General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHere's to Ron Wyden (D-OR): How did Abbott spend its tax cut?
https://www.msn.com/en-us/money/companies/senate-panel-investigates-abbott-tax-practices-after-contamination-shut-down-baby-formula-plant/ar-AAXqYKj?ocid=uxbndlbingSenate panel investigates Abbott tax practices after contamination shut down baby formula plant
Committee Chairman Sen. Ron Wyden, D-Ore., sent a letter to CEO Robert Ford requesting information on Abbott's international tax practices and $8 billion in stock buybacks the company has authorized since 2019.
Wyden also requested information on how much money Abbott spent to upgrade an infant formula plant in Sturgis, Mich. prior to its closure due to bacterial contamination as well as whether the company used billions of dollars in tax cuts to repurchase shares rather than invest in the facility.
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Investing in their own facility is an example of how "trickle-down" is supposed to work. Buying new equipment would have created jobs.
Once again, the supply-side theory failed.
And this time the lives of the babies are threatened. (Well, we know the GQP doesn't care because babies that need formula are already born.)
Anyway, Wyden was spot-on and deserves an "atta-boy."
MagickMuffin
(15,892 posts)If only we had some sort of news media that would report these things to us. With all the cable "news" stations we would be more informed. But instead they are part of the game.
Thank you Senator Wyden for investigating this corporate greed.
Next up the Petro robbers!
Samrob
(4,298 posts)Them that has gets. And they don't give a damn about anyone else.
PatSeg
(46,804 posts)kirby
(4,441 posts)I think the GOPs idea is that "trickle down" means money going back to the investor class of this country. Of course that money was not allocated to improving safety or upgrades, but rather to simply inflate stock prices and retirement accounts.
Botany
(70,291 posts)Those Abbott executives should be forced to pay back the money in those tax cuts by
selling off their stocks in the Abbott Labs.
the penalty should be twice what they spent on the buy-back.
Botany
(70,291 posts)1) Corporate Greed. Using tax cuts to buy back stocks and make rich people richer rather
then spending it on the production facilities for infant formula.
2) Trump's trade wars & messing with NAFTA.
Watch how fast Fox News and the GOP stops talking about "hungry American babies" as these
facts come out.
MissMillie
(38,454 posts).
MerryBlooms
(11,728 posts)jmowreader
(50,453 posts)Giving tax cuts in hopes someone will use the savings to do certain beneficial things like reinvesting in their companies has never worked and WILL never work.
When we had a high tax rate coupled with a broad assortment of tax deductions and tax credits - what the GOP has successfully branded as loopholes - you got your tax cut AFTER you did the beneficial things.
Right now Abbott is the poster child for unfucking the tax code.
You want to Make America Great Again? Bring back Nixons tax code, indexed for inflation.
MissMillie
(38,454 posts)The cuts are given then we expect the good behavior
It should be, "give us the good behavior and then you'll get a cut--if we can afford it."
All stemming from the infamous Powell Memo:
https://www.greenpeace.org/usa/democracy/the-lewis-powell-memo-a-corporate-blueprint-to-dominate-democracy/
The Koch Playbook ever since, with Reagan as their first sock puppet.
Picaro
(1,498 posts)This is end-stage capitalism at its finest.