Corporate America Is Saving Boatloads on Trump Tax-Cut Windfall
- Levies for S&P 500 companies have fallen by $13 billion so far
- Bank of America, Alphabet, Harley-Davidson are on winners list
Photographer: Andrew Harrer/Bloomberg
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America’s companies are swimming in cash thanks to the big cut in the corporate tax rate.
The roughly 180 companies in the S&P 500 Index that have reported results saw their effective tax rate drop by 6 percent on average in the first quarter. That saved them a total of almost $13 billion in taxes, an analysis by Bloomberg shows. About a third of that went to 44 financial firms.