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Rex Nutting: Slump in capital spending hints that corporate tax cut is fizzling

The $1 trillion corporate tax cut is fizzling.

Republicans pushed through the tax reform bill late last year with the promise that it would free corporations to invest more money in their businesses, which would boost productivity and rejuvenate the American economy.

Businesses were supposed to take the money they saved on their taxes and put up new factories, buy new equipment, and invest more in the ideas and technology of the future. That was how the Trump administration was going to make good on its promise to increase the growth rate from around 2% to 3% or even 4%.

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