May, 10 2018, 12:00am EDT
$407 Billion in Stock Buybacks! How Are Businesses in Your State Spending the Trump Tax Cuts?
WASHINGTON
Today Americans for Tax Fairness released the latest updates on the Trump Tax Cut Truths website detailing how businesses are spending their tax savings since the passage of the Tax Cut and Jobs Act. The updates include a searchable map allowing you to easily find out how corporations headquartered in each state are spending their tax savings, a feature to allow the sorting of data by state, as well as new data showing that corporations have announced a record $407 billion on stock buybacks since the tax law passed Congress in December.
"President Trump and Congressional Republicans promised that their massive tax cuts for the wealthy and big corporations would result in workers' pay increasing by at least $4,000 a year. Instead big corporations have doled out over $407 billion to wealthy stockholders and executives since the tax law passed and promised just $7 billion to workers in one-time bonuses or minimum wage increases," said Frank Clemente, executive director of Americans for Tax Fairness. "Shockingly few workers are getting any pay hikes, as corporations have committed 59 times as much to buying back their stock as they have promised to their workers."
The Trump Tax Cut Truths website maintained by Americans for Tax Fairness is the most comprehensive database on the web tracking what corporations are doing with their Trump-GOP tax cuts from last year's Tax Cuts and Jobs Act.
Key Updated Figures:
- New stock buyback announcements since the tax bill was passed in December are at $407 billion, up from $238 billion on April 9 when the website was launched -- an increase of 71%. The richest 1% own 40% of all stock; the richest 10% own 84%. Stock buybacks waste money that could be used for useful investments that create jobs and give workers higher pay. Major new stock buyback announcements include:
- Apple: $100 billion, 5/1/18
- Qualcomm: $8.8 billion, 5/9/18
- Starbucks: $5.9 billion, 4/26/18
- Electronic Arts: $1.8 billion, 5/8/18
- Royal Caribbean Cruises: $1 billion, 5/9/18
- Bonuses and wage increases have only increased to an estimated $6.9 billion, up about 6% from $6.5 billion when the website launched.
- Corporations have committed 59 times as much to buying back stock as they have promised to workers in bonuses and wage hikes.
- A total of 6.5 million workers out of 155 million U.S. workers are getting a wage hike or a bonus, up from 6.3 million out of 155 million on April 9.
- 398 businesses out of 26 million businesses are providing a bonus or wage hike, up from 383 businesses on April 9.
- Total tax cuts for 153 corporations in 2018 is estimated at $76 billion vs. $6.9 billion in bonuses and wage hikes; that's up from a total of $60.8 billion in tax cuts for 120 corporations on April 9 vs. $6.5 billion in wage hikes and bonuses.
- Over 130,000 jobs cuts have been announced since the tax law was passed; that's up from 94,000 on April 9.
Americans for Tax Fairness (ATF) is a diverse campaign of more than 420 national, state and local endorsing organizations united in support of a fair tax system that works for all Americans. It has come together based on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. This requires big corporations and the wealthy to pay their fair share in taxes, not to live by their own set of rules.
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Endorsing Biden, Building Trades Union Slams Trump as Lackey for 'His Billionaire Buddies'
"He does not care about anybody in this world except Donald Trump," said the president of North America's Building Trades Unions. "His dark side is very, very dark."
Apr 24, 2024
The leadership of a union that represents more than 3 million building trades workers in the U.S. and Canada endorsed President Joe Biden's reelection bid on Wednesday, slamming presumptive GOP nominee Donald Trump for catering to the needs of billionaires like himself during his first four years in the White House.
"When Trump was elected, we took him at his word that he would have a worker-centered agenda and deliver on long-stalled issues such as infrastructure investment," said Sean McGarvey, president of North America's Building Trades Unions (NABTU), whose governing board voted to endorse Biden on Tuesday.
"Instead of delivering," McGarvey added, Trump "aligned himself with his billionaire buddies to enact tax cuts that raised costs for our members. Simply put, he failed to deliver. Given our experience and knowing his track record, the choice is clear."
Building trades unions and their rank-and-file members are generally seen as more conservative and pro-Trump than other elements of the U.S. labor movement. In 2017, McGarvey celebrated Trump's effort to advance construction work on the Keystone XL pipeline, a massive fossil fuel project that Biden effectively killed in 2021 after years of organizing by environmentalists and Indigenous tribes.
