Roaring into Tax Reform

Under the new rules, Wall Street may be a big winner

At the end of a year in which the stock market has taken one heart-stopping roller-coaster ride after another, the last thing that investors needed was a new element of uncertainty. But many of them are worried that the Tax Reform Act of 1986, which President Reagan signed two weeks ago, will bring on fresh dips and hairpin turns. By lowering tax rates but eliminating many deductions and preferences, the legislation has already changed the investment climate and forced people to take a hard look at their stock portfolios.

One threat is the possibility of a year-end market dive as investors...

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