Andrew Burton/Getty Images Following the successful passage of Republicans' new tax law, many parties across Wall Street were nervous about how US companies would use their excess cash. Data from S&P Dow Jones Indices suggests their biggest fears are coming true, though some argue it may not be as big of a deal as previously thought. When Republicans passed the new tax law, Wall Street was very vocal about what US corporations should do with the mountain of proceeds coming their way. Favor your workers and sink money back into your businesses, observers said, worried that companies would instead spend the billions of dollars to boost their stock prices and reward shareholders.See the rest of the story at Business InsiderNOW WATCH: What Trump University was really like — according to a former professorSee Also:US companies are returning cash to shareholders at a record pace — and that's fueling everyone's biggest fear about tax reformSears is closing 40 stores in 24 states — here's the listThe market is doing something most investors have never seen in their lifetime — and could be foreshadowing the next crashSEE ALSO: Goldman Sachs has uncovered a Tesla trade designed to make money no matter how the company's battered stock performs