First there was the "Trump bonus." Now get ready for the "Trump buyback."
Senate Democrats launched a new line of attack on the Republican tax plan Wednesday in a report showing companies have announced $97.2 billion in share buybacks since the start of the year. That figure dwarfs a number that Republicans have been touting: $2.5 billion in bonuses that companies have announced in response to the new tax law.
"This report shows that the first priority of multinational corporations receiving the biggest windfalls from the Republicans' tax scam was to present ... giveaways to their wealthy investors and senior executives," said Oregon Democratic Sen. Ron Wyden, ranking member of the finance committee. "No amount of flashy headlines will cover up Republicans' choice to give the middle class less so corporations could get more."
The analysis was released by Wyden along with Democratic Sens. Bob Casey of Pennsylvania and Sheldon Whitehouse of Rhode Island. It includes some of the biggest names in technology, banking and oil and gas. Embattled Wells Fargo tops the list with $22.6 billion in buybacks announced on Jan. 23.