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The big win you might not have heard about

As you might have already heard, Congress just passed historic legislation to tackle the climate crisis, transition America to clean energy sources and lower prescription prices for seniors.

But there's more. I'm happy to report that the Inflation Reduction Act includes my bill to crack down on corporate stock buybacks and ensure companies invest in their workers – not their shareholders.

During the pandemic, corporate stock buybacks – which is corporate speak for giving a payout to your shareholders – reached an all-time high. While American families were making hard decisions about paying rent and putting food on the table, mega-corporations were jacking up their prices of goods and then used their massive profits to buy back shares of their own stock and line the pockets of their executives and wealthy investors.

This greed is morally repugnant. And it's still happening.

As Americans were struggling to afford the high cost of gas at the pump, Exxon Mobil just announced its biggest quarterly profit ever, then turned around and spent billions on stock buybacks.

By taxing these corporate stock buybacks, my plan not only ensures these major corporations pay their fair share in taxes, it incentivizes them to invest in their workers instead

It's time for corporate accountability. That means mega-corporations must start paying their fair share and prioritizing their workers, not wealthy investors and shareholders.

This is a huge win in the fight for equality. And I will never stop fighting to hold corporations accountable for gaming the system and to create an economy that works for everyone – not just the wealthy few.

Ron

Posted on August 24, 2022.

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Ron Wyden is a champion for our progressive values -- standing up for consumers and the middle class, fighting for digital privacy and an open internet, protecting our planet and Oregon's special places, and always insisting on human rights and equality for all.

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