Joe Biden, the presumptive Democratic presidential nominee, has proposed lifting the corporate tax rate to 28%. Buybacks spiked after the tax cutsThe 2017 tax overhaul helped the market because it boosted corporate earnings, which drive stock prices. Before the tax law was enacted, the US corporate tax rate of 39% was the highest among 37 developed nations in the OECD. "The corporate tax rate probably got cut too much. Netflix's NFLX Under Armour's UA Boeing BA T. Rowe Price TROW United Airlines UAL For instance,effective tax rate tumbled to just 7% in 2018, compared with 7% the year before.paid a tax rate of 23% in 2018, down from 39% the prior year.andalso enjoyed sharp drops in tax rates.

Source: CNN June 10, 2020 17:26 UTC