Morgan Stanley analysts expect companies to pass only 13% of Trump tax cut savings directly to workers, vs 43% to share buybacks. For manufacturers, it's 9% / 47%. Workers in this sense include executive management and C suite.

More than four in five Morgan Stanley analysts, across industries, said in a survey that the firms they track will use their tax gains to facilitate buybacks and dividends. Barely one in five said firms would pass even some of the tax gains on to workers.




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