they did. In the first block, they were covering all the news about tax reform, but the only thing Charles really wanted to ask me point blank prior to going live was Lee, do you really think 20 versus 22% for corporate tax rate is going to make or break this market? My response, as you can imagine, was no it really doesn't make any difference. The issue is whether or not smaller US based versus large multinationals (that have armies of advisors to dodge tax) are going to do better on their balance sheet than paying 30% to the US Treasury, and the answer is of course they will.