But NABTU's leadership endorsed Clinton over Trump in the 2016 presidential election and Biden over Trump in 2020.
In a five-minute ad released Wednesday, the union highlights Trump's pledge to be a dictator on "day one" and condemns the former president as a dangerous egomaniac.
NABTU called for Trump's resignation after the January 6, 2021 insurrection at the U.S. Capitol.
"Donald Trump, he's not a good man. He's not a good person. He does not care about anybody in this world except Donald Trump," McGarvey says in the new ad. "His dark side is very, very dark."
Wow. You may have seen a short version of the North America Building Trade Union ( @NABTU) video endorsement of Biden. The full video is incredible and absolutely devastating for Trump. They did not hold back. A must watch till the end. pic.twitter.com/stL7b7JazP
— MeidasTouch (@MeidasTouch) April 24, 2024
In his statement Wednesday announcing NABTU's endorsement, McGarvey cites the Bipartisan Infrastructure Law, the Chips and Science Act, and the Inflation Reduction Act as key legislative achievements that "brought life-changing, opportunity-creating, generational change focused on the working men and women of this great country who have for far too long been clamoring for a leader to finally keep their word."
"In the coming months," he added, "we will continue to engage our membership and their families directly, member to member, door to door, and jobsite to jobsite, with an unprecedented field program in key battleground states, to tell them how important President Biden and his policies have been to them, their economic security, and their freedoms."
But McGarvey said in an appearance on MSNBC's "Morning Joe" on Wednesday that the union does not intend to "waste a lot of time talking to every American that supports Donald Trump" or "some of our members that support Donald Trump, because we're not gonna change their minds."
Speaking at NABTU's annual legislative conference on Wednesday, Biden welcomed the union's endorsement and said that "Donald Trump's vision of America is one of revenge and retribution, a defeated former president who sees the world from Mar-a-Lago, who bows down to billionaires and looks down on union workers."
NABTU is the latest major union to back Biden as he prepares for his high-stakes rematch with Trump in November. In January, Biden secured the support of the emboldened United Auto Workers, whose president called Trump a "scab" who "stands against everything we stand for as a union."
"Donald Trump is a billionaire," said UAW president Shawn Fain, "and that's who he represents."
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Tennessee GOP Shuts Down Debate, Passes Bill Allowing Handguns for Teachers
"Instead of protecting kids," said one Democratic lawmaker, "they've protected guns again."
Apr 24, 2024
A Democratic leader in the Tennessee House on Tuesday warned that a bill pushed through by Republicans to permit teachers to carry concealed handguns was "nothing but a bad disaster and tragedy waiting to happen," after the GOP cut off a debate and refused to include amendments that aimed to add safety measures to the legislation.
House Bill 1202 passed in a 68-28 vote, and Republican Gov. Bill Lee, who has never vetoed legislation, is expected to sign it, clearing the way for the state to require school districts to allow teachers to carry firearms without notifying students' parents.
According toThe Tennessean, the legislation does not allow schools or school districts to opt out of the program and requires administrators "to consider every individual who wants to carry."
The legislation was passed just over a year after a shooting at the Covenant School in Nashville killed six people, including three children.
"Our children's lives are at stake," said House Democratic Caucus Chair John Ray Clemmons (D-55).
After last year's shooting, the Tennessee Legislature garnered national attention when Republicans voted to expel expel state Reps. Justin Jones (D-52) and Justin Pearson (D-86) for joining outraged students in a chant for gun control during a protest. Jones and Pearson were soon reinstated.
Following Tuesday's vote on arming teachers, Republicans voted to bar Jones from speaking in House proceedings for two days after he was accused of committing three rules violations, including recording on the chamber's floor—something a GOP member was also accused of doing.
Jones applauded Tennessee residents for speaking out against H.B. 1202 in the House chamber.
"Despite my Republican colleagues' best effort, the power of the people cannot and will not be stopped," said the lawmaker.
The GOP ended the debate over the legislation after one teacher, Lauren Shipman-Dorrance, cried out from the viewing section. Shipman-Dorrance was removed by state troopers on orders from House Speaker Cameron Sexton (R-25).
