Did Trump’s Tax Cuts and Jobs Act create stock market inflation?

The conversation about inflation and the stock market seems to be dominated entirely by Fed actions like lowering interest rates, money printing, etc. But even if you ignore the impact Covid had on the American workforce, supply chains, and global production, didn't Trump's tax cuts create a windfall for the wealthy and corporations?

Everyone saved money on their taxes. But the wealthy saved a significant amount (estimates were people making over $600k annually saved on average $50,000 per year). Corporations had their tax rate cut and giant companies like Amazing, Delta, Starbucks, Netflix, and Chevron paid $0 in federal income tax. Corporate buybacks jumped in 2017 and are at an all time high.

Doesn't the decreased tax liability of the rich pump the stock market and inflate real estate prices? That money has to go somewhere, right?


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