Corporations aren't using their tax cuts to invest workers or expand their businesses. As expected, they're using the extra cash to buy back shares of their own stock in order to boost share prices for their wealthy investors.
Consider pharmaceutical giant Pfizer, which will receive an estimated $5 billion windfall. Instead of investing the expected savings back into their operations, last month the company announced another $10 billion stock buyback. At the same time, Pfizer executives have decided to stop research into breakthrough Alzheimer's and Parkinson's cures, causing 300 employees to lose their jobs.
Folks, trickle-down economics is a cruel hoax designed to enrich the wealthy and corporations at the expense of the American people. We must fight back with the truth: A strong middle-class with adequate purchasing power is the real driver of economic growth.