Hedge fund manager Jamie Rosenwald is excited about tax reform, but it has nothing to do with Trump trades.
While U.S. politicians grapple with partisan rancor, Japanese bureaucrats at a ministry once renowned for overseeing the nation's industrial policy have been rolling out tax changes that might have flown under the radar of global investors.
In the land of the original zaibatsu industrial groups, companies — starting this month — are able to spin off businesses tax-free, under new rules. The change follows the Ministry of Economy Trade and Industry's removal of taxes last year on restricted stock — a form of management compensation tied to a company's long-term performance.