>> It's the largest tax cut in the history of our country.>> US President Donald Trump and his Republican Party touted a $1.5 trillion tax cut as a major windfall for Americans and American business.>> It's going to be something very special. You see what it's done for the country.
It's gonna be something very, very special.>> But the largest overhaul of the US tax code in 30 years appeared to have no major impact on company's capital investments or hiring plans. A quarterly survey by the National Association of Business Economics, published on Monday, found that while some firms said that they sped up investments because of lower corporate taxes, 84% of respondents said that they had not changed plans.
That compares to 81% in the previous survey, published in October.>> We've got the biggest tax cuts in the history of our country, and we also have major tax reform. It's had a tremendous impact on our country. We see it and everybody sees it.>> The White House has predicted that the tax cut, which slashed the corporate tax rate from 35% to 21%, would boost business spending and job growth.
The tax cuts went into effect a year ago. About two-thirds of U.S. households are estimated to receive a tax cut on their 2018 incomes. But changes to how the IRS calculates withholdings could mean many households have already receive their tax cuts throughout the year and will see less of a tax refund in 2019.