Moroney argues that with low interest rates and low inflation, the present value of future profits goes up and so do the multiples investors are willing to pay for companies with higher profit growth.

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By law, the deduction is for the discounted present value of the remainder interest, and it must be at least 10% of the original contribution.

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Interest rates are used to discount those cash flows and calculate their present value.

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At rates of economic growth above the interest rate on federal debt, the present value of both GDP and federal revenues is infinity.

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Three factors determine the health of any pension fund: asset returns, company contributions and the discount rate, which is used to calculate the present value of pension liabilities and is tied to interest rates.

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Low interest rates reduce the discount rate on corporate earnings and cash flow, raising their present value.

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