Breaks for companies outlined in the new Republican-backed tax reform plan are expected to be unambiguously positive for Wall Street but may not be so popular on Main Street.
The plan, released Wednesday morning, calls for lowering the U.S. corporate tax rate from its current 35 percent to 20 percent. Other provisions allow companies to immediately deduct depreciation and to bring profits back from overseas at a reduced rate.
Experts assessed the proposals as ones that both corporate America and investors will appreciate.
"The market should like that there's such a focus on business tax cuts," said Greg Valliere, chief global strategist at Horizon Investments. "There's a lot of things they can't afford. I'd describe it as a wish list more than anything else."
It wasn't what everyone was wishing for, however.
Just 24 percent of Americans surveyed in a Pew Research poll released Wednesday say taxes on corporations and big businesses should be lowered. More than double that — 52 percent — believe they should be raised. Some 21 percent believe the rate should stay where it is.
Views on corporate taxes split along party lines — 69 percent of Democrats and independents leaning the party's way want corporate taxes raised, while the GOP side has 41 percent saying those rates should be lowered.