Leading financial publisher Bloomberg News is reporting that major corporate CEO’s are refuting Republican claims that tax cuts to corporations will be reinvested in the economy and stimulate economic growth, new job creation, and higher wages.
In an article today, Bloomberg cites Cisco Systems Inc., Pfizer Inc., and Coca-Cola Co. as just three of the companies who have promised their shareholders that they will be receiving the vast majority of tax savings that the Republican tax plan is transferring to their pockets at the expense of millions of lower and middle-class taxpayers.
Instead of hiring more workers or increasing salaries of lower-paid employees, the companies’ CEO’s are on record as saying they plan to use the proceeds from the tax cuts to either buy back shares an increase their companies’s stock prices — and subsequently the value of their own stock option-laden compensation packages — or to increase dividend payouts to shareholders.
According to Bloomberg:
In an article today, Bloomberg cites Cisco Systems Inc., Pfizer Inc., and Coca-Cola Co. as just three of the companies who have promised their shareholders that they will be receiving the vast majority of tax savings that the Republican tax plan is transferring to their pockets at the expense of millions of lower and middle-class taxpayers.
Instead of hiring more workers or increasing salaries of lower-paid employees, the companies’ CEO’s are on record as saying they plan to use the proceeds from the tax cuts to either buy back shares an increase their companies’s stock prices — and subsequently the value of their own stock option-laden compensation packages — or to increase dividend payouts to shareholders.
According to Bloomberg:
