Stock Buyback Clash: Biden’s Plan Faces Resistance From Critics And Investors
However, despite its intended benefits, the proposal has encountered noteworthy resistance, even from traditionally supportive voices within the Democratic camp. For help managing your own financial portfolio, consider working with a financial advisor. Biden’s PlanCurrently, businesses pay a 1% tax on stock buybacks, a charge created when the Democrats passed the Inflation Reduction Act in 2022. In the State of the Union in January, though, Biden pushed raising the rate to 4%. Per a Morningstar report, he specifically called out the oil industry, noting that “Big Oil … invested too little of [...