STATEMENT: Corporate Stock Buybacks Hit $500 Billion Since GOP Tax Law Passed Six Months Ago
FOR IMMEDIATE RELEASE:
Friday, June 29, 2018
WASHINGTON, D.C. — Following Walgreens’ announcement that it would buy back $10 billion worth of shares from its shareholders, corporate stock buybacks hit the $500 billion mark. In response, Tax March Executive Director Nicole Gill released the following statement:
“We hit a shameful GOP tax law milestone: wealthy corporations have bought back $500 billion of their own stock, betraying their employees to line the pockets of their CEOs and shareholders. Despite Republicans’ promises that this law would benefit workers, corporations like Walgreens have used their massive tax savings to make the rich even richer.
“While working Americans face cuts to Medicare, Medicaid, and critical public services, corporate stakeholders continue to rake in billions from new stock buybacks.
“We deserve a tax code that works for working people, not one that overwhelmingly benefits the wealthiest families or Wall Street executives—and lawmakers must repeal this disastrous tax law.”
# # #