Two senior U.S. Senate Democrats on Friday unveiled a proposal to impose a 2% excise tax on corporate stock buybacks as lawmakers scrambled to find ways to finance President Joe Biden's $3.5 trillion domestic investment plan.
Senate Finance Committee Chair Ron Wyden and Senate Banking Committee Chair Sherrod Brown said the "Stock Buyback Accountability Act" would encourage large corporations to invest in their workers rather than enriching investorsexecutives by boosting stock prices.
But resistance from moderate members of the party, including some who represent states or districts that supported former Republican President Donald Trump, have prompted Democrats to search for a new mix of revenue-raisers. Democrats portray their effort as a "once-in-a-generation" chance to improve the lives of the elderly and disadvantaged children, address climate change and reform immigration.
"Instead of spending billions buying back stocks and handing out CEO bonuses, it’s past time Wall Street paid its fair share and reinvested more of that capital into the workers and communities who make those profits possible,” said Brown, who is also a Senate Finance Committee member.
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