On Tax Day: Casey Reveals Tax Scam as $250 Billion Bonus for Billionaires, Millionaires & Massive Corporations

In 2018 alone, major corporations have authorized more than $250 billion in corporate stock buybacks; with 84% of stocks owned by the top ten percent of Americans, benefits of stock buybacks flow to the top

On Tax Day: Casey Reveals Tax Scam as $250 Billion Bonus for Billionaires, Millionaires & Massive Corporations

Washington, D.C. – Though the Republican tax bill was sold to the public as a “middle-class miracle,” the benefits have flowed mainly to corporations and the wealthy. To call out this scam for what it is, U.S. Senator Bob Casey (D-PA) is unveiling a report recently produced by Senate Democrats. At the end of the day, Republicans will try to force the American people to pay for their massive tax giveaway to the wealthy through major cuts to Medicare, Medicaid and Social Security. The wealthiest Americans are seeing billions in benefits from stock buybacks while some middle class Americans will see a tax increase. And, as corporate executives are padding their pocketbooks with stock buybacks and laying off American workers, millions of Americans continue to struggle to make ends meet.

Additional details on these buybacks can be found below:

Corporation

Share Buyback Amount Announced in 2018 (Billions)

Date

Cisco            

$25

14-Feb

Wells Fargo*

$22.6

23-Jan

PepsiCo

$15

13-Feb

Broadcom

$12

12-Apr

Oracle

$12

1-Feb

AbbVie       

$10

15-Feb

Amgen

$10

1-Feb

Alphabet (Google)

$8.6

1-Feb

Booking

$8

27-Feb

Visa             

$7.5

1-Feb

Applied Materials

$6

14-Feb

Mondel?z International

$6

31-Jan

eBay           

$6

1-Feb

Celgene

$5

14-Feb

Lowe’s

$5

26-Jan

NetApp, Inc.

$4

5-Apr

CSX               

$3.5

12-Feb

Phillips 66

$3.3

14-Feb

TJX

$3

28-Feb

Constellation Brands

$3

5-Jan

Fifth Third Bancorp*

$2.8

27-Feb

Franklin Resources*

$2.7

12-Apr

Valero

$2.5

23-Jan

KLA-Tencor

$2

19-Mar

Lam Research

$2

6-Mar

Eastman Chemical

$2

6-Feb

Juniper Networks

$2

30-Jan

SiriusXM                          

$2

23-Jan

Baxter

$1.5

20-Feb

IQVIA

$1.5

14-Feb

Teradyne

$1.5

24-Jan

Leidos*

$1.3

22-Feb

Hilton*

$1.25

9-Apr

QEP Resources

$1.25

28-Feb

Cincinnati Financial*

$1.2

26-Jan

AutoZone

$1

20-Mar

Dollar General

$1

15-Mar

Hess Corporation

$1

8-Mar

Devon Energy

$1

7-Mar

NRG Energy

$1

1-Mar

Cardinal Health

$1

8-Feb

O’Reilly Automotive

$1

7-Feb

Skyworks                        

$1

5-Feb

Altria             

$1

1-Feb

Rockwell Automation

$1

25-Jan

Buybacks <$1 Billion

$37.5

 

TOTAL Corporate Buybacks Authorized in 2018

 

$250 Billion

*Based on closing price on the day share buyback was announced.

 This report can be downloaded as a pdf here.

 Background on the GOP Tax Bill:

According to the Congressional Budget Office, the Republican tax legislation will increase deficits by over $1.5 trillion. Republicans in Congress passed the almost $9.5 trillion in changes to the tax code over the course of 49 days, without a single hearing on the bill.

Based on the assessment of the non-partisan Joint Committee on Taxation in 2019, over 57 million households making under $100,000 a year will see a tax increase or a tax cut of less than $9 a month JCT Table D-17-58. In that same year, 2019, households making over $1 million a year will get an average annual tax cut of $64,428 ($5,369 a month) JCX-68-17 , spending over $36.8 billion on tax cuts to millionaires in 2019 alone.

According to the Tax Policy Center, by 2027 83% of the tax benefit will go to the top 1%. In that same year, 2027, 69.5 million Americans earning under $100,000 will see a tax increase – that is, they will pay more in taxes than if the tax bill had never been enacted.

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