> Companies are already taxed on their profits In theory. We are having this debate because in practice some are taxed at 20% and others practically nil. I'm

> Companies are already taxed on their profits In theory. We are having this debate because in practice some are taxed at 20% and others practically nil. I'm arguing for no negotiated tax arrangements, indeed I have been giving thought to a progressive tax regime for companies. That would be interesting to evaluate. > And share buybacks are returning capital to the owners of the business Which is why I am not sure buy backs should be taxed. Either a company invests its earnings, or else it returns them to shareholders who can decide to identify growth opportunities, as you suggest.