The TCJA Effects Tracker

What Do We Know About the Effects of the Tax Cuts and Jobs Act?

On December 22, 2017, the U.S. tax code was dramatically changed when what is commonly referred to as the Tax Cuts and Jobs Act (TCJA) was signed into law. As tax scholars, we have a keen interest in knowing how the TCJA will change the world. On this page, we are posting empirical academic studies that focus on specific provisions of this monumental tax reform.

We plan to update this page as more studies come out, so check back regularly to see what else we have learned about the effects of tax reform.

Many of these articles below I have curated on my own. However, if you would like to request that we add a study, please email me at hoopes@unc.edu. We are only posting studies that are hosted elsewhere (we prefer they be accessible on SSRN), and that are (1) empirical, (2) academic and (3) focus on the TCJA.

Jeff Hoopes
Jeff Hoopes
Research Director
UNC Tax Center

Examining the Immediate Effects of Recent Tax Law Changes on the Structure of Executive Compensation

June 17, 2019

De Simone, Lisa and McClure, Charles and Stomberg, Bridget

We exploit a December 22, 2017 law change to examine the relation between corporate taxes and executive compensation. More

Debt and Taxes? The Effect of TCJA Interest Limitations on Capital Structure

June 14, 2019

Carrizosa, Richard and Gaertner, Fabio B. and Lynch, Dan

Using a difference-in-differences design, we show that new limitations on the deductibility of interest, enacted as part of the Tax Cuts & Jobs Act of 2017 (TCJA), significantly decrease corporate leverage. More

The Effect of the Tax Cuts and Jobs Act of 2017 on Multinational Firms’ Capital Investment: Internal Capital Market Frictions and Tax Incentives

May 01, 2019

Beyer, Brooke and Downes, Jimmy F. and Mathis, Mollie E. and Rapley, Eric T

The Tax Cuts and Jobs Act of 2017 (TCJA) imposes a mandatory repatriation tax on multinational firms’ unremitted foreign earnings. More

Where Is the Opportunity in Opportunity Zones? Early Indicators of the Opportunity Zone Program’s Impact on Commercial Property Prices

May 01, 2019

Sage, Alan and Langen, Mike and Van de Minne, Alex

In December 2017, the U.S. Congress passed into law the Opportunity Zone (OZ) program, offering significant tax benefits for property investments in designated low-income census tracts. More

Making Only America Great? Non-U.S. Market Reactions to U.S. Tax Reform

March 30, 2019

Gaertner, Fabio B. and Hoopes, Jeffrey L. and Williams, Braden

We study foreign externalities of U.S. tax reform. Specifically, we examine foreign firms’ stock returns around key tax reform events. More

The Magnitude and Accuracy of Companies’ Estimates of the Immediate Financial Statement Impact of the Tax Cuts and Jobs Act

March 18, 2019

Chen, Shannon and Erickson, Matthew and Harding, Michelle and Stomberg, Bridget and Xia, Junwei

We provide evidence of the final, immediate financial statement impact of some of the major provisions of the 2017 U.S. tax law changes, commonly referred to as the Tax Cuts and Jobs Act (TCJA). More

Shareholder Wealth Effects of Border Adjustment Taxation

March 15, 2019

Gaertner, Fabio B. and Hoopes, Jeffrey L. and Maydew, Edward L.

Following two decades of discussion, the border adjustment tax briefly emerged as part of proposed U.S. corporate tax reform in early 2017. More

Tax Reform Made Me Do It!

November 05, 2018

Hanlon, Michelle and Hoopes, Jeffrey L. and Slemrod, Joel B.

This paper examines corporations’ actions, and statements about actions, following the tax law change known as the Tax Cuts and Jobs Act (TCJA). More

The Effects of the Tax Cuts & Jobs Act of 2017 on Defined Benefit Pension Contributions

October 24, 2018

Gaertner, Fabio B. and Lynch, Dan and Vernon, Mary

This study examines the effect of the Tax Cuts & Jobs Act of 2017 (TCJA) on corporate defined benefit pension contributions. More

The Immediate Impact of Tax Reform on Corporate Earnings: Investor Expectations and Reactions

June 01, 2018

Koutney, Colin Q. and Mills, Lillian F.

How quickly did investors react to the transitory earnings impact of the Tax Cuts and Jobs Act (TCJA)? More