President Donald Trump's ambitious policies face hurdles and fierce opposition on many fronts, but he enjoys bipartisan support in at least one area: corporate tax reform.

Wall Street loves tax cuts. Indeed, one of the catalysts for the extended stock market rally since the election has been the prospect of lower taxes in a host of areas.

Trump's plans concerning immigration and healthcare are getting stymied, but the president's team says it will push hard for action on tax reform by August. As you'd expect, proposals so far on the table create a set of winners and losers for investors. Let's take a look at what's in store.

The prospect of a full-blown trade war from Trump's "America First" stance makes corporate America nervous, but here's the good news: Trump plans to offset the pain of trade restrictions by allowing cash hoards repatriated from overseas to get taxed domestically at a lower rate.

That would be a huge shot in the arm for Silicon Valley and Big Pharma blue chips that are parking a lot of cash overseas, prompting them to launch a wave of mergers and acquisitions. This activity would in turn fuel innovation, organic growth and earnings.

Apple (AAPL) is sitting on $246 billion in cash, almost all of it stashed overseas to avoid higher tax rates in the U.S. Apple's overseas cash pile is the biggest among U.S.-based companies. Other beneficiaries would be IBM (IBM) , Microsoft (MSFT) , Intel (INTC) , and Pfizer (PFE) , all of which are major overseas cash hoarders.

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