Schumer: New Corporate Stock Buybacks Record Proves GOP Tax Law Is Scam For The Rich

May 17, 2018

Washington, D.C. – U.S. Senator Chuck Schumer today released the following statement after it was reported that S&P 500 Index member corporations have already bought back a record amount of their own stock in the first quarter of 2018, putting them on pace to hit $1 trillion in shareholder return by the end of the year:

 “The rate at which corporations are buying back their own stock and padding the wallets of wealthy investors and executives is eye-popping, but not surprising. This record surge is proof positive that the GOP tax law was a scam for the rich. As Democrats and many experts predicted, corporate executives and wealthy shareholders are reaping the benefits of the tax law at a never-before-seen rate, while workers and middle-class families are left largely in the dust.”