Nearly three-fourths of executives — 73 percent — are set to embark on a spending spree because of recently passed U.S. tax legislation, reports The Wall Street Journal, citing an Ernst & Young survey.
For its report, Ernst & Young surveyed approximately 500 executives leading companies generating $500 million-plus in annual revenues.
The survey revealed three-quarters of respondents said their firms are likely to grow U.S. manufacturing initiatives due to the tax overhaul, according to the report.
Ernst & Young's survey also revealed 66 percent of executive respondents anticipate passing tax savings along to customers. Roughly 89 percent of respondents said their companies intend to increase compensation because of tax reform.
As of March 19, Dealogic valued U.S. deals at $384.5 billion, The Wall Street Journal reports. Compared to the same time last year, that value is up 56 percent from $253.4 billion. At the same time, the number of transactions has fallen 15 percent to 2,064 compared to last year.
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