INDIANAPOLIS - A professor of finance with the Indiana University Kelley School of Business in Indianapolis believes a major tax overhaul expected to be approved by Congress today will be good for Hoosier businesses "across the board." Steve Jones says benefits for small business owners that have been added through the legislative process, would alleviate "somewhat of a concern" in earlier versions. The changes, he says, are focused on making the country more globally competitive.

In an interview with Inside INdiana Business, Jones discussed the effects of the expected tax changes. "In the short-term, obviously the markets reacted very favorably to this, so shareholders are going to benefit in the short-term -- or they have already. I think a lot of corporations are going to basically, either they're going to bring money back from overseas to make new investments or they'll be retaining more internally -- or have more to remain internally -- as a result of the lower rate, which will lead to more investment," he says. "In the longer term, I mean, I think if this creates the economic growth that's anticipated, then I think we start to see the benefits flow, hopefully, to employees at some point in time, but that will not be an immediate effect." He believes capital-intensive businesses stand to benefit more, "but that said, I don't see any real losers with this bill" from a business perspective.