Senate Democrats criticized the Republican-passed tax cuts Wednesday for generating nearly $100 billion in share buybacks, arguing that the law is benefiting corporations and wealthy investors rather than workers.
Senate Democrats found that the law has led corporations to buy back $97.2 billion shares this year, based on publicly-reported statements from corporations.
Sen. Ron Wyden of Oregon, the ranking Democrat on the Finance Committee, said Wednesday's report is the first in a series planned on how the law will affect companies and workers. Republicans, he said, are “giving a false sense of who really benefits from their tax scam” by highlighting the bonuses and compensation increases companies have attributed to the tax cuts, and not the stock buybacks.
Wyden also plans to request a Government Accountability Office report on the effects of the tax law.
Nevertheless, when asked whether he supported full repeal of the Republican-passed tax law, as some outside progressive groups have demanded from Democrats, Wyden didn’t directly answer the question. Nor did he address whether he supports undoing specific provisions of the law.
Instead, Wyden said he aims to highlight the bill’s shortcomings relative to Republican promises. "The first responsibility we have is to do vigorous oversight," he said.