US tax breaks to come in a 5-year phase-in of corporate tax cut? - ANZ

Analysts at ANZ explained hic-up in the dollar over the tax cut headlines.

Key Quotes:

"The House of Representatives was reported overnight to favour a 5-year phase-in of corporate tax cuts, cutting the rate 3% per year from 35% to 20% by 2022. Republican tax writers want to limit the revenue impact to USD1.5 trn to avoid having to have them expire under budget rules. Equity markets, of course, would prefer they be front-loaded. The draft bill is due on Wednesday."