Bank of America sees challenges for Republicans’ U.S. tax plan to pass

NEW YORK (Reuters) – A proposal by Republicans in the U.S. House of Representatives for a deep corporate tax cut and cutbacks in certain deductions will probably face opposition from lobbying groups and some federal lawmakers, Bank of America Merrill Lynch (NYSE:) economists said.

“Our baseline forecast currently assumes no fiscal stimulus, but there is an upside risk that a small plan is enacted which would provide a modest boost,” Bank of America Merrill Lynch economists Michelle Meyer and Joseph Song wrote in a research note late on Thursday.

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