Corporate Tax Cuts Still Aren’t Trickling Down To Workers
February 8, 2018
Workers are only getting a very small fraction of the savings companies are passing on to their wealthy shareholders. The numbers don’t lie – the Trump tax is not trickling down. By touting small bonuses, Republicans are trying to pull a bait-and-switch to cover up for the billions in tax cuts they gave to corporations.
Companies have already announced $88.6 billion in stock buybacks so far this year.
CNBC: “Corporate buyback announcements have surged in the weeks since President Donald Trump signed a sweeping corporate tax overhaul into law. Companies have announced $88.6 billion in stock buybacks so far this year, more than double the amount in the same period last year, according to data provided by Birinyi Associates.”
Republicans have touted one-time bonuses that amount to less than three percent of what corporate shareholders are reaping.
CNBC: “That figure dwarfs a number that Republicans have been touting: $2.5 billion in bonuses that companies have announced in response to the new tax law.”