S&P expects only moderate tax cuts will be passed early next year

The total off-market assets managed in funds, including private debt, real estate and infrastructure as well as private equity, rose from $4.27 trillion at the end of 2015 to $4.46 trillion by mid-2016, Preqin said. Non-listed infrastructure assets grew to $373 billion in 2016, up from $325 billion at the end of 2015.

We are looking at about 20.5 PE right now on 2017 S&P 500 operating earnings. Of course, we’ve got the fourth-quarter yet to go. S&P predicts operating earnings of $144 next year. I can see $10 more than this year from the tax cut, but I have a hard time seeing another $10 on top of that. That’s way too high.

Now, we no longer believe the federal government will be able to push through even a small infrastructure-spending package, and we expect only moderate tax cuts to be passed early next year as midterm elections approach. Overview. The U.S. economic expansion will likely continue into the next year, albeit at a modest pace.

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An important consequence of the Tax Cuts and Jobs Act for municipal market observers will be its impact on total municipal bond market issuance for next year. The elimination of advance refundings will derail the market dynamic for a short time, but we expect the market to recapture the unrealized refundings in the coming years.

About 60 percent of the tax cuts will be from corporate tax reduction, another 20 percent through the business pass-through reductions. “Today, the effective tax rate for the S&P 500 companies is.