Report: Trump Tax Cut Has Had No Effect On Business Hiring Or Investment

WASHINGTON, DC - DECEMBER 20: U.S. President Donald Trump, flanked by Republican lawmakers, celebrates Congress passing the Tax Cuts and Jobs Act on the South Lawn of the White House on December 20, 2017 in Washington, DC. The tax bill is the first major legislative victory for the GOP-controlled Congress and Trump since he took office almost one year ago. (Photo by Chip Somodevilla/Getty Images)

Remember the celebration at the White House? The trillion dollar tax cut would stimulate job growth and investment in companies. President Trump tweeted at the time:

‘This is truly a case where the results will speak for themselves, starting very soon. Jobs, Jobs, Jobs!”

Actually, no. Reuters reports:

“The Trump administration’s $1.5 trillion cut tax package appeared to have no major impact on businesses’ capital investment or hiring plans, according to a survey released a year after the biggest overhaul of the U.S. tax code in more than 30 years.

“The National Association of Business Economics’ (NABE) quarterly business conditions poll published on Monday found that while some companies reported accelerating investments because of lower corporate taxes, 84 percent of respondents said they had not changed plans. That compares to 81 percent in the previous survey published in October.”

Those of us who spent many years working on Wall Street knew full well that most of the tax cut $$ would go to corporate stock repurchases and C-suite compensation. Breaking: Trump Tax Cuts Had No Major Impact On Business Spending, Investment, Job Growth https://t.co/mlZhqTe4fc
— Bruce A. Heyman (@BruceAHeyman) January 29, 2019