evidence: Quadruples the Stock Buybacks Tax. The Inflation Reduction Act’s surcharge on corporate stock buybacks reduces the tax advantage for buybacks over dividends and encourages businesses to invest in their growth and productivity as opposed to funneling tax-preferred profits to foreign shareholders. The President’s Budget proposes quadrupling the stock buybacks tax from one percent to four percent to address the continued tax advantage for buybacks and encourage corporations to invest in productivity and the broader economy. [...] President Biden has already secured additional funding for the Internal Revenue Service (IRS) that is enabling it to crack down on the high-income individuals and corporations who too often avoided paying their lawfully owed taxes and to improve service for the millions of Americans that do pay their taxes. Already, the IRS has collected more than $500 million in unpaid taxes from fewer than 2,000 delinquent millionaires, launched enforcement action against 25,000 millionaires who have not filed a tax return since 2017, and started cracking down on high-end tax evasion like deducting personal use of corporate jets as a business expense. President Biden’s tax plan would build on this progress with reforms that will finally make the wealthiest Americans pay their fair share. The President’s Budget: