According to the EY Tax Reform Dollar Deployment Survey, conducted jointly by Ernst & Young LLP’s (EY) Transaction Advisory Services and tax businesses, 89% of companies plan to enhance compensation due to the new GOP tax reform law.
“We’re seeing that the majority of the savings from tax reform is going to be put back in growth and innovation, which is great news for the U.S. economy,” EY Americas Vice Chair Bill Casey said Monday during an exclusive interview with FOX Business’ Maria Bartiromo.
In addition, the survey found that almost three-quarters of mid-cap companies are likely to accelerate corporate mergers and acquisitions (M&A) deals.
“This is going to represent salary increases, one-time bonuses and also benefits, other benefits to employees. And then some of the companies plan on giving some of the savings back to consumers,” Casey told Bartiromo.