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Congress final yr imposed a 1% tax on inventory buybacks. If Apple purchases $1 billion of its inventory, it’ll owe Uncle Sam $10 million. In his interminable State of the Union tackle, Joe Biden proposed quadrupling this tax to 4%. And may Biden succeed, Democrats will then attempt to push the tax even larger.
Inventory buybacks are politically unpopular, particularly with the left. However this episode of What’s Forward each refutes the arguments in opposition to them and provides the reason why the tax is damaging. The tax is, in impact, a rise within the already too excessive capital good points levy and a again door to imposing a wealth tax.
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