#特朗普宏大减税法案

Is tax reduction a real and effective stimulus, or a new driver of asset bubbles?
Trump's tax cut bill brought a short-term surge in GDP and corporate profits, leading the S&P 500 to a historic bull market, but does this represent substantial growth?
Data shows that after tax cuts, a large amount of funds were not used for expanding employment or investment, but instead for stock buybacks and executive bonuses. According to data from the Treasury Department, in the first year of tax cuts, the total amount of buybacks by the Fortune 500 in the United States exceeded $800 billion, far higher than the increase in capital expenditures for the same year.
At the same time, the personal income tax reduction policy is focused on high-income groups, leaving ordinary wage earners with limited actual benefits. As the fiscal deficit widens, the supply of U.S. bonds increases, and both interest rate risks and inflation expectations rise.
Conclusion: Trump's tax cuts boosted "stock market confidence," but did not truly drive "Main Street prosperity." It is more like a "super booster" that provides a blood transfusion to the capital markets, while the substantial improvement of the economic foundation still remains in question.