What did corporate America do with that tax break? Buy record amounts of its own stock
The Republican tax reform package that was supposed to raise wages and spur hiring has instead funded a record stock buyback and dividend spree, benefiting investors and company executives over workers.
President Donald Trump signed the bill in December last year, saying the corporate tax cut would make it favorable for companies to bring back into the U.S. cash stashed in foreign operations.
“More than 70 percent of this [tax cut] will be returned to workers,” said White House Press Secretary Sarah Huckabee Sanders at a January press conference after the bill came into effect.
