Corporations plan to turn over gains from GOP tax cuts to shareholders, not workers!

[LongTomH]

From The Hill: Cisco, Pfizer, Coca-Cola plan to turn over gains from proposed tax cuts to shareholders. Actually, we expected this, but, it still pisses me off:

A string of corporate giants have said that they would give back to shareholders any gains they make from corporate tax cuts proposed in the GOP's tax plan, Bloomberg News reported, undercutting Republican claims that the revenues will quickly trickle down to workers.

The comments from company executives — including those at Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. — come after the White House released a paper last month arguing that a corporate tax cut would boost wages.

The chief executive of Amgen Inc. said in an October call that the company is "actively returning capital in the form of growing dividend and buyback."

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Earlier this month, chief White House economic adviser Gary Cohn appeared surprised at an event after few CEOs said they planned to invest more if the GOP's tax plan is passed.

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Kevin Hassett, chairman of the Council of Economic Advisers, said on a call last month the main reason why cutting the corporate tax rate would boost wages is because doing so would make it less expensive for companies to invest in capital assets such as machines.
“More assets like machines let workers produce more, and when workers can produce more, businesses can afford to pay their workers more,” he said last month.

[YOHABLO]

1. Yeah it's such a scam. There's no "trickle down" never was.

They buy back their stock, pay off share holders and their debt. I guess the rest goes into the pockets of the CEOs.