So, if all that happened was that the tax savings of 2.0 percentage points of GDP and some of the savings in tax compliance costs got reinvested, eliminating the corporate income tax would increase U.S. economic growth by 1.0 percentage point.
In my opinion, it was this very level of expressed support for further accommodation that accounted for the dramatic rise in the equity markets during the months of September and October as I cannot point to any other clear economic or market signals that would support such an increase.