Drudge Retort: The Other Side of the News
Thursday, November 30, 2017

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."

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"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?"

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Yep. That's what they did with the stimulus money too.

#1 | Posted by BruceBanner at 2017-11-30 08:21 AM | Reply | Newsworthy 1

The pigs are beginning to fight with each other, I hope they get more vicious and start eating each other. Pigs can be carnivorous.

#2 | Posted by danni at 2017-11-30 08:37 AM | Reply

From this day forward, I will only refer to Republicans as pigs.

#3 | Posted by danni at 2017-11-30 08:37 AM | Reply

If republicans are pigs.. trump is pig feces.

#4 | Posted by klifferd at 2017-11-30 08:38 AM | Reply

Trump is the King of the pigs. He is what they want to be.

#5 | Posted by danni at 2017-11-30 08:54 AM | Reply

"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."

He just disincentivized reinvestment. What did he expect?

It's like all these guys flunked Econ class. Math class, too.

#6 | Posted by Danforth at 2017-11-30 09:10 AM | Reply

They KNOW it won't work (just look at Kansas), but they have to sell it through lies to get the stupid voters to support it.

Their goal has never been about jobs, wage increases (for the little people) or reducing the debt. It has always been to cut taxes to pay a return on investment to their donors, balloon the debt to cut Medicare, Medicaid and Social Security.

Anyone who believed their lies of "fiscal conservatism" is an utter moron.

Even self proclaimed deficit hawks for the past 8 years are now on board with adding $2,000,000,000,000 to the national debt now.

It was never about reducing the debt, it was always about not helping the middle class and poor and poking the black guy in the eye.

#7 | Posted by 726 at 2017-11-30 09:19 AM | Reply | Newsworthy 2

That black guy looks better every day though unfortunately he's in the rear view mirror, Trump looks worse than even us opponents ever thought he could look. He is a disaster which will take decades to recover from.

#8 | Posted by danni at 2017-11-30 09:34 AM | Reply

"Even self proclaimed deficit hawks for the past 8 years are now on board with adding $2,000,000,000,000 to the national debt now."

But enough about Ted Cruz.

#9 | Posted by Danforth at 2017-11-30 09:56 AM | Reply | Newsworthy 2

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