House Speaker Paul Ryan
The bad news for the corporate tax cut crowd just keeps coming. In volume 27 of Things You Won’t Read In the Financial Review, a new analysis shows how few US corporations are sharing the benefits of the Trump tax handout. A study by the progressive "Americans for Tax Fairness" -- but using data from the right-wing, pro-tax cut "Americans for Tax Reform", shows 46, or 9%, of Fortune 500 companies in the US planning to share some of the tax cut windfall with employees or customers, and the majority of that plan to do so with one-off bonuses, not permanent wage increases. Twenty large corporations have so far announced they will be engaging in share buybacks and eight of the firms have announced a total of 27,000 job cuts since the tax bill was passed. Late last week, credit card giant Visa also announced it was using its tax cut windfall (its tax rate fell 6 percentage points, it reported) for a "new $7.5 billion share repurchase program" and an increased dividend.