https://www.cnn.com/2019/01/23/business/investment-boom-tax-cuts-economy/index.html

New York (CNN Business)Proponents of the 2017 tax law predicted it would set off a wave of spending by American businesses.

It did — just not the kind economists hoped for.
Corporate America rewarded investors by rolling out $1 trillion of stock buybacks in 2018. Yet a lasting boom in job-creating investments has yet to materialize.

Business spending on things like factories, software and new equipment jumped in the first quarter after the tax law took effect. But it has decelerated as companies worry about slowing global growth and rising trade tensions.
"There hasn't been a huge surge in response to tax reform," said Eric Zwick, a professor at the University of Chicago Booth School of Business who studies the interaction between public policy and corporate behavior.
Real nonresidential fixed investment increased by just 2.5% in the third quarter, a sharp slowdown compared to 8.7% in the second quarter and 11.5% in the first quarter.

It's not that business spending is weak. It's just not booming.
"It now appears the investment recovery was short-lived," Ethan Harris, global economist at Bank of America Merrill Lynch, wrote in a report last week titled, "The investment boom that wasn't."