What a tax on stock buybacks would, and wouldn't, mean for the bull market

, with the biggest share repurchase program of all, and a customer of Taiwan Semiconductor Manufacturing Company, which has started construction on a $12 billion plant in Arizona.

"Taxes can be effective in this area but at far greater rates than the current proposal. Many companies will view the flexibility that buybacks provides as well worth the cost," He said. There is one definition of the purpose of an excise tax under which Lazonick says it makes sense to include buybacks. Excise taxes are often designed to deter activity which society deems harmful, such as tobacco. "If you treat buybacks as toxic to the economy, which I think lots of Democrats think they are, maybe they want to treat them like cigarettes. ... you can make that tax almost prohibitive, and that is one extreme if you're not going to ban them.

"They got to do something," Lazonick said. "Maybe they said, 'here's this inconsequential tax.' ... Certainly, I think Biden knows better." There may be another reason Brown didn't go further in his proposal. Washington D.C. being Washington, D.C., there is the chance that nothing happens at all with buybacks, and that is actually the bet Clifton is most inclined to make.

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