Published On: Wed, Sep 15th, 2021

Microsoft Shares Edge Higher on $60 Billion Buyback Program

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Microsoft Corp. shares rose 1 percent in early trading on Wednesday after the company announced a $60 billion share repurchase plan, its biggest ever. The announcement comes just days after two U.S. Senate Democrats unveiled a proposal to tax corporate stock buybacks to help fund President Joe Biden’s $3.5 trillion investment plan. The senators said the “Stock Buyback Accountability Act” would encourage large corporations to invest in their workers rather than enriching investors and executives by boosting stock prices. Democrat lawmakers have also proposed a substantial roll-back of tax cuts implemented by Donald Trump’s administration, including raising the top tax rate on corporations to 26.5 percent from the current 21 percent. Microsoft shares have soared about 35 percent this year, making it the second most valuable company in the world with market capitalization of $2.25 trillion. The buyback plan, which has no end date and can be terminated at any … Save 10% on Citrus trees with code CITRUS

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