I do not believe the market is running up on the expectation of tax cuts. If anything it is running up on expectation of more government spending. However, even then, Trump is not in office yet. The market is more appropriately running up on mildly stronger growth and tame inflation.

As always, the new President is acting like Santa Claus promising more government spending and tax relief. As always we will see what happens. If they get what he promises we will have more debt and less of an ability to pay it. If he delivers tax cuts and cuts spending not much will happen and if we get more spending and mildly increased taxes we will get not much either. That said, where we can get benefit is cutting the regulatory mess for small businesses which is mostly paperwork and mild to complex taxation. The speaker is right that no one in a small business wants to hire anyone if they can avoid it. It requires tons of added paperwork.

Peter, tax cuts for the top 20 percent may be fairly useless. They will just invest the money. That won't fix main street, Peter. Clearly, tax cuts at the top on top of the damage done by QE in building the wealth divide is just, well, same old stupid.