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We are thankful for the relationships we've built over the years with clients and friends like you. Whatever your plans for next week may be, we wish you safe travels and a very Happy Thanksgiving.
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As hopes for tax reform faded last week, large cap equities ended their 8 week winning streak. Last Thursday, Senate Republicans released a draft of their tax plan which delayed a corporate tax cut until 2019. Smaller cap stocks, which, because of their domestic focus, generally stand to gain more from faster US growth and lower tax rates, took an especially hard hit.
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> Productivity
:
Labor productivity for the third quarter of 2017 rose 3.0%, the largest one quarter increase since 3Q14 and more than double the average quarterly growth rate since the start of 2009.
This surge is significant, as a lack of productivity growth has been one of the main factors that has held GDP to an average of just 2.2% since the end of the Great Recession.
Increases in productivity are the key to raising GDP growth in a way that's sustainable, raises the standard of living, and helps provide an offset for rising wages.
> Tax Reform:
Tax reform has taken center stage this week as the House may vote on --- and pass --- their plan as early as tomorrow. Of course getting a bill through the Senate is not guaranteed as Senate Republicans have their own ideas of how to tackle tax reform. Proposals and provisions seem to be changing by the hour, but here's a quick look at the differences between the two plans.
> Estate Tax:
O
ne of the areas both House and Senate Republicans agree on is doubling the exemption for the estate tax. House Republicans go a step further and propose a repeal of the tax all together by 2024. With a proposed exemption of $11 million per individual and $22 million for married couples, the plan would be a windfall for a small number of the richest Americans. And although estate and gift taxes contributed just 0.7% of the federal government's revenue last year, according to a recent NPR survey, 65% of Americans support a repeal.
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Looking for a one-of-a-kind experience over Thanksgiving weekend?
LEGO and Airbnb have teamed up to offer LEGO fans a chance to win a night for four in the LEGO House in Billund, Denmark on November 24th.
In addition to bragging rights, the winner will get to eat lunch served by robotic waiters, take a private tour of the 25-million-brick structure and bring their winning entry to life with an endless supply of Legos, among other once-in-a-lifetime experiences.
The massive Lego House, which opened to the public in September, took four years to build. It boasts three restaurants,
a Lego store, a Lego creation gallery, outdoor terraces and playgrounds, a bedroom beneath a Lego waterfall, a pool of bricks and more. The LEGO basement houses the Vault, which contains first-edition sets of almost every LEGO set ever manufactured, including a 774-piece set that allows kids (and adults) to recreate the stacked-block formation of LEGO House.
Fans must enter on the Airbnb
website
by 11:59pm PST on November 16. The site challenges contestants to describe in 550 characters or less what they would build with an infinite supply of LEGO bricks. Winners are promised a night in "a bedroom floating in a pool of bricks underneath a 6-meter-tall LEGO waterfall," complete with a LEGO alarm clock, slippers, and cat. Good luck!
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New Market Wealth Management offers modern investment solutions backed by extensive research and experience serving the needs of wealthy families. Through our strategic partnership with
Cliffwater LLC
, we have access to institutional-quality research, investment due diligence and asset allocation tools. We believe this level of experience and unique access to in-depth, sophisticated research are essential for success in today's complex world markets.
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