2022: Schweikert Voted Against Imposing A 1% Excise Tax On Corporate Stock Buybacks. In August 2022, according to Congressional Quarterly, Schweikert voted against concurring in the Senate amendment to the Inflation Reduction Act of 2022, which would "institute a 1 percent excise tax on corporate stock buybacks." The vote was on a motion to concur. The House concurred with the Senate by a vote 220-207, thus the bill was sent to President Biden for final signage. President Biden signed the bill and it ultimately became law. [House Vote 420, 8/12/22; Congressional Quarterly, 8/12/22; Congressional Actions, H.R. 5376]
The Inflation Reduction Act Established A 1% Tax On Corporations That Buy Back Their Own Stock, Which Many Legislators Stressed Was A "Detrimental" Practice For The Economy. According to The Washington Post, "They also approved a 1 percent tax on companies that buy back their own stock, a practice that many party lawmakers see as detrimental to the economy --- to the benefit of wealthy shareholders and executives." [The Washington Post, 8/7/22]
The Excise Tax Would Go Into Effect Until 2023, Which Raised Predictions That Some Companies May Rush Buybacks Before 2023. According to NPR, "Instead, a 1% excise tax on stock buybacks was introduced, and it could bring in roughly five times as much revenue as the carried interest measure. However, it wouldn't take effect until next year, raising predictions of a rush of buybacks by some companies before 2023 rolls around." [NPR, 8/7/22]