Fresh Data Shows Big Corporations Plan to Funnel Nearly $100 Billion to Wealthy Investors, While Millions in the Middle Class Will Actually See a Tax Hike / GOP Promise of a $4,000 Wage Increase for Americans is being Exposed as a Fraud
Washington, D.C. – Although Washington Republicans continue to tout their tax plan as good for the middle class, American workers are still getting laid off, while the wealthy and major corporate executives are pocketing billions of dollars through share buybacks. To call out this scam, U.S. Senator Bob Casey, alongside his colleagues U.S Senators Ron Wyden (D-OR) and Sheldon Whitehouse (D-RI), unveiled a new report detailing the extent of this corporate windfall.
“Since the GOP tax scam became law, dozens of corporations have announced almost $100 billion in stock buybacks. That’s money going to the pockets of the wealthy, not workers,” said Senator Casey. “If a company spends an extra $100 million on dividends and executive compensation because of this tax bill, then they should spend at least that much towards employee raises. Instead, companies are directing billions in tax savings in one direction, up.”
A table including announced buyback amounts below:
|
Corporation |
Share Buyback Amount Announced in 2018 (Millions) |
Date |
|
$22,572 |
23-Jan |
|
|
$12,000 |
1-Feb |
|
|
$10,000 |
1-Feb |
|
|
$8,590 |
1-Feb |
|
|
$7,500 |
1-Feb |
|
|
$6,000 |
1-Feb |
|
|
$5,000 |
26-Jan |
|
|
$3,000 |
5-Jan |
|
|
$2,500 |
23-Jan |
|
|
$2,000 |
6-Feb |
|
|
$2,000 |
30-Jan |
|
|
$2,000 |
23-Jan |
|
|
$1,500 |
24-Jan |
|
|
$1,163 |
26-Jan |
|
|
$1,000 |
5-Feb |
|
|
$1,000 |
1-Feb |
|
|
$1,000 |
25-Jan |
|
|
$745 |
5-Feb |
|
|
$696 |
5-Feb |
|
|
$500 |
7-Feb |
|
|
$500 |
5-Feb |
|
|
$500 |
2-Feb |
|
|
$500 |
1-Feb |
|
|
$500 |
1-Feb |
|
|
$500 |
30-Jan |
|
|
$500 |
29-Jan |
|
|
$500 |
16-Jan |
|
|
Buybacks < $500M |
$2,951 |
|
|
TOTAL Corporate Buybacks Authorized in 2018 |
$97.2 Billion |
|
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