The U.S. tax overhaul bill may boost profits for many industries including technology, banks, telecoms and industrial companies. The centerpiece of the legislation is a reduction in the corporate income tax rate to 20% from the current 35%. Also, a key provision allows companies to bring back hundreds of billions of dollars in foreign profits at a lower rate than existing rates.
The general consensus is that tax bill may not lead to new jobs or higher wages as it was originally touted but it may lead to corporate bonuses, share buybacks, and dividends. The stock markets may see further upside on higher corporate profits, capital spending and economic growth. Many U.S. companies are planning on how to spend a tax cut windfall. This spending may boost over-all U.S. economic growth.
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