{
"type": "rich",
"version": "1.0",
"provider_name": "Action Network",
"provider_url": "https://actionnetwork.org",
"html": "",
"author_name": "Inequality Media Civic Action",
"author_url": "https://actionnetwork.org/groups/inequality-media-civic-action",
"title": "Stock Buyback Accountability Act",
"thumbnail_url": "https://actionnetwork.org//images/generic_facebook.jpg",
"description": "The practice of stock buybacks -- in which a company spends cash to repurchase its own stock instead of making more productive investments in workers, wages, equipment, or safety upgrades -- has exploded in the years since passage of the Trump Tax Scam in 2017. Stock buybacks primarily benefit corporate executives and other wealthy shareholders because the bulk of executive pay is often tied to the company’s stock, and more than half of corporate stock is owned by the top 1%. To make it worse, the boosted share prices caused by stock buybacks are not taxed unless the investor sells the underlying shares. Often the shares are never sold, and the gain is never taxed. Stock buybacks were once a small share of corporate distributions, but now dominate, because the math is simple: It’s a win/win for corporate greed. Now, Apple, one of the largest companies in the world, has announced the biggest buyback ever. In fact, Apple holds the record for 6 of the top 10 largest stock buybacks. Google is a distant second with 3 out of 10.[1] But it’s not just Big Tech. Industry after industry, if they have shares to sell on Wall Street, you can bet the biggest corporations are spending millions on stock buybacks. In 2022, ExxonMobil made a record $56 billion in profits and spent $15 billion on buybacks.[2] Chevron brought in $35.5 billion and then spent $75 billion.[3] Starbucks has bought back more than $30 billion over the past decade.[4] General Electric? More than $50 billion.[5] Home Depot? $75 billion.[6] The list goes on and on. There’s good news. Senators Sherrod Brown and Ron Wyden have introduced the Stock Buyback Accountability Act. It would increase the stock buybacks tax to 4%, discouraging corporations from inflating their stock price while encouraging investment in workers and innovation, not just wealthy CEOs and shareholders. Tell the Senate to pass the Stock Buyback Accountability Act! Click ‘START WRITING’ to sign and send a message to your senators now. [1] Apple’s $110 Billion Stock Buyback Plan Is Largest in US History [2] 'Outrageous': Big oil made almost $200 billion in 2022 as world faced energy crisis. Here's the breakdown. [3] Chevron is catching heat for tripling its stock buyback to $75 billion as soaring energy prices led to record profits [4] Starbucks: Dividend And EPS Growth With A Cup Of Buybacks [5] GE's $50 Billion Buyback Continues Corporate America's Binge On Its Own Stock [6] S&P 500 Buybacks Set Quarterly and Annual Record",
"url": "https://actionnetwork.org/letters/stock-buyback-accountability-act"
}