Corporate tax reform

Warning sign for GOP: Tax cuts are increasingly unpopular

Photo: Cheriss May/NurPhoto via Getty Images

There is now a 12-point gap in support for the GOP tax law, according to a new pre-election poll conducted by Greenberg Research and Democracy Corps for the American Federation of Teachers.

The big picture: It's another alarm bell that Republicans may not be able to win the midterm elections on what they hoped would be their signature legislation of this Congress. In September, a Republican National Committee survey showed more than 60% of voters believe the GOP tax law benefits "large corporations and rich Americans" over "middle class families."

Survey: Top executives expect more payouts for shareholders

Data: Deloitte; Chart: Andrew Witherspoon/Axios

Top executives of North American companies said expectations for earnings and revenue growth for the next year have declined slightly, but prospects to return more money to shareholders are on the upswing, according Deloitte's quarterly survey of more than 130 chief financial officers.

The big picture: At U.S. companies, expectations for shareholder payouts are at the highest level in the survey's 8-year history, accelerated in recent months — along with stock buybacks — by proceeds from the GOP's tax law. Whether corporations use the windfall to fund dividends or share repurchases as opposed to reinvesting in the broader economy has been a sticking point for those who oppose the tax law.