Proposed tax cuts were in focus stateside, with President Donald Trump joining the fray and calling for additional amendments in the Republican plan. In a tweet, Trump suggested repealing an Affordable Care Act provision that requires most Americans to purchase insurance. Doing so would allow the top individual income tax rate to be cut to 35 percent with “all the rest going to middle income cuts,” Trump added.
Trump’s tweet added more complexity to plans to reform the U.S. tax system. There are currently two tax plans drawn up by House and Senate Republicans which have to be passed by the respective chambers before eventually being reconciled.
Ahead, Federal Reserve Chair Janet Yellen, European Central Bank President Mario Draghi and Bank of Japan Governor Haruhiko Kuroda are among those scheduled to attend a central banking conference in Frankfurt on Tuesday. Investors are likely to take note of the messaging coming out of that conference.
