Page 1 of 2
1
2
LastLast
  1. #1

    Cisco, Pfizer, Coca-Cola plan to turn gains from tax cuts to shareholders

    Here's some concrete proof that trickle-down economics won't work. On top of all of those CEOs admitting that they wouldn't reinvest into their companies to Gary Cohn, here are a bunch of major corporations saying that any savings from the proposed tax cuts will go towards shareholders. This destroys any argument in favor of the proposed tax change.

    http://thehill.com/policy/finance/36...ed-tax-cuts-to

    A string of corporate giants have said that they would give back to shareholders any gains they make from corporate tax cuts proposed in the GOP's tax plan, Bloomberg News reported, undercutting Republican claims that the revenues will quickly trickle down to workers.

    The comments from company executives — including those at Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. — come after the White House released a paper last month arguing that a corporate tax cut would boost wages.

    The chief executive of Amgen Inc. said in an October call that the company is "actively returning capital in the form of growing dividend and buyback."

    "And I'd expect us to continue," Robert Bradway said in the call.

    These comments were echoed by executives including Coca-Cola CEO James Quincey, Pfizer Chief Financial Officer (CFO) Frank D’Amelio and Cisco CFO Kelly Kramer, according to Bloomberg.

    Kramer said this month that after the tax cut, the company will "be able to get much more aggressive on the share buyback."

    Senate Republicans were expected to cast a key procedural vote early Wednesday afternoon to begin debate on tax reform, but the timing has slipped some as lawmakers are scrambling to make last-minute adjustments.

    Earlier this month, chief White House economic adviser Gary Cohn appeared surprised at an event after few CEOs said they planned to invest more if the GOP's tax plan is passed.

    "If the tax-reform bill goes through, do you plan to increase investment — your company's investment, capital investment?" an editor asked during an event for The Wall Street Journal's CEO Council.

    People were asked to raise their hand.

    When few hands were raised, Cohn asked: "Why aren't the other hands up?"

    Kevin Hassett, chairman of the Council of Economic Advisers, said on a call last month the main reason why cutting the corporate tax rate would boost wages is because doing so would make it less expensive for companies to invest in capital assets such as machines.
    “More assets like machines let workers produce more, and when workers can produce more, businesses can afford to pay their workers more,” he said last month.

  2. #2
    "We" all knew this tax plan was just a way to give money from the lower and middle class to the rich. At this point I don't know what else would convince people besides a mustache twirling man in a dark suit saying as much.

  3. #3
    I thought they were supposed to use that money for jobs! I'm seriously shocked that the rich will get richer while everyone else has their taxes shoot up in 5 years.

  4. #4
    Yeah, but the shareholders will, uh, create jobs or something. Right?

  5. #5
    The Insane Kujako's Avatar
    Join Date
    Oct 2009
    Location
    In the woods, doing what bears do.
    Posts
    17,708
    Better than what a lot of corporations will do, which is to buy back stock to consolidate control of the company.
    It is by caffeine alone I set my mind in motion. It is by the beans of Java that thoughts acquire speed, the hands acquire shakes, the shakes become a warning.

    -Kujako-

  6. #6
    The Unstoppable Force
    Join Date
    Mar 2012
    Location
    Sacramento
    Posts
    21,690
    Are you saying trickle down economics is bullshit? To the surprise of absolutely no one who has a functioning brain.

  7. #7
    This is good for the economy, obviously...
    Synek - best rogue in the world


  8. #8
    Oh, so companies won't hire more people in response to a non-increase in demand? Color me shocked!
    "As democracy is perfected, the office represents, more and more closely, the inner soul of the people. We move toward a lofty ideal. On some great and glorious day the plain folks of the land will reach their heart's desire at last, and the White House will be adorned by a downright moron."
    -H.L. Mencken, 1920

  9. #9
    Elemental Lord Shon237's Avatar
    Join Date
    Jan 2011
    Location
    AWOKE!
    Posts
    8,309
    You can re-title this. EVERY multi-national corporation with give tax cuts to shareholders.
    If conservatives become convinced that they cannot win democratically, they will not abandon conservatism. They will reject democracy," argues David Frum.

    We elected Tony Soprano president of the United States and gave him the power to pardon his capos. Matthew Miller, Legal Analyst.

