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President Trump signed the tax reform bill on December 21, 2017.  The reform bill lowers the corporate tax rate, allows 100% capex expensing and encourages repatriation of overseas cash, significantly improving the international competitiveness of the U.S.  The benefits of tax reform significantly outweigh announced tariffs.

However, the S&P 500 is now trading at levels below Dec 22, 2017, the date in which comprehensive tax reform became law.  The Market Capitalization of the S&P 500 is down nearly $700 billion since the bill was signed and down more than $2 trillion since January 26, 2018.

S&P 500 Market Capitalization

Source: Bloomberg

Authored by Salvatore Martone

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