Schumer: Bank of America Stock Buyback Shows Tax Bill Will Benefit Wealthy Corporations, Not Workers

December 5, 2017

Washington, D.C. – U.S. Senator Chuck Schumer today released the following statement regarding the Bank of America stock buyback:

“Bank of America’s decision to increase the size of their stock buyback by $5 billion is yet another signal that the GOP tax scam is going to line the pockets of wealthy investors, rather than raising wages for workers.

“Big corporations can smell the huge tax cut they have coming, and rather than raising workers’ pay or hiring new workers, they’re buying back stock and prepping huge dividend payments.

“CEOs have made no secret of their intention to spend a coming tax windfall on executive bonuses, stock buybacks and dividends. This move by Bank of America is hardly surprising, and is sadly likely just the beginning.”