Senate Democrats Seek to Quadruple Stock Buyback Tax in New Bill

A group of Democratic senators including Banking Committee chair Sherrod Brown and Finance Committee chair Ron Wyden introduce a bill that would increase the tax on a publicly-traded company that buys its own stock to 4% from 1% currently.

• “This will help reinvest in the economy, while also preventing abuse and reducing tax avoidance, both of which are significant risks from stock buybacks,” the senators say in a statement
  • Buybacks topped a record $1.2 trillion last year: statement
• NOTE: Biden to Call for Billionaire Tax, Bigger Levy on Stock Buybacks

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