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What Did Companies Do With the Trump Tax Cuts?

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When the Trump administration put through its tax cuts, it was promised that 70% of the tax cut would go to workers.  I predicted that these cuts would not primarily be used to raise the wages of employees or to hire more workers. Now that the cuts have been in place, there is actual data about what they did with the money they saved. According to CNBC, the tax savings were used primarily for: Paying down corporate debt. One-time bonuses. Stock buybacks (which, to be accurate, has been consistently been a priority). According to Bloomberg, the uses of the $54.5 billion in tax savings were: Stock buybacks/increasing dividends: $21.1 billion. Business Investments: $12.3 Billion Employees (wages, benefits and bonuses): $8.1 billion. Philanthropy: $1.4 billion. According to NBC Stock buybacks. According to the NY Times Stock buybacks To be fair, some of the money from the tax savings did go to employees (counting bonuses). However, the 70% promise was not kept. Of course, the. . .

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News source: A Philosopher's Blog

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