U.S : Stock buybacks allow the rich to get richer, and the poor to get poorer.

 

 

 

Friend, corporations have spent $4.2 trillion of their new-found wealth on stock buybacks in the five years since the GOP passed the Trump tax cuts. That money could have been used to raise workers' wages, invest in workplace protections and public safety, and lower consumer costs. Instead, companies used that money to further enrich their wealthy investors. Sign and send the petition: Become a co-sponsor of the Stock Buyback Accountability Act of 2023. SIGN THE PETITION                           The wealthiest 10% of Americans own about 90% of all corporate stock. And the top 1% owns over half. The boost in share prices caused by stock buybacks are not taxed unless the investor sells the underlying shares. Often shareholders will hold on to the stock, allowing them to avoid taxes. Last year ExxonMobil made a record $56 billion in profits from sky-high gas prices amid a global energy crisis; it then spent $15 billion of those profits, or more than one-quarter, on share repurchases. Chevron had record earnings of $35.5 billion in 2022 and announced it would spend $75 billion more on stock buybacks. Instead of using their tax breaks and record profits to raise wages and invest in their workforces, greedy price-gouging and/or union-busting corporations are enriching executives and wealthy shareholders. Allowing stock buybacks is just another form of welfare for the rich. Sign and send the petition: Become a co-sponsor of the Stock Buyback Accountability Act of 2023. SIGN THE PETITION Thank you for fighting with us,        Mayra Souza, Daily Kos.

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