Martina Navratilova criticizes Donald Trump's 2017 corporate tax cuts for fueling $839B in buybacks, alleges growing wealth inequality

In 2017, then-President Donald Trump introduced the Tax Cuts and Jobs Act, drawing criticism from Martina Navratilova, a prominent Trump critic. It allowed America's 15 largest corporate beneficiaries to save $97.5 billion in taxes between 2018 and 2021. However, these companies were reportedly found to have prioritized shareholder returns over workforce and business development.

A report from Accountable.US shared by Truthout in October disclosed that the top 15 corporations reduced their tax liabilities by $240 billion, with their effective tax rates plummeting from 22% to 12.8%. Due to the tax cuts, profits surged by 44%. Moreover, the companies allocated nearly $839 billion to buybacks, i.e., $464 billion on stock buybacks and $374 billion on dividends.

Stock buybacks and dividends are strategies companies employ to return profits to shareholders, primarily benefiting the investors. Former United States Secretary of Labor and political commentator Robert Reich shared the report on X while criticizing Trump's law:

"The 15 largest corporate beneficiaries of Trump's tax cuts saved $97.5B in taxes from 2018 to 2021. Instead of reinvesting their savings in their workers, these same companies have spent $839B on stock buybacks and shareholder dividends. Trickle-down economics is a cruel hoax."

18-time Major champion Navratilova responded to Reich, highlighting that the "top 1%" received most tax benefits through the TCJA, worsening wealth inequality.

"These companies said 7 years ago they were going to do just that- buybacks. And trump still gave them the tax break. Top 1% got like 90% of the breaks," Martina Navratilova wrote.

Throughout the U.S. Presidential elections, Navratilova steadfastly opposed the Republican Party and President-elect Trump.

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Martina Navratilova expressed dissatisfaction with Donald Trump's victory in the 2024 US Presidential elections

Martina Navratilova at the 2023 WTA Finals - Image Source: Getty

Donald Trump secured victory in the U.S. Presidential elections, marking his return as the 47th President. The 78-year-old led the Republican Party to capture 312 seats, while Vice President Kamala Harris led the Democrats to secure 226 seats.

However, the news left Martina Navratilova enraged, and she expressed her anger on X.

"Well, Trump won. Fear and anger won. And a country that was born as a racist patriarchy proved beyond any reasonable doubt it still is a racist patriarchy. Not sure when this ceases to be true," Martina Navratilova wrote.

Navratilova has been an active voice on social issues, regularly expressing her views on social media. The 68-year-old is also a dedicated advocate for preserving separate, sex-based spaces for women.