This would have literally no effect on buybacks vs dividends as both are taxed as capital gains. In fact, it might favor buybacks even more since you aren’t for

This would have literally no effect on buybacks vs dividends as both are taxed as capital gains. In fact, it might favor buybacks even more since you aren’t forced to pay taxes on share price increases until you sell. Dividends give you a tax bill every year, even if reinvested. Also, there’s nothing nefarious about buybacks. It’s just a more tax efficient way to return money to shareholders. There’s no boogie man there.