Democrats added an all-new tax on corporate stock buybacks to the tax and spending legislation that narrowly cleared the Senate and is headed for a vote in the House later this week.
The measure was included late in the negotiations over the Inflation Reduction Act of 2022, the latest iteration of a Democratic bill that came to a head over the weekend. The 1% excise tax on buybacks, along with a 15% minimum tax on large company profits, would help raise revenue for government spending on climate and health programs.
