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The most prized promise to investors by the Trump Administration is corporate tax cuts, as lowering taxes will directly increase corporate profits and corporate valuations. But the Wall Street Journal warns that the benefits may not be as significant as investors think.

The Journal cites Goldman Sach's calculations showing the GOP plan would cut the effective corporate tax rate from 28% to 24%, good enough to boost after-tax profits by 10%. This would help justify the huge run up in stocks of late.

Not so fast: But investors may not be considering the change in strategy that the cut could instigate. If taxes are lower, so is the cost of capital, making the marginal corporate investment more valuable. If companies invest revenues, profits may even fall. Furthermore, it may encourage companies to reduce their reliance on reputationally damaging tax havens, a move that could also reduce earnings in the end..

Go deeper

California to pay off unpaid rent accrued during COVID-19 pandemic

California Gov. Gavin Newsom. Photo: Jay L. Clendenin / Los Angeles Times via Getty Images

California will pay off the accumulated unpaid rent that has piled up during the COVID-19 pandemic, the AP reports.

Why it matters: The move would fulfill a promise to landlords to help them to break even, while giving renters relief, the AP writes.

U.S. announces destinations for 55 million more COVID vaccine doses

President Biden at a press conference on the final day of the G7 summit. Photo: Brendan Smialowski/AFP via Getty Images

The Biden administration on Monday announced a list of countries that will receive the remaining 55 million COVID-19 vaccine doses that the U.S. has pledged to allocate by the end of this month.

The state of play: The White House had previously named the recipients of the first 25 million of the 80 million doses that the U.S. has pledged to export, as it took its first step toward becoming a global vaccine supplier.