The Inflation Reduction Act, passed by Congress in 2022, includes a 1% excise tax to be assessed on most stock repurchases undertaken by corporations. Discuss the mechanics of a stock repurchase and explain why a company might take this action.

Discussion of the following questions. Do you support the imposition of this tax? Who will be harmed and who will benefit from this tax? Do you believe this tax will affect the stock repurchase activity of corporations? What is Congresss objective(s) of imposing this tax and do you think this (these) objective(s) will be met? Why does Warren Buffet not support this idea?