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MissMillie

(38,454 posts)
Thu May 19, 2022, 09:22 AM May 2022

Here'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=uxbndlbing

Senate panel investigates Abbott tax practices after contamination shut down baby formula plant


The Senate Finance Committee on Wednesday opened an investigation into Abbott Labs, the company at the center of a baby formula shortage in the U.S.

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.



*******************************

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."
13 replies = new reply since forum marked as read
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Here's to Ron Wyden (D-OR): How did Abbott spend its tax cut? (Original Post) MissMillie May 2022 OP
The Fleecing of America continues MagickMuffin May 2022 #1
And wealthy shareholders don't give a f**k! Samrob May 2022 #4
K&R PatSeg May 2022 #2
Trickle down kirby May 2022 #3
The company used billions of dollars in tax cuts to repurchase shares then invest in the factory Botany May 2022 #5
times 2 MissMillie May 2022 #6
This shortage is in large part from: Botany May 2022 #7
spot on (n/t) MissMillie May 2022 #8
r&k Excellent. MerryBlooms May 2022 #9
I've been saying this for years jmowreader May 2022 #10
Well, what happens now is the cart before the horse MissMillie May 2022 #12
Yep ymetca May 2022 #13
End Stage Capitalism Picaro May 2022 #11

MagickMuffin

(15,892 posts)
1. The Fleecing of America continues
Thu May 19, 2022, 09:41 AM
May 2022


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)
4. And wealthy shareholders don't give a f**k!
Thu May 19, 2022, 11:10 AM
May 2022

Them that has gets. And they don't give a damn about anyone else.

kirby

(4,441 posts)
3. Trickle down
Thu May 19, 2022, 10:54 AM
May 2022

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)
5. The company used billions of dollars in tax cuts to repurchase shares then invest in the factory
Thu May 19, 2022, 11:10 AM
May 2022


Those Abbott executives should be forced to pay back the money in those tax cuts by
selling off their stocks in the Abbott Labs.

Botany

(70,291 posts)
7. This shortage is in large part from:
Thu May 19, 2022, 11:23 AM
May 2022

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.

jmowreader

(50,453 posts)
10. I've been saying this for years
Thu May 19, 2022, 11:51 AM
May 2022

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 Nixon’s tax code, indexed for inflation.

MissMillie

(38,454 posts)
12. Well, what happens now is the cart before the horse
Thu May 19, 2022, 01:07 PM
May 2022

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."

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