While the Turnbull Government and the Business Council of Australia (BCA) continue to insist that reducing the company tax rate is essential to fuel investment, jobs and wages growth, the impact from the recent US corporate tax cuts continues to disappoint, fueling little more than a boom in share buybacks. From The New York Times:
After years of costly layoffs and plant closings, things are looking up for the heavy-machinery giant Caterpillar… Yet despite the corporate investment incentives at the center of President Trump’s tax overhaul, the company’s executives have no plans to supercharge investment or expansion.
