If buybacks and dividends are the same thing, then why even allow both to exist? Just eliminate buybacks and enjoy the higher tax revenue. And maybe also accomp

If buybacks and dividends are the same thing, then why even allow both to exist? Just eliminate buybacks and enjoy the higher tax revenue. And maybe also accompany it with a tax cut on dividends to even things out slightly. We want companies to become more efficient and increase productivity, but we also want society to benefit from that in the form of higher tax revenue. Eliminating buybacks accomplishes both. Buybacks juice earnings per share. Stock valuation uses P/E ratio as an input. Meaning buybacks disproportionately benefit upper management, whose compensation is tied to the stock price. There's a principal agent problem here. Management may elect to do a buyback even if it's not in the company's best interest. Dividends don't have that problem.