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Companies used Trump’s tax cut for record stock buybacks, not wages
Since the Republican tax bill passed over 6 months ago, America’s top companies have rewarded shareholders with a record-setting $500+ billion in stock buybacks, compared to less than $7 billion in announced bonuses and wage hikes. The result? Predominantly wealthy shareholders get richer, while workers get left behind.
Today, corporate profits as a share of GDP are at their highest mark in 85 years, while workers’ wages are near their lowest point in over six decades.
If a company wants to use its profits to buy back stocks and enrich shareholders, they should cut workers in on the action. I’ve introduced a bill called the Worker Dividend Act that does just that: if a highly-successful company wants to use its profits to buy back stocks, it must also allocate a portion of those profits to raising the pay of it workers.
It’s simple: when companies do well, workers should do well.
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