From WSJopinion: Biden’s stock buyback tax would hit the little guy. Mutual-fund investors would pay, and the result would be less-efficient allocation of capital, writes Burton G. Malkiel.
Journal Editorial Report: How long can he play the Social-Security card? Images: Getty Images Composite: Mark KellyIn his State of the Union address last week, President Biden proposed quadrupling the stock buyback tax from 1% to 4% of the value of the stock bought. This proposed increase would have pernicious consequences for efficient capital allocation throughout the economy by impairing how markets function.
Stock buybacks don’t take money away from pro-growth investments. Most buyback funds are reinvested in the stock market and in private equity, where they can be put to more productive use. A policy such as the one Mr. Biden is proposing distorts economic decisions that could harm the savings that many people rely on for retirement.
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