America's companies are swimming in cash, thanks to the big cut in the corporate tax rate.

The roughly 180 companies in the S&P 500 Index that have reported results saw their effective tax rate drop by 6 percent on average in the first quarter. That saved them a total of almost $13 billion in taxes, an analysis by Bloomberg shows. About a third of that went to 44 financial firms.

What companies are doing with that boatload of money is a bit muddy. Some analysis shows spending on capital expenditures is surging. That would confirm President Donald Trump's insistence that the cut would boost investment.

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