Donald Trump: the Wizard of Wuz

Trump deserves a great deal of credit for this improvement, and certainly would have won re-election except for COVID-19. His 2017 corporate tax cut was flawed. As Robert Atkinson of the Institute for Information Technology and Innovation points out, the plan cut incentives for capital expenditures to fund a lower corporate tax rate, which encouraged big companies to buy back their stock rather than invest in new equipment. For the first time since 2008, US corporations returned more money to shareholders in the form of share buybacks than they spent on CapEx.