20 Dec 2017

World markets peak ahead of Trump tax bill

From Morning Report, 7:10 am on 20 December 2017

World Markets have been hitting new peaks in recent days ahead of a vote on tax reforms in the United States in just under half an hour. The House of Representatives is on the brink of passing a major, and controversial tax package which has been heavily criticised for favouring the rich and increasing the US national debt by $1.45 trillion. However investors are excited about the cut to the corporate income tax rate - which drops from 35 to 21 percent. The bill looks to have the numbers after Bob Corker of Tennessee, the lone Republican opposing the bill, switched sides and decided to support the pacakge. US correspondent Giles Gibson explains the details.