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来源类型Working Paper
规范类型报告
DOI10.3386/w25283
来源IDWorking Paper 25283
Tax Reform Made Me Do It!
Michelle Hanlon; Jeffrey L. Hoopes; Joel Slemrod
发表日期2018-11-26
出版年2018
语种英语
摘要This paper examines corporations’ actions, and statements about actions, following the tax law change known as the Tax Cuts and Jobs Act (TCJA). Specifically, we examine four different outcomes—bonuses (or other actions that benefit workers), announcements of new investments, share repurchases, and dividend announcements. We find that 4% of public firms in our sample announced in Q1 2018 they would pay some portion of their tax savings toward workers. In terms of investment, we find that 22% of the S&P 500 firms in our sample mentioned in earnings conference calls that they would increase investment because of the TCJA. We find a general increase in share repurchases following the passage of the TCJA, but the increase is extremely concentrated in a small number of firms. We find only nine firms that announced a new share repurchase plan explicitly attributed the new plan to the TCJA. In regression analysis, we find that both political and economic variables explain TCJA-linked announcements. The analysis suggests that firms with greater expected tax savings from the TCJA are those most likely to announce payments to workers and plans to increase investment. Firms with a Political Action Committee that donates more to Republican candidates are also more likely to announce benefits to employees.
主题Public Economics ; Taxation
URLhttps://www.nber.org/papers/w25283
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/582957
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Michelle Hanlon,Jeffrey L. Hoopes,Joel Slemrod. Tax Reform Made Me Do It!. 2018.
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