Chuck Schumer: Companies Giving Bonuses After Tax Cut ‘Drop in the Bucket,’ ‘Crumbs’

Thursday on the Senate floor Minority Leader Chuck Schumer (D-NY) said the bonuses companies announced in response to the Republican tax law are “crumbs.”

Schumer said, “What are most companies doing, so many of them, with these massive tax breaks they got? They are announcing stock buybacks that benefits the CEO. It raises their stock and doesn’t help anybody else. Mastercard, $4 billion, Bank of America $5 billion, Pfizer 10 billion, Wells Fargo $22 billion. Many, many more. $100 billion have been announced in stock buyback since the Senate announced its tax bill. When the American people learn that some of them are not getting anything, some of them are getting raises, and the rest are getting crumbs, and big corporations and wealthy individuals are getting nice, fat pieces of pie, they’re going to be outraged. They are already.”

He added, “the truth is these one-time bonuses are a drop in the bucket compared to what corporations could be doing for their workers.”

(h/t WFB)