Numbers Don’t Lie: Republicans Said Their Tax Plan Would Bring Better Jobs & Wages To Middle-Class Americans, But Following Senate Passage of GOP Corporate Tax Giveaway, Major Corporations Have Already Announced More Than $70 Billion In Stock Buybacks That Would Benefit Wealthiest Corporate Executives & Investors, Not Workers

December 18, 2017

Despite GOP Promise That Tax Plan Would Lead To More Jobs & Better Wages, Big Corporations Have Already Signaled They Will Prioritize CEO Bonuses And Wealthy Shareholders Over Workers’ Wages Or Hiring New Employees

New Senate Democrats Report Shows That In Less Than Two Weeks Major Companies Have Already Announced $70+ Billion In Stock Buybacks For Wealthy Shareholders & Investors – Further Evidence That the GOP Plan Would Fail To Significantly Grow Economy And Would Instead Be A Massive Giveaway To Corporations And The Top 1%

Senate Dems: This Is Anything But A Middle-Class Tax Plan

Washington, DC – U.S. Senate Democrats today released a report today showing that, rather than growing the economy, the GOP tax plan would instead be an enormous giveaway to massive corporations and the top 1 percent. In fact, in the wake of Senate passage of the Republican tax plan, several major companies have already announced more than $70 billion worth of stock buyback programs that would benefit wealthy CEOs and investors. The Republican tax plan prioritizes special interests and incentivizes corporate profits over increasing wages and generating jobs for middle-class Americans. Top corporate executives have admitted they will use corporate tax breaks for share buybacks and dividends to wealthy stockholders. These new corporate stock buybacks are another indication that the Republican tax plan is a giveaway to the wealthy and big corporations.

 “Corporate CEOs have made clear that the massive tax giveaways in the Republican plan will not be passed on to workers but to rich investors – including the wealthy foreign investors who own about a third of the shares in American companies,” said Senator Warren. "This plan will do nothing to stimulate the economy or raise wages – but it sure will make a bunch of rich guys a lot richer.” 

The report detailing the companies that have announced major stock buybacks appears below:

Corporation

 

Share   Buyback Amount  
 Announced Since Senate 
Bill Passage (Millions)

 Date

  Home Depot

$15,000

6-Dec  

  Oracle

$12,000

14-Dec  

  Honeywell*

$6,500

8-Dec  

  Bank of America

$5,000

5-Dec  

  Anthem, Inc.

$5,000

7-Dec  

  Boeing**

$4,000

11-Dec  

  Mastercard

$4,000

5-Dec  

  United Airlines

$3,000

7-Dec  

  PPG

$2,500

14-Dec  

  American Tower

$2,000

7-Dec  

  T-Mobile

$1,500

6-Dec  

  Prudential Financial Inc.

$ 1,500

14-Dec  

  Waste Management

$1,250

15-Dec  

  Edwards Lifesciences

$1,000

7-Dec  

  Johnson Controls

$1,000

7-Dec  

  Humana

$750

14-Dec  

  Hyatt

$750

14-Dec  

  JetBlue

$750

13-Dec  

  Morningstar, Inc

$500

12-Dec  

  Ciena

$ 300

7-Dec  

  NVR, Inc

$300

12-Dec  

  WESCO

$300

13-Dec  

  Fortune Brands

$250

11-Dec  

  Trinity Industries

$250

12-Dec  

  LINN Energy

$250

14-Dec  

  Synopsys

$200

7-Dec  

  MSG Networks

$150

8-Dec  

  Veeco

$100

11-Dec  

  Verifone

$100

  12-Dec  

 

  TOTAL Buybacks Of $100  

  Million Or More Since

  Senate Passage of

  Republican Tax Bill

 

 

  $70.2 Billion  

*Subtracts buybacks previously announced from total new announcement. E.g. Honeywell announced a new authorization “to repurchase up to $8 billion of its common stock, including approximately $1.5 billion of remaining availability” – this is counted as $6.5 billion above.

**Boeing announced an $18 billion buyback replacing a previously announced $14 billion buyback program