Belton reader says top CEOs not using profits to benefit citizens
To the Editor:
Over the last eight years, large corporations have been increasing their profits. Currently they have more profits than ever before and are flush with cash. Have they started sharing this wealth with their workers in the form of higher wages? Have they been making investments to expand their businesses in this country?
The real tax rate that they pay is less than 18 percent, if they pay taxes at all. Now the new proposed tax cut aims to give corporations and the super-rich even more giveaways because they say it will cause them to hire more citizens, increase wages and make more investments here in the U.S.
How big a raise did you get? How many jobs have they brought back from overseas? What investments have they made here in the U.S.? What they have done with their cash is to pay bigger dividends to their stockholders. They are also buying back their stock to increase its value. No jobs have been brought back. Instead, companies are still moving jobs to other countries for cheaper labor. Since Trump was elected, almost 100,000 jobs have left the U.S., ,the highest rate in over five years.
Of course, the CEOs will enjoy more salary increases for doing such great jobs and some have tied their salary increases to the stock market. How are you benefiting from their huge profits?