No surprise. When Trump and his minions pushed through a tax bill that was supposed to raise wages and spur hiring it turned out to have the opposite effect.
There's been a record stock buyback and dividend spree, benefiting investors and company executives over workers. The Trump family also benefited from the scam, raking millions in from the effects of the tax ripoff.
FACT: Buybacks reduce the number of shares on the market, immediately increasing the value of the shares that investors already own.
FACT: Stock repurchases hit $190 billion in the first quarter for the S&P 500, according to results back from S7P Dow Jones Indices. The last time that record was set was just before the Great Recession, when companies bought up almost $172 billion of buybacks.
The American public, that is to say the majority of Americans, got stiffed by Donny's disastrous "tax reform." Corporate America meanwhile has entered into another "Gilded Age" where the wealthy reap the benefits ladled out by Trump's corrupt administration.
The Republicans point to the tax bill and claim it's a victory for Americans. But most Americans aren't seeing it that way. Perhaps because the facts challenge the rhetoric behind the bill.
Time for me to walk on down the road...
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