Congressional Republicans are closer than ever to passing wide changes to America’s tax code. From 10,000 feet, they largely feature:
- Varying levels of tax cuts for individuals,
- A massive tax cut for businesses, and they
- Weaken (or negate) the estate tax.
There’s debate regarding how much individuals will actually benefit, but there’s little debate that certain public companies will gain. Both the Senate and the House are looking to cut the corporate tax rate from 35% to 20%. Plus, companies will be allowed to pay a low, one-time repatriation tax on profits already sheltered overseas.
The idea is that U.S. corporations will use this windfall to hire more people, and many likely will … but that’s not the only place that money is going.…