Apple, one of the largest companies in the world, has announced the biggest stock buyback ever -- $110 billion. 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.
But it’s not just Big Tech. This is happening in industry after industry. Companies are spending cash to repurchase their own stock and inflate CEO pay and stock value instead of making more productive investments in workers, wages, equipment, or safety upgrades.
In 2022, ExxonMobil made a record $56 billion in profits and spent $15 billion on buybacks. Chevron brought in $35.5 billion and then spent $75 billion. Starbucks has bought back more than $30 billion over the past decade. General Electric? More than $50 billion. Home Depot? $75 billion. The list goes on and on.
Senators Sherrod Brown and Ron Wyden have introduced S. 413 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.
I support the Stock Buyback Accountability Act and call on the U.S. Senate to pass it immediately. Thanks.
First sent on May 20, 2024 by Jess Craven
