Companies have doubled purchases of their own stock since President Donald Trump signed the GOP tax overhaul. The Republican tax plan slashed the corporate tax rate from 35% to 21% and made it more attractive for America’s most powerful companies to repatriate billions in overseas cash.
According to data provided by Birinyi Associates, 61 corporations have announced $88.6 billion in stock buybacks between Jan. 1 and Feb. 6, compared to the 58 companies that announced a collective $40.3 billion in repurchases over the same period last year.