Since the Senate passed its initial tax overhaul, 32 companies have announced share buybacks totaling $83.7 billion, Schumer’s office said.
Matthew Gardner, a senior fellow at the liberal Institute on Taxation and Economic Policy, said companies have been sitting on large cash holdings for years that easily could have gone to workers before the tax cuts. Boeing, for example, had $8.8 billion at the end of last year.
“If these companies had wanted to make these investments in their workforce, they could have done it before now,” Gardner said. “They’re trying to make an unpopular tax bill a little less unpopular.” Read more