Jonathan Weil
speaker
12 appearances
1 recordings
1 series
first heard Aug 2025
last heard Aug 2025
Jonathan Weil’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ What’s News · Tesla Awards Elon Musk $23.7 Billion in Stock to Stay Focused · 4 Aug 2025
podcast
Well, it's showing up in the form of cash that companies will keep that previously they wouldn't have had to keep when they had different tax laws.
Specifically, if a company is accelerating
depreciation for tax purposes, for some capital expenditure, it goes and builds a factory, or if it has research and development expenses.
If it's writing off all of those expenses immediately for tax purposes, that means that in year one, its tax bill will be lower because its taxable income will be lower.
And that is cash that the companies get to keep that they otherwise wouldn't have.
Well, a person we spoke to, David Zion, who's a longtime tax and accounting analyst, they did a sample of 369 of the S&P 500 companies.
And for those companies, in a one-year period, it adds up, by their estimates, to $148 billion.
That's just rough back-of-the-envelope calculations, but these are going to be some serious numbers.
Whatever one's views are about ballooning budget deficits or corporate tax breaks, from an investor standpoint, they have helped bolster stock valuations and probably will.
From an investor standpoint, more money in companies' pockets and less money in the government's pockets, broadly speaking, that is good for investors.
Investors aren't the only people who vote, of course, and there are a lot of other folks who may have a different view that we shouldn't be having such large corporate tax breaks, especially when we're talking about cutbacks to other government services, whether that's health care for the poor and the disabled or whatever your favorite government program is.
Thank you for having me.
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