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Survey: Trump tax cuts had little impact on corporate investment, hiring

Podium at white house celebrating tax cuts
Photo: Cheriss May/NurPhoto via Getty Images

The Trump administration's tax cuts, which kicked in at the start of 2018, did not seem to have a major effect on companies' plans for capital investment or hiring, according to a poll conducted by the National Association of Business Economics, reports Reuters.

Why it matters: The Trump administration predicted the tax cuts, which reduced the corporate tax rate to 21% from 35%, would stimulate business spending and job growth. Instead, 84% of corporate respondents said they had not changed their business plans due to the tax overhaul, compared to 81% in the organization's previous survey in October.

Go deeper: National deficit grew 20% last year, partially due to Trump tax cuts