The United States' proposed tax reform is projected to boost corporate earnings — and most of those savings are likely to go into shareholders' pockets, said former U.S. Commerce Secretary Penny Pritzker.

If the tax plan is passed, as many are expecting, the U.S. will see corporate taxes fall from current rates of 35 percent to as low as 20 percent.

But the benefits accrued will be distributed unevenly among Americans, creating winners and losers, according to billionaire Pritzker.

"I think there will be some (savings) that will go to wage increase, and some that may go to investment, but I think a lot of it is going to go frankly to corporate share buybacks or dividends," Pritzker told CNBC.

Buybacks occur when firms purchase their own shares, reducing the proportion in the hands of investors. Like dividend payments, buybacks offer a way to return cash to shareholders, and usually see a company's stock push higher as shares get scarcer.