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Bianco Research founder Jim Bianco thinks the market would likely do just fine without the GOP's tax plan, which he believes would result in more of a "rearrangement" than a cut.
"We are raising individual taxes in order to pay for a corporate tax rate. So at the end of the day, this is more of a tax rearrangement than a tax cut outright," Bianco said Tuesday on CNBC's "Closing Bell."
On Tuesday, the Senate Budget Committee approved the Republican tax bill, a crucial procedural step toward a vote by the full chamber later this week. But there are doubts by politicians on both sides of the aisle, who worry about its long-term impact on the federal deficit.
It's not that Bianco wouldn't welcome a 20 percent corporate tax rate – he would. He just doesn't think a 20 percent rate is all that crucial to the health of the market.
"It's better to do this than not to do this, but let's not oversell this as some massive type of seminal event for the markets. I do think that the story of the rally we've has been about a lot more than just tax cuts," he said.
Bianco also argued that the plan can't be a stimulus package. If it were, spending cuts – not tax rearrangement or growing the deficit – would finance the tax cuts
"Let's not confuse this with the '80s tax cut. That was where they cut taxes and took in less money to the government," he said. "That provided a stimulus for the economy, because it left that money in private sector hands. We are not doing anything close to that right now."