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Harley-Davidson took its tax cut, closed a factory, and rewarded shareholders
The motorcycle maker in January told Kansas City workers it would close a plant there. Days later, it announced a nearly $700 million stock buyback plan.
In September 2017, House Speaker Paul Ryan traveled to a Harley-Davidson plant in Menomonee Falls, Wisconsin, to tout the Republican tax bill, which President Trump would sign later that year. “Tax reform can put American manufacturers and American companies like Harley-Davidson on a much better footing to compete in the global economy and keep jobs here in America,” Ryan told workers and company leaders.
Four months later and 500 miles away in Kansas City, Missouri, 800 workers at a Harley-Davidson factory were told they would lose their jobs when the plant closed its doors and shifted operations to a facility in York, Pennsylvania — a net loss of 350 jobs. Workers and union representatives say they didn’t see it coming.
Just days later, the company announced a dividend increase and a stock buyback plan to repurchase 15 million of its shares, valued at about $696 million.
Last edited by Goose (5/23/2018 9:37 am)
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A great number of the companies receiving the giveaway are using the gift to buyback stock all of which provides NO new jobs but merely puts more value in the company itself. Shareholders DO get the side benefit.
Another group also purposes the money for automation which further puts workers OUT of jobs.
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When Trump gleefully announced that ”Tax Cut And Jobs Act” People didn’t understand that the “cuts” applied to jobs as well as taxes . . . Corporations understood this and are taking steps to enrich their executives and shareholders.
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Looks like Harley Davidson is bailing out due to the tariffs implemented by the Trump adminstation's new policy.
Last edited by Just Fred (6/25/2018 10:17 am)
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Just Fred wrote:
Looks like Harley Davidson is bailing out due to the tariffs implemented by the Trump adminstation's new policy.
Yep, those tariffs are really helping our workers -- NOT !!
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Trump is a fountain of tough-sounding awful ideas.