The new U.S. tax law is likely to increase after-tax cash flows for U.S.-based companies by anywhere from 10% to 20%, depending on their current tax position. As we approach earnings season, investors should listen carefully to what CEOs plan to do with the money. There’s a strong argument that they should invest in growth, and the newly available cash offers them a unique chance to do so. Unfortunately, too many are likely to squander the opportunity.