Where the tax cut went

It appears that most CEOs think their main, perhaps only, responsibility is to the stockholders and management.  That big Republican tax cut, in addition to ballooning the deficit, has resulted in companies putting over $400 billion into stock buybacks.

That raises stock prices and dividends but does almost nothing for workers.  Annie Lowrey in TheAtlantic.com reported that if Home Depot and CVS had earmarked the money for staff raises rather than stock buybacks, every employee would have gotten $18,000 more a year. McDonald’s could have given a $4000 annual raise to each of its two million employees.