heavily benefits the wealthy and corporations. It slashed the corporate tax rate from 35 percent to 21 percent, and its treatment of “pass-through” entities — companies organized as sole proprietorships, partnerships, LLCs, or S corporations — will translate to an estimated $17 billion in tax savings for millionaires this year. American corporations are showering their shareholders with stock buybacks, thanks in part to their tax savings.
.... Not only did the tax cuts slash the corporate tax rate to 21 percent from 35 percent, but it also contained a one-time “repatriation holiday” that allowed companies to bring back earnings stashed abroad at a significantly reduced tax rate from the 35 percent they otherwise would have owed. Since then, companies with trillions of dollars abroad have started to bring that money back. Zandi, from Moody’s, described it as a “helicopter drop of money.”