WASHINGTON ― Since President Donald Trump signed the Republican tax bill in December, hundreds of retail companies have announced employee bonuses totaling more than $3 billion, which Republicans have said proves them right that the new law benefits regular Americans.
But so far, companies have thrown a lot more money at their shareholders than at their workers. According to several estimates, firms have announced roughly $200 billion worth of stock buybacks this year, inflating the value of company shares by reducing their supply.
“Stock buybacks are windfalls that drive up the value of investment portfolios for CEOs and high-flyers,” Sen. Ron Wyden (D-Ore.) said in a Senate floor speech this week. “And they’re coming in at a rate 30 times greater than worker bonuses — 30 to one! They’re on pace to double the amount from the first quarter of last year.”
Source : Yahoo
No comments:
Post a Comment