Do tax cuts encourage investment? Companies chose to save cash from tax cuts rather than invest it into growth

A new study published in the Journal of Financial Economics examines the effects of the 2017 Tax Cuts and Jobs Act (TCJA) on U.S. multinational corporations. James F. Albertus and Brent Glover of the Tepper School of Business at Carnegie Mellon University, along with Oliver Levine of the University of Wisconsin-Madison, Wisconsin School of Business analyzed how the TCJA, which made almost $1.7 trillion in previously inaccessible international funds available, impacted corporate behavior.