Author Topic: Sinema stock buyback tax would hit retirement accounts, business groups say  (Read 439 times)

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Sinema stock buyback tax would hit retirement accounts, business groups say
by Zachary Halaschak, Economics Reporter |
 | August 05, 2022 11:46 AM

The largest business group in the United States is warning a new Democratic plan to tax stock buybacks could end up hurting retirement savings.

The stock buyback plan, proposed as a compromise by Sen. Kyrsten Sinema (D-AZ), is facing blowback from the U.S. Chamber of Commerce. The group said the tax proposal, which envisions a 1% excise tax on corporate buybacks, would filter down and have a deleterious effect on average investors.

“Unfortunately, the new excise tax on stock buybacks will only distort the efficient movement of capital to where it can be put to best use and will diminish the value of Americans’ retirement savings,” said Neil Bradley, chief policy officer at the chamber.

Stock buybacks, when corporations believe their shares are undervalued and buy up their own company stock to reduce the number of outstanding shares in the market, have become increasingly common over the years.

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https://www.washingtonexaminer.com/policy/economy/chamber-sinema-stock-buyback-tax-retirement
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Offline libertybele

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Lovely.  Things continue to crumble all around us. There's no stopping the destruction with no end in sight.
Romans 12:16-21

Live in harmony with one another; do not be haughty, but associate with the lowly, do not claim to be wiser than you are.  Do not repay anyone evil for evil, but take thought for what is noble in the sight of all.  If it is possible, so far as it depends on you, live peaceably with all…do not be overcome by evil, but overcome evil with good.

Offline EdinVA

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I thought congress only had authority to tax income not potential income (booked)?
I don't see how this gets past the SCOTUS..

Offline libertybele

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I thought congress only had authority to tax income not potential income (booked)?
I don't see how this gets past the SCOTUS..

?? Will it even be challenged?? 
Romans 12:16-21

Live in harmony with one another; do not be haughty, but associate with the lowly, do not claim to be wiser than you are.  Do not repay anyone evil for evil, but take thought for what is noble in the sight of all.  If it is possible, so far as it depends on you, live peaceably with all…do not be overcome by evil, but overcome evil with good.

Offline EdinVA

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?? Will it even be challenged??
I suspect it will especially with all of this supply chain crap.  Companies are signing contracts for millions but delivery may be a year away, as is the payment.  I just don't see companies going along with paying "income" tax on revenue they have not received and may not for a year.