Credit: The Intercept

U.S. CORPORATIONS ARE already beginning the process of pocketing the winnings from the tax bill jackpot they expect to hit any day now, undercutting, in a remarkably public fashion, the pretense that the corporate tax cut will lead to greater investment in job creation.

Since the Senate passed its version of the tax bill on December 2, 29 companies have announced $70.2 billion in stock buybacks, a maneuver that uses company cash to buy its own shares, which then drives up the price of those shares, rewarding major investors and executives whose compensation is directly tied to the company’s stock price.

The figure comes from a new report by Senate Democrats, which relies on the public statements of company executives. Stock buybacks, meanwhile, had been declining. There were $120 billion in buybacks in the entire second quarter of 2017, among all companies. The new figure — $70.2 billion in just 10 days, from just 29 companies — suggests that a surge of buybacks is in the offing if the tax bill becomes […]