Many Unhappy Returns?

(1) “Tax Return” is a non sequitur for more Americans this year. (2) Failure to increase withholding rate boosted take-home pay for many last year, reducing refunds this year. (3) Pleasant surprise for high-income earners. (4) Rising personal saving offsetting the stimulus from tax cuts. (5) Corporate tax rate falls to 13.2% on “kitchen-sink” transactions. (6) S&P 500 capital spending during 2018 back at 2014 record high. (7) Buybacks widely misunderstood, though tech companies did boost EPS last year with buybacks.