GNMA - Sugar High And Dry
“Kill yourself for recognition
Kill yourself to never ever stop
You broke another mirror
You're turning into something you are not”
--High And Dry, Radiohead, 1995
The Tax Cuts and Jobs Act of 2017 gave corporate earnings a sugar high. GAAP earnings on the S&P 500 Index increased at a robust double-digit rate throughout 2018. Much of these gains came thanks to the significantly lower tax rates for corporations that came thanks to the legislation that was signed into law at the end of 2017. But exactly how much of a sugar high did these