In 2018, the effective tax rate in this country was, on average, 29%. To put that into proportion, France’s rate will be around 25% going forward, and the US rate will be even slightly lower than that thanks to immediate depreciation of investments.
At the end of the process, the yield on large spectrum of securities declines and promotes broad-based policy accommodation. In the present conditions, this process turns out to be hampered, so that the impact of a rate cut by itself is weakened.