Corporations Admit Investors, Not Workers, Will Reap Rewards of #GOPTaxScam
Confirming the suspicions of Trump critics and the analyses of the Republican tax plan that have been released by numerous economists, large corporations have admitted that the money they’ll save if the plan passes will go towards enriching their wealthy shareholders—not towards strengthening the middle class through job creation.
At Bloomberg on Wednesday, Toluse Olorunnipa reported that executives at Coca-Cola, Pfizer, Amgen, and Cisco have all said in recent weeks that their companies will prioritize increasing dividends or buying back shares from shareholders, before investing their savings in the company by hiring more workers or giving employees raises.
The admission by the country’s most powerful corporations runs counter to the narrative the Trump administration and congressional Republicans have pushed, according to Bloomberg:
Cohn’s speech was followed by an appearance by Vice President Mike Pence, who reportedly told the business leaders, “We need all of you to tell this story” of corporate tax cuts leading to higher wages and more jobs for working Americans.
Groups including Americans for Tax Fairness, the Tax Policy Center, and the Center on Budget and Policy Priorities, have all found that the notion of long-term, meaningful benefits for the middle- and lower-classes is indeed just a story.
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