Two senior Democratic senators suggested several corporate tax increases on Friday to help pay for President Biden ‘s massive $3.5 trillion expansion of the …
Two senior Democratic senators suggested several corporate tax increases on Friday to help pay for President Biden ‘s massive $3.5 trillion expansion of the federal safety net. Senate Finance Committee Chairman Ron Wyden of Oregon introduced legislation with his Senate Banking Committee counterpart, Sherrod Brown of Ohio, to increase taxes on limited liability partnerships and penalize stock buybacks. The buyback proposal, authored by Mr. Brown, would impose a 2% tax on the amount that publicly traded companies spend annually on purchasing their own stock. Democrats have long railed against the practice, saying it is “self-serving” and only drives up the companies’ stock prices.
