The beneficiaries of these buybacks are the general public, these are public companies. They are your pension funds, your rainy day funds, they are government h

The beneficiaries of these buybacks are the general public, these are public companies. They are your pension funds, your rainy day funds, they are government healthcare programs, Norway's Oil fund... They are everyone. The reason they aren't paying taxes on buybacks is because they haven't actually made any money until someone sells stock.