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.”
“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.