Businesses are going to spend their big tax cut savings on investors, new equipment, getting out of debt and buying other companies.
Oh, and workers. Employees will get a tiny piece, too. A very tiny piece.
Only 13% of companies’ tax cut savings will go to pay raises, bonuses and employee benefits, according to a survey of Morgan Stanley analysts released Thursday. 43% will go to investors in the form of stock buybacks and dividends, the analysts predict.