After #GOPTaxScam, Corporations Enrich Themselves Instead of Workers
Republicans repeatedly promised the American people that the GOP Tax Scam’s massive tax breaks for corporations were about raising wages and creating jobs – not about enriching CEOs, corporate shareholders and GOP donors.
Guess what really happened? Today, the Wall Street Journal reported that in the past three months, stock buybacks by corporations that enrich their executives and investors have exceeded $200 billion.
Morgan Stanley analysts estimated that 43 percent of corporate tax savings would go to buybacks and dividends and nearly 19 percent would help pay for mergers and acquisitions. Just 17 percent would be used for capital investment, and even a smaller share, 13 percent, would go toward bonuses and raises.
Even worse, some corporations have pocketed the money and laid off hundreds of workers, including Wal-Mart, Carrier, Pfizer and AT&T.
Now media outlets across the country are calling out the GOP tax bill as the scam that it is: a massive windfall for corporate America on the backs of hard-working, middle class families.
New York Times: Trump’s Tax Cuts in Hand, Companies Spend More on Themselves Than on Wages
MarketWatch: Kimberly-Clark using tax savings to help pay for job cuts, shareholder returns
Washington Post: Tax bill troubles for the GOP?
Vanity Fair: Corporations Stop Pretending to Help Workers, Go Back to Enriching Themselves
Wall Street Journal: Boom in Share Buybacks Renews Question of Who Wins From Tax Cuts
Los Angeles Times: Home Depot’s bonuses underscore what workers get out of the corporate tax cut: Peanuts
The Atlantic: The GOP’s Tax-Cut Narrative Is Unraveling
The Hill: Starbucks’s Schultz on tax law: ‘We are robbing from the future of young people’
CNBC: In wake of Trump tax bill, companies have raced to buy back their own stock
CNN: Tax law to spark $450 billion buyout bonanza for Wall Street
Wall Street Journal: Stock Buybacks Are Having a Last Hurrah
Reuters: U.S. corporate buybacks, dividends since tax bill vote
Bloomberg: Trump’s Tax Promises Undercut by CEO Plans to Help Investors
Think Progress: After GOP tax bill passes, worker bonuses get headlines but the real money goes to stock buybacks
MarketWatch: Share buyback machine now in overdrive — dropping a strong hint at what CEOs plan to do with tax savings
The Intercept: Corporations Say Publicly They’ll Pocket The Tax Cut, But Republicans Aren’t Listening
U.S. News & World Report: Trump’s Tax Cut Plan Will Fuel Stock Buybacks
Axios: Pharma’s $50 billion tax windfall for investors
Los Angeles Times: Pfizer, pocketing a big tax cut from Trump, will end investment in Alzheimer’s and Parkinson’s research
Accounting Today: Corporate tax cuts going toward share buybacks
Esquire: What Comes After the Tax Bill? You Already Know.
Missourian: Drug firms lead the way on pocketing tax cuts
CNBC: While everyone else was selling stocks this month, companies were buying heavily
New York Times: Well-Heeled Investors Reap the Republican Tax Cut Bonanza
USA TODAY: Warren Buffett shareholder letter says Berkshire posted $29 billion gain from tax cut law
Associated Press: Investors are winners as companies lay out tax-saving plans
Fiscal Times: Tax Cuts Help Drive Corporate Buybacks to Record High
The Hill: Cisco to use savings from GOP tax law to buy back shares
Lincoln Journal Star: Buybacks dominate tax bill aftermath
CNBC: Democrats slam Republican tax cut for $97 billion wave in corporate share buybacks
VICE: The Trump Tax Cut Isn’t Trickling Down to Workers
CNBC: Most of the tax cut windfall will boost buybacks and dividends, not workers’ pockets, survey predicts
New York Times: Are Corporate Tax Cuts Raising Pay? Yes, for Bosses
Financial Times: Drugmaker emerges as big winner from Trump tax bill
Salon: Kimberly-Clark celebrates the Trump tax cuts with massive layoffs, share buybacks
CNBC: US firms will now focus on stock buybacks after tax cuts, David Rubenstein says
MarketWatch: Now we know where the tax cut is going: Share buybacks
While Republicans put the priorities of their wealthy donors above the needs of hard-working American families, Democrats call for real, bipartisan tax reform that puts the middle class first with A Better Deal: Better Jobs, Better Wages, Better Future.