Senator Ron Wyden, a Democrat from Oregon, speaks to members of the media at the U.S. Capitol in Washington, D.C., U.S., on Tuesday, Aug. 10, 2021. The Senate passed a $550 billion infrastructure plan that would represent the biggest burst of spending on U.S. public works in decades and notch a significant victory for President Biden's economic agenda.
WASHINGTON: 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 investors executives by boosting stock prices.
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