First News
Volume:8, Number:04
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Business & Finance 4
THIS WEEK

Corporate America Counting on Tax Reform

Corporate America and the people who manage your money are hugely divided on the prospects of chang-ing the US tax code. Businesses are “still optimistic on fundamental US tax reform” while “investors have given up,” Bank of America Merrill Lynch strategists Athanasios Vamvakidis and Ronald Man wrote in a note, citing surveys conducted by the bank. Trades tied to expectations of faster growth that were in vogue immediately following the US election have stalled as the Trump Administration’s agenda remains in a legislative quagmire. Goldman Sachs’ basket of companies with high effective tax rates has far lagged another index that tracks firms with low tax rates, implying that investors have soured on the prospects for action in this area. Treasury Secretary Steven Mnuchin has affirmed that the White House is “100 percent committed” to completing tax reform this year, and has suggested that a proposal will be released in early September.

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