I don't have any particular argument with the sentences you wrote, taken one at a time, but #s 1 & 2 seem to me to be in conflict with 3. If buybacks are prima

I don't have any particular argument with the sentences you wrote, taken one at a time, but #s 1 & 2 seem to me to be in conflict with 3. If buybacks are primarily a tax dodge, then any fringe benefits will be lessened as companies return to dividends. And if we are going to tax similar things equally, then an obvious next target is ETFs versus mutual funds. But actually reconciling the differences properly isn't on the table, is it? There's just going to be a new tax that sort of goes in that general direction, I assume. Making things even more complicated.