We know it's recess...

GOP Tax Law
…but we interrupt your afternoon coffees with a look at how Americans are faring under the GOP tax scam. While Republicans promised working families a $4,000 raise when they passed the law, workers’ wages fell for the second straight month in June and Politico reports today that CEOs are the ones benefitting from the law and receiving “eye-popping payouts.”

From Politico:
Some of the biggest winners from President Donald Trump’s new tax law are corporate executives who have reaped gains as their companies buy back a record amount of stock, a practice that rewards shareholders by boosting the value of existing shares.”

“‘Stock buyback announcements in the U.S. have swelled to the highest levels on record in the wake of last year’s corporate tax cut,’ said TrimTabs Investment Research in a July 10 report. ‘Corporate America’s actions suggest that most of the benefits of the corporate tax cut will flow to investors in general and top corporate executives in particular.’”

“‘What did companies do with their cash?’ said the Morgan Stanley analysis. ‘In short, a large increase in stock buybacks was the biggest change’ in the first quarter of this year from the last quarter of 2017.”