The $1.5 trillion tax cut package approved by the administration of US President Donald Trump appeared to have no major impact on capital investment or hiring plans by American companies, according to a survey.
The National Association of Business Economics’ (NABE) quarterly business conditions poll published on Monday was released a year after the biggest overhaul of the US tax code in more than 30 years.
The survey found that while some companies reported accelerating investments because of lower corporate taxes, 84 percent of respondents said they had not changed plans. That compares to 81 percent in the previous survey published in October.
The Trump administration had predicted that the massive fiscal stimulus package, which came into effect in January 2018 and reduced the corporate tax rate from 35 percent to 21 percent, would boost business spending and employment.
“A large majority of respondents, 84 percent, indicate that one…