The Tax Cuts & Jobs Act (TCJA) of 2017 made large changes to the taxation of corporate and pass-through businesses in the U.S. Understanding the effects of those changes, however, means finding control firms whose taxation was not altered by the TCJA. Credit unions offer a novel control group for studying the effects of the TCJA on small and medium size banks because they compete with these banks for deposits and in making loans, and because they were not taxed both before and after. So who benefited? Prof. Fox will explain what he and his colleagues found when investigating what percentage of the tax cut went to depositors, whether employees or borrowers received a benefit, and other questions. Show up to find out the results!