Newspaper article St Louis Post-Dispatch (MO)

Tax Plan Makes Some on Street Queasy

Newspaper article St Louis Post-Dispatch (MO)

Tax Plan Makes Some on Street Queasy

Article excerpt

The strains of GOP harmony emanating from San Diego over the past week may not sound so musical on Wall Street, where pro-business Republican presidencies are normally cause for celebration.

The Republican National Convention has added some badly needed momentum to Bob Dole's underdog campaign, at least enough to prompt some members of the investment community to consider the implications of the former senator's proposed economic platform.

Fittingly, that means hearkening back to Ronald Reagan, as Republicans have been all week. It was the Reagan administration that pushed through the last tax cut of the dimensions that candidate Dole has suggested. And Wall Street's memories of those days aren't necessarily pleasant.

"Obviously, there's a fear that we'd get a reprise of 1981, when the Reagan tax cut went into effect and the bond market plunged," said John Shaughnessy, research director at Advest Inc. in Hartford, Conn. "Anyone with a memory of '81 remembers how badly the market got whacked. …

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