The Tax Cuts and Jobs Act of 2017 gave corporate earnings a sugar high. GAAP earnings on the S&P 500 Index increased at a robust double-digit rate throughout 2018. Much of these gains came thanks to the significantly lower tax rates for corporations that came thanks to the legislation that was signed into law at the end of 2017. But exactly how much of a sugar high did these tax cuts provide? And what are the future implications of these tax cuts now that the sugar high is soon to start wearing off?
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