Tax cut Sparks Record-Setting $178 billion Buyback Boom

Just as predictable the Trump tax has benefited big business and the wealthy bigly. And very little going towards getting the economy going. And the non-rich get hosed:

It’s raining buybacks: Corporate America is throwing a record-setting party for shareholders.

S&P 500 companies showered Wall Street with at least $178 billion of stock buybacks during the first three months of 2018, according to Howard Silverblatt of S&P Dow Jones Indices.

That’s a 34% bump from last year and tops the prior record of $172 billion set in 2007, just prior to the start of the Great Recession. Apple rewarded shareholders with $22.8 billion in buybacks — the most of any company in any quarter ever.

Total S&P 500 shareholder payouts — buybacks plus dividends — for the past 12 months could top $1 trillion for the first time ever, Silverblatt said.

The buyback bonanza occurred during the first full quarter after President Donald Trump signed into law a massive corporate tax cut that was supposed to lift business spending on job-creating investments.

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