The tax bill is largely expected to be passed along party lines, with no Democrats voting in favor. That would imply that all Senate Republicans need to be on board with the bill, but the first voice of dissent surfaced this week when Senator Ron Johnson (R-WI) said he would not vote for the bill as he believes it unfairly benefits large corporations and while not providing sufficient relief to small and other types of businesses. Senator Susan Collins (R-ME) has also voiced opposition to the tax bill in its current form, as she believes any relief to middle class families will be offset by higher health insurance premiums, given the bill's recent addition of repealing the Individual Mandate of the Affordable Care Act.
Even with these insights, we can't predict where the market is headed. But, we can prepare for it by making sure that your portfolio has the correct asset allocation. Those who make a false step on that front are often left with devastating consequences to their net worth.
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