The Impact of Tax Reform on the Investment Grade Credit Market
In December, President Trump and Republican members of Congress passed the most significant changes to the US tax system since the Reagan administration in 1986. While the changes are extensive and widespread, there are four key provisions that are likely to have the largest impact on the investment grade corporate credit market: 1) a reduction in corporate income tax rate, 2) a limitation on the deductibility of interest, 3) the expensing of capital expenditures and 4) the forced repatriation of untaxed foreign earnings.
On January 31, 2018, The Boston Company and Standish merged into Mellon Capital to form a combined entity, BNY Mellon Asset Management North America Corporation. Effective January 2, 2019, this entity was renamed Mellon Investments Corporation.