.SenatorSinema's stock buyback tax would hit retirement accounts, business groups say
The stock buyback plan, proposed as a compromise by Sen. Kyrsten Sinema , 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.
Critics of the Democrats’ new buyback plan argue that by curbing the practice of buybacks, average investors will see slower gains, including those investors who are on the lower end of the socioeconomic spectrum. There are also concerns that executives might end up demanding higher cash salaries because they won’t be able to benefit from the buybacks.
As part of the agreement, Democratic leadership agreed to nix raising taxes on carried interest, a form of income earned by private equity funds that is subject to a lower tax rate. Republicans have said the tax would disproportionately hit manufacturers, who are already smarting from explosive inflation and supply chain woes. An analysis from the nonpartisan Joint Committee on Taxation found that nearly 50% of the tax would be borne by the manufacturing industry.
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