After the bill passed overwhelmingly—despite four Republicans who joined the Democrats and three who abstained—the remaining protesters chanted, "Blood on your hands!" before the GOP ordered state troopers to remove them.
Sarah Shoop Neumann, whose children attend Covenant Day School, delivered a letter with more than 5,300 signatures to the House on Monday demanding that lawmakers defeat the bill and warning that the legislation "ignores research that shows the presence of a gun increases the risks posed to children."
Shoop Neumann toldThe Tennessean that the bill's passage was "disgraceful."
"We worked with the Senate and representative sponsors of this bill to make it even a little bit safer—anything, really—and I'm utterly disappointed that that was not taken into consideration," she told the outlet.
Kris Brown, president of gun violence prevention group Brady, pointed out that "multiple teachers were armed at [the Covenant School], yet that was not enough to stop six children and school employees from being murdered."
"The Tennessee Legislature has just dishonored all who were killed at the Covenant School shooting last year by choosing to promote the proliferation of firearms in classrooms," said Brown. "H.B. 1202 is especially egregious as it has no safe storage requirements, meaning firearms could potentially fall into a child's hands."
"If we want to be free of this uniquely American crisis, we cannot continue to perpetuate the deadly norms that got us here by adding more unsecured firearms in spaces where children should be safe to learn and grow," she added. "We urge Gov. Lee to veto this bill and ask him to work alongside us, teachers, and gun safety advocates to craft meaningful reforms across the Volunteer State."
Democrats proposed amendments to require that teachers lock up their handguns and only remove them during a security breach, that teachers be held civilly liable for using their guns, and that schools inform parents if guns are on campus, but the GOP rejected all of the proposals.
"I can assure you these people have never experienced an actual working high school classroom or they wouldn't be passing this nonsense," said one Tennessee teacher. "A child will die because of this."
Pearson said the passage of the bill marked "an awful day for Tennessee, our kids, our teachers, and communities."
"Instead of protecting kids," said the lawmaker, "they've protected guns again."
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'All States Will Be Impacted' by US Supreme Court's Idaho Abortion Case
"At its core, this Supreme Court decision will reflect who we are becoming as a society."
Apr 24, 2024
Less than a month after a key abortion pill hearing, the right-wing U.S. Supreme Court on Wednesday heard arguments for another major reproductive rights case—one out of Idaho that could impact healthcare for pregnant women and people across the country.
Idaho is among the over 20 states that have tightened restrictions on abortion since the high court's right-wing majority reversedRoe v. Wade nearly two years ago with Dobbs v. Jackson Women's Health Organization. Since August 2022, abortions have been banned in the state except for reported cases of rape or incest or when "necessary to prevent the death" of the pregnant person.
"If the court does not uphold emergency abortion care protections, this ruling will have devastating consequences for pregnant people."
Before Idaho's near-total ban on abortion took effect, U.S. District Judge B. Lynn Winmill barred enforcement of it to the extent that it conflicts with the Emergency Medical Treatment and Labor Act (EMTALA), a 1986 federal law requiring emergency departments that accept Medicare to provide "necessary stabilizing treatment" to any patient with an emergency medical condition.
The Biden administration argues that such care includes abortion; Idaho's Republican policymakers—backed by the far-right Christian Alliance Defending Freedom—disagree. The U.S. Supreme Court in January paused Winmill's order and agreed to hear arguments in Moyle v. United States and Idaho v. United States.
As The New York Timesreported Wednesday:
In a lively argument, questions by the justices suggested a divide along ideological lines, as well as a possible split by gender on the court. Justice Amy Coney Barrett, a conservative, appeared skeptical that Idaho's law, which bars doctors from providing abortions unless a woman's life is in danger or in specific nonviable pregnancies, superseded the federal law.
The argument also raised a broader question about whether some of the conservative justices, particularly Justice Samuel A. Alito Jr., may be prepared to embrace language of fetal personhood, that is, the notion that a fetus would have the same rights as a pregnant woman.
Also noting Barrett's apparent alignment with the three liberal women on the court, Law Dork's Chris Geidner predicted "it comes down to" Chief Justice John Roberts and fellow right-winger Brett Kavanaugh.
