I think we need to separate the two: how tax cut affects the economy and how it affects an individual business.
If government implements corporate tax cut but does not balance fiscal deficit by cutting expenses - then it is not delivering a boost to the economy but merely redistributing the wealth. The way government is spending lakhs of crores of taxpayers money to bail out PSBs and to keep running loss making unnecessary PSU like MTNL, BSNL, Air India, etc, it does not look like tax cut would boost the economy. The increased fiscal deficit will lead to inflation tax which will counteract any price cut resulting from corporate tax cuts.
There is nothing we can do about government policies, its best to focus on how they affect individual businesses, because that is where we can act by adjusting our investments. The corporate tax cut may not benefit economy, but it certainly can boost the profits of a company like Dmart. A slowdown in economy does not seem to affect it much, it would take a severe recession for people to cut down on the consumption of small ticket daily necessities. Infact we can expect more people to shop from Dmart to avail its discounts in slowdown. The tax cut not only boosts its profits in the present year, it would lead to increased future profits despite the high competitiveness of retailing, as I have elaborated in the Dmart thread.
So even if tax cut fails to alleviate slowdown, it certainly benefits some of the businesses I have in my portfolio. The only question is how much of that is already priced.