Few corporate activities receive more ire from the left than share repurchase programs, commonly known as stock buybacks. Senators Ron Wyden and Sherrod Brown recently attempted to capitalize on this progressive angst to fund a small part of Democrats’ enormous $3.5 trillion legislative package by inserting a 2 percent excise tax on buybacks into the bill. While this will likely prove popular among the Democratic base, the dislike for buybacks is entirely unfounded.
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