White House’s $1.75T Social Safety Net Measure Includes 1% Tax on Stock Buybacks
A proposed $1.75 trillion social safety net spending and climate change bill known as the Build Back Better Act includes language that would require a 1 percent tax on stock repurchases, a provision that could have a potential impact on defense companies, Defense One reported Friday. The Build Back Better framework seeks to “stop large, profitable corporations from paying zero in tax and tax corporations that buyback stock rather than invest in the company,” a White House fact sheet reads.