If you want to know what the future holds for the U.S. aerospace and defense (A&D) industry under the new U.S. tax law, just gaze back at headlines from the past year. Those headlines are on stories about eye-catching investments in awe-inspiring future technologies and catch-up payments on pension obligations—which can bring government reimbursement—but also acquisitions, consolidations and job cuts, along with big rewards for shareholders. With the new tax regime passed by ...

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