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Shocker! Tax Cuts in Hand, CEOs Admit They Won’t Invest Record Profits in Worker Wage Hikes

President Donald Trump leaves after speaking about newly passed tax reform legislation during an event Dec. 20, 2017, in Washington, DC. PHOTO: Brendan Smialowski/AFP/Getty

‘Of course the GOP tax scam didn’t help working people. CEOs would rather pay themselves than pay us.’

By Jake Johnson | 28 May 2018

COMMON DREAMS — As America’s largest banks post record profits, massive companies continue their unprecedented stock buyback spree, and already-obscene CEO pay packages are set to rapidly expand in the aftermath of the Trump-GOP tax cuts, top corporate executives are now openly admitting that they have no plans whatsoever to invest their enormous windfall into wage increases for workers.

“The tax cuts are working exactly as intended.” 
—Sen. Brian Schatz (D-Hawaii)

During what Axios described as a “rare, candid, and bracing talk from executives atop corporate America” at the Dallas Fed late last week, Troy Taylor, CEO of Florida’s Coca-Cola franchise, said of the possibility of broad wage hikes for workers: “It’s just not going to happen. Absolutely not in my business.”

“Of course the GOP tax scam didn’t help working people,” noted Wisconsin congressional candidate Randy Bryce, aka “The Iron Stache,” in response to the Axios report. “CEOs would rather pay themselves than pay us.”

And CEOs are not merely conceding that “the days of most people getting a pay raise are over” despite the lofty promises Republicans made after they rammed through their $1.5 trillion in tax cuts. As Axios reports, well-heeled corporate executives are also actively moving to “reduce their workforces further” to cut costs and boost their bottom lines. […]

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