Investors were so excited about the renewed prospect of Tax Cuts and now it seems there are worries about potential tax cuts. According to Bloomberg US stocks fell along with the dollar and treasuries gained as investors considered the details of how tax cuts would roll out.

U.S. stocks fell, the dollar slipped and Treasuries advanced as markets struck a tone of caution at the start of a week stuffed with catalysts.

The S&P 500 Index retreated from a record, with losses extending on reports that proposed cuts to corporate taxes would occur in phases over several years. Health-care shares led declines.

And there is still the issue of whether tax cuts will happen at all due to concern about increasing the debt and the problems of the Trump White House as the former Trump campaign manager is indicted on charges relating to his work with the former Ukrainian government and one of his advisors has plead guilty in relation to lying about Trump campaign ties to Russia. The New York Times reports on the indictment of Manafort.

President Trump’s campaign chairman, Paul Manafort, was indicted Monday on charges that he funneled millions of dollars through overseas shell companies and used the money to buy luxury cars, real estate, antiques and expensive suits.

The charges against Mr. Manafort and his longtime associate Rick Gates represent a significant escalation in a special counsel investigation that has cast a shadow over Mr. Trump’s first year in office.

Separately, one of the early foreign policy advisers to Mr. Trump’s presidential campaign, George Papadopoulos, pleaded guilty to lying to the F.B.I. about a contact with a professor with ties to Kremlin officials, prosecutors said on Monday.

The special counsel, Robert S. Mueller III, was assigned in May to investigate whether anyone close to Mr. Trump participated in a Russian government effort to influence last year’s presidential election. Monday’s indictments indicate that Mr. Mueller has taken an expansive view of his mandate.

The expansive view of the special prosecutor mandate is reminiscent of the Whitewater investigation that ended up involving the President Clinton and Monica Lewinsky affair and impeachment of Clinton. Although the US Senate voted not to convict the president the entire affair was a drag on the Clinton presidency. That is likely to be the case with the Mueller special prosecutor investigation of Russian meddling in the US election and any and all crimes that are discovered in the process of this investigation.

What Happens if Tax Cuts Pass?

Investors who are excited about possible tax cuts are fretting that cuts might not happen or that they will roll out very slowly. Others are concerned that tax cuts will not work to stimulate the economy and will simply run up the debt. Trump and the Republican argue for supply side economics and most economists argue against. Our sister site, ProfitableInvestingTips.com asks if Republicans or economists are right about tax cuts.

This is not an esoteric argument. Stock traders may make short term profits from the enthusiasm generated by the possibility of tax cuts. And short term investors may do well from stimulated business activity. But long term investors like the Warren Buffetts of the world are essentially betting on the US economy and too much debt will kill any benefits of tax cuts on economic growth and on stock prices. In short congress needs to get this right.

And investors and traders need to get this right as well. The various worries about tax cuts are all justified.