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Senate Democrats: Tax cuts benefit shareholders over workers
February 7, 2018 7:43 PM ESTBy David Morgan
WASHINGTON (Reuters) - U.S. Senate Democrats on Wednesday said corporations are funneling savings from December's sweeping Republican tax overhaul into nearly $100 billion in share buyback programs that promise little benefit to American workers.
In a report unveiled weeks after President Donald Trump enacted the tax cuts, Senate Democrats said they had identified more than two dozen buyback programs announced since Jan. 5 by banking, energy, manufacturing, retailing and other companies.
The buybacks show that the first priority of corporations is to use their windfall from the tax overhaul to "line the pockets of... More