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September 01, 2020 1:37pm
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House Republicans unveil tax plan

The markets traded mixed during the midday with the Dow rising 24 points to 23,459. Nasdaq lost 15 points to 6,701.


House Republicans unveiled details of its long awaited plan to overhaul the tax code. GOP lawmakers have proposed cutting the corporate tax rate from 35% to 20% and collapsing individual tax brackets from seven to four, 12%, 25%, 35% and 39.6%. Home mortgage interest deductions for newly purchased homes will be capped at $500,000 while deductions for state and local property taxes will be capped at $10,000.


U.S. worker productivity climbed more than expected in the third quarter to a 3.0% annualized rate. Economists had anticipated a productivity increase of 2.4%. The gain to the hourly output per worker became the quickest pace since the July-September quarter in 2014.


The Department of Justice may sue to prevent the proposed $85.4 billion merger between AT&T and Time Warner. AT&T anticipates closing the deal by the end of the year and is actively engaged in discussions with the government over potential settlement terms in order to win approval for the merger. AT&T has consistently maintained that the deal is not an antitrust threat.


In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 8 on the NYSE while advancers edged out decliners by nearly 9 to 8 on Nasdaq. The broader S&P 500 slipped 3 points to 2,575. Bitcoin leaped $345 to $6,932.


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