Democrats opted to seek a new 1 percent tax on corporate stock buybacks, a move that would make up at least some of the revenue that might have lost as a result of the [Sinema-driven] changes.
Here is further detail. Something has to be taxed, and I don’t pretend to have a comprehensive ranking of tax options from best to worst. I can’t tell you where this might rank on the list. I can however tell you these three things:
1. This is flat out a new tax on capital, akin to a tax on dividends.
2. Are you worried about corporations being too big and monopolistic? This makes it harder for them to shrink! Think of it also as a tax on the reallocation of capital to new and growing endeavors.
3. The real reason this is being proposed is because so many Democratic and left-leaning public intellectuals have written “flat out wrong, doesn’t matter what your partisan stance is” pieces on stock buybacks.
And there you go.