Wall Street is increasingly optimistic a version of tax reform will eventually pass after President Donald Trump's administration announced its latest tax-cut proposal.
White House officials revealed on Wednesday Trump's plan for large tax cuts for repatriated offshore corporate profits and a reduction of the corporate tax rate to 15 percent from 35 percent.
Below is a summary of what Wall Street firms are now telling clients Trump's tax-plan announcement means.
Goldman's Alec Phillips says tax reform is not likely by year-end because the final tax legislation needs more time to be written and negotiated. However, he predicts a version of the tax plan will pass Congress by the first quarter of 2018.