David Kelly, chief global strategist at JPMorgan Funds, thinks there will be some type of corporate tax cut this year, but he's also "getting a little nervous about the height of the market."
The market is currently running about 14 percent above the 25-year average on forward price-earnings ratios, he noted. And if the U.S. corporate tax were "eliminated," it would push up earnings about 14 percent, Kelly said.
"People need to get realistic about what they're going to make in U.S. stocks over the next few years," he told "Closing Bell."
Because of those valuations, Mark Eibel is looking outside the United States for value. He said earnings are up double digits in Europe, which also has cheaper stock valuations and zero interest rates.
"When you add valuation, cycle, sentiment into the marketplace, there's just better opportunities across the board outside than inside the U.S.," the chief investment strategies director for Russell Investments said in an interview with "Closing Bell."
Jones also sees opportunity outside the U.S., noting that he thinks Japan looks "extremely attractive" because it has a turnaround in earnings and stimulus that has already been implemented.