A recent White House press release boasted that as many as one million Americans have gotten what it called ‘Trump Bonuses” and “Trump Pay Raises” from their employers the purported result of lower corporate tax rates in the tax cut legislation rushed through Congress in December.
In reality, however, shareholders, not U.S. workers, are likely to be the Trump tax cuts’ biggest beneficiaries. In earnings calls last fall, reported Bloomberg, most big companies assured investors they would pass along their windfalls in the form of share buybacks and dividends.
Democratic Senate Minority Leader Chuck Schumer (N.Y.) recently circulated a list of 30 large companies that have announced a total of $83.7 billion in share buybacks in expectation of the new law.
Continue reading on The Hill.
