Major companies including Cisco Systems, Pfizer and Coca-Cola say they'll turn over most gains from proposed corporate tax cuts to their shareholders, undercutting President Donald Trump's promise that his plan will create jobs and boost wages for the middle class.

The president has held fast to his pledge even as top executives' comments have run counter to it for months. Instead of hiring more workers or raising their pay, many companies say they'll first increase dividends or buy back their own shares.

Robert Bradway, chief executive of Amgen, said in an Oct. 25 earnings call that the company has been "actively returning capital in the form of growing dividend and buyback and I'd expect us to continue that." Executives including Coca-Cola CEO James Quincey, Pfizer CFO Frank D'Amelio and Cisco CFO Kelly Kramer have recently made similar statements.

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Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.