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Sept. 10, 2021, 9:38 a.m. EDT

2% tax on stock buybacks proposed by 2 Democratic senators

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By Victor Reklaitis

Democratic Sens. Sherrod Brown of Ohio and Ron Wyden of Oregon on Friday rolled out new legislation that aims to assess a 2% excise tax on the amount spent by a publicly-traded company on buying back its own stock. "Stock buybacks are currently heavily favored by the tax code, despite their skewed benefits for the very top and potential for insider game-playing. Our bill simply ends this preferential treatment and encourages mega-corporations to invest in their workers," said Wyden, who chairs the Senate Finance Committee, in a statement. Reports last week said Senate Democrats were considering a range of other potential tax hikes to fund their $3.5 trillion spending plan, from levies on stock buybacks and "virgin plastics" to a "CEO pay disparity" tax.

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