President Donald Trump on Tuesday touted the business benefits of the tax cut legislation he signed into law last week, saying that "it will be a great year for companies and jobs" and that the stock market "is poised for another year of success."
Trump took to Twitter:
The tax law cuts the corporate rate to 21 percent, from 35 percent, and applies a low one-time surcharge to profits that companies have banked overseas to avoid paying taxes under the current higher rate.
In addition, companies will immediately be able to write off the full cost of new equipment — and the law offers tax perquisites to such industries as craft brewers, distilleries and wineries.
In dollars, the biggest tax savings from 2018 through 2027 go to manufacturers: $261.5 billion, according to an analysis by the University of Pennsylvania's Penn Wharton Budget Model.
The next-most-fortunate sectors are insurance and finance companies, $249.4 billion, and retailers, $171.4 billion.
© 2025 Newsmax. All rights reserved.