Every indexed document

as this analysis is based on companies’ 5-yr median

roughly half of the gains from the lower tax rate would be retained (i.e. half

and no companies provisioned for US taxes on foreign

we estimate that the tax rate for the S&P

Tax Foundation separately breaks out estimates for full capex expensing (-$2236) and disallowing interest deduction

but it is important to consider corporate tax reform holistically

we focus on the following topics that have large implications for

where we estimate 70-90% of debt is long-term.

the benefit would turn to a negative over time (Table 2). We also

but at a higher 25% tax rate that would appease the deficit

we use House Speaker Paul Ryan’s Blueprint proposal as

funding and process by which corporate tax reform

corporate behavior and capital markets. Much

suggesting the timing could be imminent. Corporate tax reform could have

and there is evidence of widespread support in

we assume that 100% of the cash is repatriated and 50%

as well as industries most helped/hurt most by a BAT.

the removal of the interest expense deduction would

with border adjustments detracting $5-6 from 2018 EPS — nearly

this could add 3% ($4) to S&P 500 EPS. A redux of 2004 where companies