1.The Tax Cuts and Jobs Act of 2017 is a major overhaul of the tax codes in nearly three decades: it has generated a lot of debates on its potential impacts on economic growth, budget and sustainability, and equality and fairness etc. For our purpose, focus your discussion on the corporate side:

a.What would be possible impacts of some of the specific provisions on the corporate FCF, WACC, and Valuation?

b.What would be the possible impacts of some of the specific provisions on a firm's capital structure decisions, i.e. the choice of debt vs. equity financing?

c.How have corporations used their tax cut money? Did they act as intended?