Wall Street: Biden wants to quadruple the tax on share buybacks!

(Boursier.com) — U.S. President Joe Biden plans to propose quadrupling the 1% tax on stock buybacks that went into effect in January, which the White House says would encourage U.S. companies to invest in their growth instead of systematically favoring shareholders. Biden will discuss the proposed change during his State of the Union address, the White House said in a preview of the speech, in which the president will also tout economic progress since the early days of the Covid-19 pandemic. The plan to raise the tax on stock buybacks, however, could struggle to make progress through a divided Congress, where Republicans control the House.