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More New Highs

The markets continued their winning streak, making it three days in a row for the S&P and the Nasdaq, and four days in a row for the Dow. And they all closed at new all-time highs.

Growing confidence that tax reform will indeed get done this year is reenergizing the market.

The plan is to reduce corporate taxes from their current 35% rate to as low as 15%. That would put corporate taxes at the lowest level in 80 years, going all the way back to 1936. Granted, some are suggesting we may only get it down to 20-25%. But that's still a massive tax cut.

Moreover, the administration is also expected to include incentives for companies to repatriate accumulated profits from overseas (estimated at more than $2.5 trillion dollars) with an even lower 10% tax rate.

And what will businesses do with all of those profits?

Plenty!

There's no doubt some of that will go to stock buybacks. But with the US suddenly becoming one of the most business friendly countries in the world, you will see massive new corporate investment. This includes relocating foreign operations back to US soil; building new plants to expand; and the purchase of new equipment and technology to see it all through.

These tax cuts alone could usher in decades of new prosperity.

And that means a soaring stock market.

In the meantime, you can transform your portfolio right now. And it's easier than you might think. Be sure to read the latest commentary...

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Kevin Matras

Executive Vice President, Zacks Investment Research

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