America's biggest companies will soon face a reckoning as critical tax cuts expire — and Morgan Stan

Less than two years after a big cut in US corporate taxes, a strategist for Morgan Stanley says rates are about to start rising, which will create new challenges for much of the market. The strategist, Michael Zezas, identified two threats to US companies over the next few years: rising tax rates as pieces of the 2017 tax law expire, and new taxes overseas on digital activity. A handful of sectors are threatened by both possibilities, and Zezas said some of those companies might end up with...