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.

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