Callaway: Trump's Tax Cuts Will Be Huge for the Markets

President Donald Trump's looming tax cuts will be welcomed by the markets. That's the assessment from TheStreet's Chief Executive Officer Dave Callaway.

"American companies pay 40% corporate taxes; the rest of the world's corporate taxes have been going down for 15 years," Callaway said, adding that Trump's tax cuts will pump up the markets. "Despite the drama [in the Trump administration], the markets are responding, and that's good news."

This week, stocks reached record highs, with the S&P 500 crossing 2,300, an arguably more important milestone than the Dow at 20,000.