In summary, the document discusses how the election of Donald Trump as President is expected to lead to significant tax law changes. The tax changes may come in two parts: from the repeal of the Affordable Care Act (ObamaCare) and its related taxes and from comprehensive tax reform. It mentions that such changes could be undertaken without bipartisan support, although it's not yet known exactly what the changes will be or when they would be effective. The document also warns that Bank of America Merrill Lynch does not provide tax, accounting, regulatory or legal advice and advises to consult an advisor for any tax-related statements made in the document.