Bloomberg Intelligence's 'Equity Market Minute' 9/23/2021

The video discusses the impact of tax reform on S&P 500 corporate earnings, highlighting a significant reduction in tax rates from 20% to 16% since the 2017 tax reform. This change has led to a 200 basis point increase in net income margins. Most sectors have benefited from these tax changes, except for real estate, which pays more taxes relative to earnings. Sectors like utilities, information technology, and industrials have seen the largest tax payment declines.

What has contributed to the net income margin expansion for the index?

What sectors have experienced the largest decline in tax payments relative to earnings?