"Already, we see women miscarrying and giving birth to stillborn infants in restrooms and in their cars after hospitals have turned them away, and medical professionals put in impossible positions by extremist lawmakers," said MomsRising executive director and CEO Kristin Rowe-Finkbeiner, citing Associated Pressreporting from last week.
"Of all the horrors SCOTUS unleashed with its appalling, dangerous, massively unpopular ruling overturning Roe v. Wade, the threat that pregnant people—most of whom are moms—will be denied emergency medical care is among the worst," she asserted. "An adverse ruling in this case will mean emergency rooms can deny urgently needed care to people experiencing serious pregnancy complications that can destroy their health, end their fertility, and take their lives."
Alexa Kolbi-Molinas, deputy director of the ACLU Reproductive Freedom Project, similarly stressed that under a decision that favors the Idaho GOP, "pregnant people will suffer severe, life-altering health consequences, and even death."
"We're already seeing the devastating impact of this case play out in Idaho, where medical evacuations to transport patients to other states for the care they need have dramatically spiked since the Supreme Court allowed state politicians to block emergency abortion care," she noted.
The has also been an exodus of healthcare providers. Pointing out that those who violate Idaho's ban face five years in prison, The Guardianreported Wednesday that "between 2022, when Roe was overturned, and 2023, about 50 OB-GYNs moved out of the state."
As Republican lawmakers in various states have ramped up attacks on reproductive freedom since Dobbs, states that still allow abortions have seen an influx of "healthcare refugees." A Planned Parenthood spokesperson confirmed in January that about 30% of its abortion patients in Nevada—which borders Idaho—are from other states.
"With several of Nevada's bordering states enforcing abortion bans, pushing many people seeking care to our state, we've seen firsthand the devastation that anti-abortion policies are already wreaking,"
Reproductive Freedom for All director of Nevada campaigns Denise Lopez said Tuesday. "The Supreme Court must not allow us to spiral further into this healthcare crisis."
If the high court rules in favor of Idaho's Republican lawmakers, she warned, "all states will be impacted, even in places like Nevada with more than 4 in 5 voters supporting reproductive freedom."
Destiny Lopez, acting co-CEO of the Guttmacher Institute, declared that "at its core, this Supreme Court decision will reflect who we are becoming as a society: Are we okay with requiring pregnant individuals who face severe complications to suffer life-threatening health consequences rather than granting them access to abortion? Are we okay with forcing doctors to choose between violating federal law by not providing emergency abortion care or violating state law if they do?"
"If the court does not uphold emergency abortion care protections, this ruling will have devastating consequences for pregnant people—particularly Black and Brown folks, immigrants, people with lower incomes, those without health insurance, and LGBTQ+ communities—while further emboldening extremists," she emphasized.
Arguments in the case have sparked multiple demonstrations, from a weekend rally in Boise, Idaho to a Wednesday gathering outside the U.S. Supreme Court in Washington, D.C., where Women's March organized a die-in to highlight the potential consequences of the forthcoming ruling.
"It's a horrifying time to be someone who needs critical abortion care in America right now," said Women's March executive director Rachel O'Leary Carmona. "The GOP is chipping away at women's bodily autonomy and livelihoods one illegitimate court case at a time—from fast-tracking a case on the authorization of a medication that's been safely administered for decades last month, to now bringing the fate of emergency abortion care to a Supreme Court captured by their radical, anti-choice agenda."
"We know what these cases really are: They're part of a series of efforts by Christian nationalist politicians to do anything they can to control women's bodies and cut back women's decisions about their healthcare, their family planning, and their lives," she added.
Similar warnings about far-right Christian nationalist attacks on a range of rights have dominated political contests this cycle—including the race for the White House. In November, Democratic President Joe Biden, who supports access to abortion care, is set to face former Republican President Donald Trump, who brags about appointing three of the six justices who reversed Roe.
The case has renewed arguments for considering changes to the country's top court, which over the past few years has not only seen plummeting levels of public trust but also been rocked by repeated ethics scandals.
"Idaho's abortion ban is a direct consequence of the court's radical decision to overturn Roe v. Wade and allow partisan state legislatures to determine Americans' access to abortion care," said Stand Up America managing director of policy and political affairs Brett Edkins. "If the Supreme Court once again sides with anti-abortion extremists, it will be further proof that this court is radically out of touch with the American people and must be reformed."
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