Top Senate Democrats Float 2% Excise Tax on Stock Buybacks
- Senate Finance, Banking committee chiefs release plan
- Democrats say companies used tax cuts to repurchase shares
Brown said, “It’s past time Wall Street paid its fair share and reinvested more of that capital into the workers and communities who make those profits possible.”
Photographer: Sarah Silbiger/BloombergThis article is for subscribers only.
Two senior Democratic senators proposed a 2% tax on corporate stock buybacks in an effort to boost investment and reduce what they termed as tax avoidance.
The plan, released by Senate Finance Committee Chairman Ron Wyden of Oregon and Senate Banking Committee Chairman Sherrod Brown of Ohio, comes as Democratic lawmakers assemble a raft of tax measures to help pay for a $3.5 trillion budget bill that contains the bulk of President Joe Biden’s longer-term economic agenda.