  10. #10
    The Insane Kujako's Avatar
    Join Date
    Oct 2009
    Location
    In the woods, doing what bears do.
    Posts
    17,708
    Quote Originally Posted by Shon237 View Post
    You can re-title this. EVERY multi-national corporation with give tax cuts to shareholders.
    Apple wont. They don't really do the money sharing thing...
    It is by caffeine alone I set my mind in motion. It is by the beans of Java that thoughts acquire speed, the hands acquire shakes, the shakes become a warning.

    -Kujako-

  11. #11
    This is clearly fake news. Ted Cruz said yesterday that corporations will pass on the money they save from tax cuts to their employees and customers out of the goodness of their hearts.
    Quote Originally Posted by Surreality View Post
    I've stopped talking to random women for any kind of reason. If I see one walking into a store before me, I freeze. I won't move until she's fully inside and on her way. I damn sure won't be having sex with any of them anymore. Thank goodness for porn and masturbation.
    Quote Originally Posted by Spicymemer View Post
    Nothing wrong with racism.

  12. #12
    The Insane Belize's Avatar
    Join Date
    Mar 2010
    Location
    Gen-OT College of Shitposting
    Posts
    17,511
    B-b-b-but muh trickle down economics! I thought Middle-America was supposed to benefit!

  13. #13
    Legendary! Stormspark's Avatar
    Join Date
    Jun 2014
    Location
    Columbus OH
    Posts
    6,978
    "It works! I'm being trickled down on! Oh wait, that's not money..."

  14. #14
    Trickle down economics is never going to work.

    Raising taxes on the middle class and giving cuts to the richest is never going to drive the economy.

    Businesses don't make jobs when they are sitting on money, they make jobs when they have demand. You get demand when people actually have fucking money.

  15. #15
    Legendary! Stormspark's Avatar
    Join Date
    Jun 2014
    Location
    Columbus OH
    Posts
    6,978
    Quote Originally Posted by Xeones View Post
    Trickle down economics is never going to work.

    Raising taxes on the middle class and giving cuts to the richest is never going to drive the economy.

    Businesses don't make jobs when they are sitting on money, they make jobs when they have demand. You get demand when people actually have fucking money.
    Everyone knows that. Even the people putting out the rhetoric about it know that. "Trickle down economics" doesn't actually exist, and is just an excuse to funnel moeny to the rich.

  16. #16
    In a shock to literally nobody with a brain.

    Again, it's not like we literally just have to look back a few years to Kansas tax overhaul, which hit a lot of the same stupid trickle-down notes as this, and how it completely crippled the state economy to the point that they had to override the governors veto to raise taxes back up to fix their collapsing budget.

  17. #17
    Field Marshal
    Join Date
    Mar 2013
    Location
    Boston, MA
    Posts
    99
    We have the lowest unemployment in 17 years. Why do we need a "job creating bill"? We don't need jobs, we need better wages.

  18. #18
    Quote Originally Posted by UnkLegacy View Post
    We have the lowest unemployment in 17 years. Why do we need a "job creating bill"? We don't need jobs, we need better wages.
    We need to "prime the pump" on the economy because it's going nowhere! Trump invented that phrase, did you know? "Prime the pump", he just came up with it! We have unemployment that could be as high as 10%, 20%, 30%, maybe as high as 40% or even 50%! We just have no way of knowing!

  19. #19
    The Undying Butter Emails's Avatar
    Join Date
    Aug 2008
    Location
    Blaming HillaREEEEEE
    Posts
    32,623
    Big companies get more money from tax cuts. They put it towards shareholders and offshore bank accounts and don't actually make any jobs with it.

    In other news, water is wet.
    "Nazis are like cats. If they like you, it's probably because you're feeding them." -John Oliver
    Quote Originally Posted by Knadra View Post
    I don't care if he committed tax fraud. Scoring political victories and crushing the aspirations of your political opponents is more important than adhering to moral principles.
    Knadra finally just admitting Trumpkins care more about political victories than morals.

  20. #20
    Quote Originally Posted by Kujako View Post
    Better than what a lot of corporations will do, which is to buy back stock to consolidate control of the company.
    From the article.

    Kramer said this month that after the tax cut, the company will "be able to get much more aggressive on the share buyback."

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •