September 2001 turned out to be an unusually bad time to sell stocks: By New Year's Day 2002, little more than three months after the post-9/11 low reached on Sept. 21, the S&P 500 had gained close to 20 percent.
The idea that content is king has long rested on the notion that distribution - in whatever form it takes - is a low-margin commodity, and the biggest share of profits flows to the creators of original programming, who can sell to the highest bidder.
If Republicans are correct that lower rates spur economic growth, then lower rates on all income - made possible in part by raising capital-gains rates - should bolster economic growth across the economy.
Mr. Trump had no political or military experience, the traditional routes to high political office. Virtually his only qualification was his business career, and a checkered one at that, considering his own brush with personal bankruptcy.
My experience bears out an adage about airlines: People almost always opt for convenience and price, even while complaining loudly about crowded planes and a dearth of amenities.
A major way that losses are generated in real estate ventures is through depreciation, which is supposed to reflect the way that assets lose value over time. But a well-maintained building typically gains value.
The real estate lobby has prominent allies in both parties. After the last major overhaul of the tax code, in 1986 - under a Republican president, Ronald Reagan, a Republican Senate and a Democratic House - it was a Democrat, Bill Clinton, who signed legislation that restored lost real estate tax breaks seven years later.
Many tax experts say a key element to any fundamental overhaul is getting rid of certain deductions for businesses - the 'special-interest giveaways that are masked as tax breaks,' as House Republicans describe many of them in their own proposal.
As in many cities, Uber has disrupted powerful interests in London, starting with the drivers of black cabs, who trace their lineage to 1634, and their influential Licensed Taxi Drivers Association.
Divestitures have long been the preferred remedy for horizontal mergers, where there's an overlap between the two companies. Airlines, for example, may have to sell routes or airport gates where the two airlines compete; cable operators may have to sell operations in cities where both companies operate.
The rationale for eliminating the alternative minimum tax is that such a backup system should not be necessary if the tax code is fundamentally fair and eliminates all the loopholes that made it possible for high-income taxpayers to escape taxation in the first place.
Amazon and Snap both have stories that are compelling for many investors: Amazon has transformed retailing and is destined to dominate it. Snap is reinventing communication, at least for millennials and those even younger.
The A.M.T. is much reviled by tax experts across the political spectrum for its unintended consequences and fiendish complexity.
From what little is known of Mr. Trump's tax returns, he used losses to offset virtually all of his taxable income for years by generating something called net operating loss carry-overs.
Like or loathe Donald J. Trump, you have to give him this: He's done more to shine a spotlight on the loopholes and fundamental unfairness of the tax code than any other American president.
Most European countries fund their low corporate taxes with some form of a value-added tax, on consumption rather than income.
Cadillacs have been used by every president since Woodrow Wilson.
