It’s been over two months since Republican Sen. Dean Heller’s tax scam was signed into law. So far, the evidence is overwhelming: corporations are using their massive, permanent tax cut to buy back stock and line the pockets of wealthy executives. The numbers don’t lie – the lion’s share of the benefits are going to corporations and their shareholders, not working families. But Sen. Heller has been completely silent about the fact that corporate investment in new stock buybacks dwarfs the amount of money spent on those one-time bonuses.
But who are we to say Dean Heller and his team are deliberately ignoring these facts because it would undermine their partisan talking points about a reckless, fiscally irresponsible bill jammed through Congress? Maybe he just hasn’t read the news in 2018!
Here’s some quick weekend reading material for Sen. Heller:
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Los Angeles Times: U.S. companies are plowing a record amount of money into buying back stock
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MarketWatch: S&P 500 companies expected to buy back $800 billion of their own shares this year
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Bloomberg: New Grist in Tax-Cut Debate Is $800 Billion Buyback Estimate
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Reuters: U.S. corporate share buybacks ‘explode’ in February: research firm
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Wall Street Journal: Boom in Share Buybacks Renews Question of Who Wins From Tax Cuts
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The Atlantic: The GOP’s Tax-Cut Narrative Is Already Unraveling
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Washington Post: Paul Waldman: Shocker: Democrats’ predictions about the GOP tax cut are coming true
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New York Times: Trump’s Tax Cuts in Hand, Companies Spend More on Themselves Than on Wages
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Fast Company: Workers Are Getting Basically Nothing From The Corporate Tax Windfall
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Houston Chronicle: Oil companies to reap windfall in tax cuts, but shareholders get the lion’s share
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MarketWatch: Mullaney: Now we know where the tax cut is going: Share buybacks
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CNN Money: Tax cut scoreboard: Workers $6 billion; Shareholders $171 billion
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Axios: Companies announced $173 billion in stock buybacks so far this year
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POLITICO: Poll: Few voters report seeing bigger paychecks after tax changes
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Washington Post: Democrats say corporate shareholders have pocketed nearly $100 billion from GOP tax law
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Washington Post: Jennifer Rubin: Inconvenient facts about the tax cut
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Yahoo News: Tax cuts are going to keep being a boon to the shareholder class
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CNBC: Few large US companies say they’ll use tax savings to boost wages, CNBC survey finds
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Reuters: Few U.S. adults report bonuses, raises from Republican tax law
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CNBC: US firms will now focus on stock buybacks after tax cuts, David Rubenstein says
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New York Times: Are Corporate Tax Cuts Raising Pay? Yes, for Bosses
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CNBC: In wake of Trump tax bill, companies have raced to buy back their own stock