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Davos loves the Trump tax cuts

Top chief executives in Davos are heaping praise on changes to the United States tax code pushed through by President...

Posted: Jan 23, 2018 5:31 PM
Updated: Jan 23, 2018 5:31 PM

Top chief executives in Davos are heaping praise on changes to the United States tax code pushed through by President Trump.

The consensus at the World Economic Forum, which kicked off on Tuesday, is that the tax overhaul will boost U.S. growth and increase investment.

"There are companies all around the world who are looking at the U.S. now and saying, 'This is the place to be in the developed world,' " said Blackstone co-founder Stephen Schwarzman, who chaired Trump's economic advisory panel until it was dissolved in August after a series of resignations.

"There are going to be a lot of flows into the United States," he added.

The changes drop the corporate tax rate to 21% from 35%, and encourage American companies to bring overseas cash back home.

Credit Suisse CEO Tidjane Thiam said that businesses will now look to do more deals in the U.S.

"Tax reform in the U.S. has been exactly what we needed ... to give a new impetus to world growth," he said. "I do believe that the positive impacts of that are underestimated."

He cited the recent $3 billion purchase of Nestle's U.S. candy brands by Italian firm Ferrero as a prime example.

"There's a whole pipeline of similar transactions building," said Thiam.

Related: What happens at Davos?

Citigroup CEO Michael Corbat predicted the change in tax rules would help power business expansion.

"Maybe this is the catalyst that takes us from optimism to confidence," he said.

The executives voiced concerns that with the U.S. economy at full employment, businesses may struggle to fill new jobs that result from this wave of investment.

"The reality of bringing a lot of jobs back is difficult," said Bank of America CEO Brian Moynihan.

Related: IMF says Trump tax cuts will boost global economy

The International Monetary Fund said Monday that the tax cuts are the latest piece of good news for the global economy.

The group expects the U.S. economy to grow by 2.7% in 2018, significantly faster than its earlier prediction of 2.3%. Growth will slow to 2.5% in 2019, but that's still much faster than the IMF's previous forecast of 1.9%.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 1118335

Reported Deaths: 17712
CountyCasesDeaths
Marion1455892240
Lake724831254
Allen67063882
Hamilton51060487
St. Joseph49820649
Elkhart40268546
Vanderburgh34714497
Tippecanoe30808276
Johnson27696467
Hendricks26313385
Porter25657386
Madison21131455
Clark20238279
Vigo19059309
LaPorte17192261
Howard16770314
Delaware16761303
Monroe16628220
Kosciusko14293167
Hancock13113186
Bartholomew12983190
Warrick12210190
Wayne12090269
Floyd12011226
Grant11998245
Morgan10409192
Boone9869124
Noble9316122
Henry9177169
Marshall9152147
Dearborn8970100
Dubois8835140
Shelby8281130
Cass8167128
Lawrence8057185
DeKalb7817109
Jackson770793
Huntington7661115
Gibson7102118
Montgomery7101123
Harrison6954100
Knox6915116
Steuben669089
Whitley659660
Miami6595113
Putnam645085
Clinton627179
Wabash6221111
Jasper613192
Jefferson5856105
Ripley557294
Adams542281
Daviess5076117
Scott491580
Wells4836105
White478469
Greene4701101
Clay464662
Decatur4611110
Fayette452496
Jennings452067
LaGrange427491
Posey410044
Randolph3944107
Washington390956
Fountain375964
Fulton364874
Spencer362247
Starke355574
Owen353577
Sullivan348555
Orange331372
Jay331050
Rush309533
Carroll296239
Franklin292744
Perry290553
Vermillion283658
Tipton251167
Parke250130
Pike248644
Blackford222144
Pulaski210359
Newton182452
Brown177550
Crawford169129
Benton168417
Martin152120
Switzerland147612
Warren135816
Union122616
Ohio92413
Unassigned0595

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1717876

Reported Deaths: 26851
CountyCasesDeaths
Franklin1793291843
Cuyahoga1681592655
Hamilton1137721544
Montgomery805721405
Summit719531210
Lucas630291027
Butler56852814
Stark538501183
Lorain42330645
Warren35959417
Mahoning35798788
Lake32314501
Clermont31289369
Trumbull27344620
Delaware27206185
Licking26658344
Medina26042353
Fairfield24638287
Greene24378373
Clark22122390
Portage21257283
Richland21102342
Wood20128248
Allen18969326
Miami17338352
Columbiana16905335
Muskingum16726207
Wayne15740307
Tuscarawas14454362
Marion13332196
Ashtabula12732237
Erie12685199
Scioto12475188
Pickaway12260155
Ross11719226
Hancock11529175
Geauga10934179
Lawrence10653172
Belmont10459234
Huron9805159
Jefferson9632228
Union957375
Sandusky9348166
Seneca8917161
Knox8792176
Washington8688159
Darke8399181
Athens838197
Ashland8029152
Auglaize7943120
Shelby7511135
Defiance7358117
Crawford7281150
Fulton7215113
Brown7173116
Logan7003111
Guernsey696186
Mercer6933100
Highland6745120
Clinton6526106
Williams650099
Madison649790
Preble6274140
Putnam6244122
Jackson581597
Champaign580887
Perry566779
Coshocton5645108
Ottawa5641102
Morrow517765
Fayette494072
Hardin4895100
Gallia471478
Van Wert467895
Pike465578
Adams4592110
Henry434280
Hocking410193
Holmes3999141
Wyandot377675
Carroll366178
Paulding325451
Meigs305961
Monroe235961
Noble220349
Morgan216939
Harrison213153
Vinton187638
Unassigned06
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Saturday is looking great, with warmer temperatures, wet and windy conditions returning Sunday.
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