Bank of America equity strategy memo quantifies corporate tax reform impact on S&P 500 earnings

Bank of America equity strategy memo quantifies corporate tax reform impact on S&P 500 earnings The document provides detailed quantitative estimates of how President Trump's proposed corporate tax reforms could affect EPS, including specific figures for rate cuts, repatriation, border adjustments, and interest deduction changes. While it names high‑profile actors (President Trump, White House Press Secretary Spicer) and policy components, it is an internal BofA research memo rather than new evidence of wrongdoing. It offers concrete numbers and assumptions that could guide further financial‑sector analysis, but lacks novel allegations of misconduct or illegal financial flows. Key insights: Projects a $5‑6 EPS boost from a 35%→20% corporate tax cut under a territorial system.; Estimates a $3‑4 EPS increase if half of $1.2 trn overseas cash is used for buybacks after repatriation.; Predicts a $5‑6 EPS drag from a Border Adjustment Tax, mainly affecting consumer sectors.