As
Meanwhile, big pharmaceutical companies like
From
Flooded with cash from the Republican tax cut, US public companies announced a whopping
Not only is that most ever, it nearly doubles the previous record of
* The buyback boom is terrific news for shareholders -- and corporate executives.
* The Republican tax cut created a windfall for Corporate America. The legislation slashed the corporate tax rate to 21% from 35%.
* CEOs are choosing to use a large chunk of that money to reward shareholders.
* However, critics of buybacks argue they disproportionately benefit the rich. That's because the top 10% of households owned 84% of all stocks in 2016, according to research from
* TrimTabs notes that the
A stated goal of the tax law was to encourage businesses to spend more. But it hasn't helped much, at least not so far.
* The San Francisco Fed said that recent research suggests the tax cuts could boost the economy very little -- or perhaps not at all.
A safer bet is that the explosion of buybacks will help enrich corporate executives, whose compensation is often linked to their share price.
Last month, an
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