Steve Cortes, founder of the League of American Workers, has raised concerns about corporate stock buybacks, stating that they contribute to economic concentration and financialization. He noted that 20 firms are responsible for nearly half of all buybacks. Cortes made these remarks on X.
“Time to outlaw buybacks,” said Cortes. “They are a HUGE factor in the concentration of power in American life + the financialization of the economy. Right now, the top 20 companies do almost 50% of the total buybacks!”
Debates surrounding corporate stock buybacks have reemerged in 2025, with critics arguing that such practices prioritize shareholder returns over worker compensation and investment. According to Time Magazine, corporations allocated $6.4 trillion to buybacks and dividends between 2018 and 2022, a trend that accelerated following tax cuts during the Trump administration. This situation has led lawmakers from both political parties to propose measures to curb or tax buybacks in an effort to encourage reinvestment in labor and infrastructure.
Corporate stock buybacks in the United States are projected to reach a record $1.1 trillion in 2025. The Wall Street Journal reports that companies had already announced $984 billion in buybacks by mid-year, with technology firms like Apple and Alphabet accounting for nearly half of this total. The increase reflects strong balance sheets and continued investor demand despite regulatory scrutiny.
According to the National Bureau of Economic Research, U.S. stock buybacks have grown significantly over the past three decades. From 2000 to 2017, companies spent nearly $10 trillion on repurchases, with buybacks rising from 4.8% to 21.2% of operating income. This shift has altered how firms distribute capital, increasingly favoring shareholders over internal investment.
Cortes is also known as a senior political advisor to CatholicVote and a former senior advisor to President Trump and JD Vance. Additionally, he serves as a commentator for Fox News and CNN and regularly releases documentaries and columns at cortesinvestigates.com.
The League of American Workers was founded by Cortes in 2022 as a conservative advocacy group focused on empowering working-class Americans. According to its website, the organization promotes economic nationalism, wage growth, and labor-oriented reforms while opposing policies perceived as benefiting elites at the expense of domestic workers.
