UNI General Secretary Philip Jennings told CNBC at Davos that working people will not benefit from the tax cuts recently passed by Republicans in the United States. Jennings claimed that 83 percent of the tax cut’s benefits would go to the richest 1 percent in America.
“They’re dancing in the snow here. If you’re a CEO, you’ve been given this gift—a 15 percent tax cut. The question is what are they going to do with the money?,” Jennings asked.
“Over the past ten years we’ve seen that they’ve taken $4 trillion for financialisation, corporate cannibalism, in the form of shareholder dividends and buybacks. The working men and women didn’t see this, and the danger that this will be repeated is ever present.”
Jennings noted that inequality was the worst it has been since the Gilded Age, directly before the Great Depression. Instead of passing policy that would alleviated this imbalance, the Trump administration has made it worse with its tax bill and its attack on workers’ rights.
“When you look at what [Trump] is doing on tips, on the right to organize, the right to negotiate and what’s happening with the dreamers, we want none of that,” Jennings said.
Jennings also made an appeal for companies to be accountable to all stakeholders—including their employees—not just shareholders, and cited BlackRock CEO Larry Fink’s recent letter demanding corporations accept their broader obligations to communities and society.