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Who Benefits From Corporate Tax Cuts? | Velshi & Ruhle | MSNBC - YouTube
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today the Velshi and rule tax-cut
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tracker is back and we're looking at how
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companies are spending their massive
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Trump tax cut Norma fob Logan slashed
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the corporate tax rate from 35 down to
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21% President Trump promised the tax
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savings would trickle down to American
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workers a promise repeated over and over
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again including by Treasury Secretary
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Stephen minuchin well now some companies
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have offered one-time pay bonuses to
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their workers since the new tax law was
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enacted but when you look closer at the
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numbers many of those companies also
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announced thousands of layoffs and no
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raises right as they spent billions and
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billions of dollars to finance huge
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stock buybacks which serve shareholders
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for example Walmart and now say 20
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billion dollar buyback program in
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September just days after the
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Republicans introduced their tax plan
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outline and when the tax plan became law
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in January Walmart received praise when
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it announced thousand dollar bonuses for
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some of their employees an increased
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entry-level pay to 11 bucks an hour but
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it then quietly laid off almost 10,000
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workers after announcing it was closing
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63 Sam's club stores the same day same
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day meanwhile 18t announced twenty
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billion bucks in stock buybacks over the
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next two years after receiving praise
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for offering thousand dollar bonuses to
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some of its employees but then AT&T
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turned around and laid off 1,600
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employees across the country how about
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Wells Fargo which announced plans to buy
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back nearly 19 billion bucks of its own
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stock also announced plans to close more
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than 800 Bank branches over the next two
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years even as it admits to making out
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big from the new tax law how about
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Qualcomm also announced a new ten
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billion dollar buyback program on May
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9th this came after the company fired
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more than 1500 people across California
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and an undisclosed undisclosed number of
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people across the United States in fact
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stock repurchases these are buybacks for
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the S&P 500 hit an all-time high of 189
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wait for it billion bucks
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the first three months of 2018 so far
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trunk tax cuts for companies is barely
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trickling down to the American worker
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instead it is lining the pockets of
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shareholders and Ally you could say well
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lots of employees they own stock not
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people in the middle and a bottom and
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we'll give you more than one-half of all
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Americans own stock most of them are
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very passive investors half of Americans
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those 100% of whom work for a living
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don't and giving that one-time bonus
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that's a kiss you get once don't even
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dare raise your base it doesn't raise
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your base pay you don't have to get that
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the second year you don't get 3% or 2%
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on top of that
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bonuses are sleight-of-hand I never
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wanted you know a lot of people tweet us
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and say I'm very happy to have my
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thousand dollar bonus I'm glad you got
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your thousand dollar bonus I'm really
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happy for you what would have been
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better would be a raise equal to a
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thousand dollars so that the next year
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you've already got that and then your
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base salary increases on top of it
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bonuses are as you said a bit of a
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head-fake
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and wage increases that is what would
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help us across the board that is where
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people are suffering so when the
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president says trickle-down economics
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are going to work we're letting you know
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we're not yet seeing it trickle down and
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those companies are spending their money
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on tactical sort of wedding the other
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day and somebody said to me you guys are
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really unfair to President Trump I mean
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you just won't talk about how great this
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tax cut has been it's increasing the
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deficit it's lining the pockets of
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shareholders and it is not actually
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resulting in higher wages or lower taxes
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person you were talking to it the
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wedding owns a lot of stuff yeah and
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they're looking at their stock portfolio
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or their for when they're very high
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you're saying bring it on in their world
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they're right but they were all so happy
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over the last eight years when the stock
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market went up the trunk vote though
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that's why the stock went up because of
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Donald Trump even during Obama's era
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they knew that Donald Trump would be the
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next president which is why stocks were
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going up further forgotten American the
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Trump voter was born out of not having
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wage increases or participating in the
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stock market that voter has not had any
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of their situation resolved hey MSNBC
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