{"id":351314,"date":"2018-03-08T15:08:02","date_gmt":"2018-03-08T14:08:02","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/corporations-are-spending-their-tax-cut-on-themselves\/"},"modified":"2018-03-08T15:08:02","modified_gmt":"2018-03-08T14:08:02","slug":"corporations-are-spending-their-tax-cut-on-themselves","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/corporations-are-spending-their-tax-cut-on-themselves\/","title":{"rendered":"Corporations Are Spending Their Tax Cut \u2014 on Themselves"},"content":{"rendered":"
\n

Remember last year when Donald Trump and his congressional Trumpeteers bragged that their “yuge” tax cut for corporations would spark a “yuge” corporate spending spree to create new jobs and higher wages?<\/p>\n

Well, just as they promised, we\u2019re now seeing corporate chieftains spending wildly \u2014 on themselves, not on boosting America\u2019s economy.<\/p>\n

Mainly, they’re pouring billions into a self-serving scheme called “buybacks” \u2014 buying up shares of their own corporation’s stock<\/a>. Google executives, for example, are spending $8.6 billion from their taxpayer bonanza on buybacks, PepsiCo is in for $15 billion, and Apple for $30 billion.<\/p>\n

Why? Because reducing the total number of shares on the market increases the value of each remaining share, giving those lucky shareholders a bigger piece of the company\u2019s profit pie. Yes, less magically means more!<\/p>\n

\"tax<\/p>\n

Khalil Bendib \/ OtherWords.org<\/p>\n<\/div>\n

But it\u2019s not magic, it\u2019s manipulation. And the top executives doing the manipulating are primary beneficiaries, since most of their pay comes in the form of millions of dollars’ worth of their corporation\u2019s stock.<\/p>\n

If Trump and the GOP Congress had really intended their trillion-dollar giveaway of the people\u2019s tax revenue be spent for the benefit of all, they would\u2019ve required the corporate recipients to plow the bulk of the money into our nation\u2019s grassroots economy.<\/p>\n

Instead, once again, our corrupt political officials duped taxpayers into giving away public funds in the name of workers. But they actually stiffed workers, enriched CEOs, increased inequality, and diverted tax dollars from urgent national needs \u2014 and enabled corporate powers to donate even more corrupting campaign cash to the politicians and party doing this to us.<\/p>\n

In other words, the Trump tax scam worked just as the GOP intended.<\/p>\n<\/div>\n

The post Corporations Are Spending Their Tax Cut \u2014 on Themselves<\/a> appeared first on OtherWords<\/a>.<\/p>\n

This piece was reprinted from Other Words<\/a> by RINF Alternative News<\/a> with permission.<\/p>\n","protected":false},"excerpt":{"rendered":"

Remember last year when Donald Trump and his congressional Trumpeteers bragged that their “yuge” tax cut for corporations would spark a “yuge” corporate spending spree to create new jobs and higher wages? Well, just as they promised, we\u2019re now seeing corporate chieftains spending wildly \u2014 on themselves, not on boosting America\u2019s economy. Mainly, they’re pouring […]<\/p>\n","protected":false},"author":2523,"featured_media":347390,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-351314","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/351314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/2523"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=351314"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/351314\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media\/347390"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=351314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=351314"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=351314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}