Casey, Colleagues Expose GOP Tax Scam in New Report

Fresh Data Shows Big Corporations Plan to Funnel Nearly $100 Billion to Wealthy Investors, While Millions in the Middle Class Will Actually See a Tax Hike / GOP Promise of a $4,000 Wage Increase for Americans is being Exposed as a Fraud

Casey, Colleagues Expose GOP Tax Scam in New Report

Washington, D.C. – Although Washington Republicans continue to tout their tax plan as good for the middle class, American workers are still getting laid off, while the wealthy and major corporate executives are pocketing billions of dollars through share buybacks. To call out this scam, U.S. Senator Bob Casey, alongside his colleagues U.S Senators Ron Wyden (D-OR) and Sheldon Whitehouse (D-RI), unveiled a new report detailing the extent of this corporate windfall.

“Since the GOP tax scam became law, dozens of corporations have announced almost $100 billion in stock buybacks. That’s money going to the pockets of the wealthy, not workers,” said Senator Casey. “If a company spends an extra $100 million on dividends and executive compensation because of this tax bill, then they should spend at least that much towards employee raises. Instead, companies are directing billions in tax savings in one direction, up.”

A table including announced buyback amounts below:

 

Corporation

Share Buyback Amount Announced in 2018 (Millions)

 

Date

Wells Fargo*

$22,572

23-Jan

Oracle

$12,000

1-Feb

Amgen

$10,000

1-Feb

Alphabet (Google)

$8,590

1-Feb

Visa

$7,500

1-Feb

eBay

$6,000

1-Feb

Lowe’s

$5,000

26-Jan

Constellation

$3,000

5-Jan

Valero

$2,500

23-Jan

Eastman Chemical

$2,000

6-Feb

Juniper Networks

$2,000

30-Jan

SiriusXM

$2,000

23-Jan

Teradyne

$1,500

24-Jan

Cincinnati Financial*

$1,163

26-Jan

Skyworks

$1,000

5-Feb

Altria

$1,000

1-Feb

Rockwell Automation

$1,000

25-Jan

M&T Bank

$745

5-Feb

Harley-Davidson*

$696

5-Feb

Andarko Petroleum

$500

7-Feb

Arconic

$500

5-Feb

Spirit AeroSystems

$500

2-Feb

Vertex

$500

1-Feb

Conoco Phillips

$500

1-Feb

Pulte Group

$500

30-Jan

Nasdaq

$500

29-Jan

Visteon

$500

16-Jan

Buybacks < $500M

$2,951

 

TOTAL Corporate Buybacks Authorized in 2018

 

$97.2 Billion

 

 

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