> so they can defer the taxes to a later date. This assumes that the share price has maintained that elevated level at a later date. Ideally, you want to cash

> so they can defer the taxes to a later date. This assumes that the share price has maintained that elevated level at a later date. Ideally, you want to cash out on some long-term positions right around the time of the buybacks. The buybacks have raised the share price, but you’re only paying long-term capital gains taxes, which used to be capped at (I think) 15% for all investors, regardless of income bracket.