Inflation Reduction Act to tax stock buybacks

The recent “Inflation Reduction Act” has just taken a bite out of corporate greed. In addition to the 15% tax on corporate profits, an additional 1% tax — resulting in $74 billion over 10 years — has been created to dissuade stock buybacks, according to Natalia Renta, Senior Policy Counsel at Americans for Financial Reform, in her recent article “Congress Takes Historic Step to Tax Stock Buybacks:
This provision of the Inflation Reduction Act will discourage corporations from siphoning resources from worker wages and productive investments for share repurchases that inflate CEO pay.”