Huge Tax Cuts Used to Enrich Shareholders Rather Than Boost Pay or Investment

Overview

One hundred of America’s biggest corporations over the eight years since enactment of the 2017 Trump-GOP tax law have used their tax cuts to help repurchase $4.8 trillion of their own stock, according to a new analysis by Americans for Tax Fairness (ATF). Since 2017, stock buybacks have become a popular method by firms to further enrich shareholders, typically in lieu of boosting worker pay or investing in the business. If the Stock Buyback Accountability Act, a key legislative proposal to ensure the country receives some economic benefit from buybacks, had been in effect it would have potentially raised nearly $200 billion in revenue over…