Top US companies spent three times as much on buybacks than on taxes after Trump tax cuts – report

As president proposes new cuts, data shows 11 corporations collectively recorded nearly $500bn in profits since last cuts

Eleven top US consumer goods corporations spent more than three times more on share buybacks than they did on taxes, using their savings from the 2017 Donald Trump tax cuts to supercharge purchases that enriched investors instead of lowering prices on goods essential to daily life, according to a new report.

The findings are part of a new analysis of company filings by the Groundwork Collaborative economic thinktank. They come as the US president proposes $5tn in new tax cuts that would again lower the corporate tax rate, and likely lead to more buybacks.