Investing.com - The bulk of Corporate America's savings from the Trump tax cut package is going to shareholders not workers. S&P 500 companies have allocated about $5.6 billion to bonuses and wage increases since the tax cuts became law. Meanwhile, $183 billion has been spent on share buybacks. The White House says 3.5 million workers have benefited from bonuses and pay hikes so far, but that's less than 3% of the total workforce.A recent survey by Morgan Stanley (NYSE:MS) showed just 13% of the money saved from taxes will be spent on pay raises, bonuses and employee benefits; 43% will go toward stock buybacks and dividend increases.Analysts say the corporate tax cut is not responsibl e for all of the pay increases and improved benefits. Some companies are responding to the tight labor market in an effort to retain workers.