What Have You Done For Me Lately? Dow Drops 21 Points as Tax Plan Fails to Inspire

Stocks dipped today after the release of President Donald J. Trump's tax plan failed to impress investors after two days of big gains . The S&P 500 dipped 0.1% to 2,387.45 today, while the Dow Jones Industrial Average declined 21.03 points, or 0.1%, to 20,975.09. The Nasdaq Composite finished little changed at 6,025.23. What does Trump's tax plan call for ? He'd like to simplify personal income taxes, by offering just three tax brackets, but he also wants to do away with the state and local income tax deductions that help lower taxes of residents of California, New York and the like. As for corporations, they'd pay 15%, a drop from the current 35%, and that includes partnerships and S-corps as well, a boon for small businesses. But can it get through Congress? Capital Economics' Paul Ashworth contends that Trump's tax plan is "never getting approved." He explains why: