It’s a view that’s widely shared among the bankers, hedge-fund managers, traders, and quants whose job it is to determine, with Vulcan accuracy, how the Republican tax bill that passed the House yesterday will actually affect the markets. It’s also more than a little ironic, given that the plan was spearheaded by two former senior partners of Goldman Sachs turned Trump shills—Gary Cohn and Steve Munchkin—a pedigree that has done little to reassure Wall Street veterans who worry that the White House may accidentally nuke the economy in the name of “tax reform.” “Will this be the first tax cut in American history that actually results in a recession?” the executive asked.
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It’s a sugar high that might extend the market rally temporarily, but will deepen the rot in our economic cavity.

There is one bright spot in the Trump tax plan for Wall Streeters: the proposed elimination of the estate tax. While the estate tax snags only around 5,000 estates per year—which applies to estates with a fair market value greater than $11 million, for married couples—eliminating the estate tax completely will be of some benefit to bankers, traders, and executives, many of whom do have a net worth in excess of $11 million. “That’s great,” my Wall Street friend said, “but I’ll be dead by then.”