With the backing of President Joe Biden, Democrats in the Senate are moving to quadruple the corporate stock buyback tax following a record year for stock buybacks, which topped $1 trillion among S&P 500 companies for the first time in 2022.
Sen. Sherrod Brown speaks during a United States Senate Committee on Finance hearing on October 19, 2021, in Washington, D.C.With the backing of President Joe Biden, Democrats in the Senate are moving to quadruple the corporate stock buyback tax following a record year for stock buybacks, which topped $1 trillion among S&P 500 companies for the first time in 2022.that would increase the stock buyback tax from 1 percent, as passed in last year’s Inflation Reduction Act , to 4 percent.
“It is not lost on the American people that corporate profits have climbed right along with the prices that families have been paying for groceries, rent, gas and other basics over the last few years,” Wyden said in a statement about the bill. “To see big multinational corporations announcing record stock buybacks benefitting their executives and wealthy shareholders at a time when so many families are feeling squeezed by inflation is simply offensive.
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