I'm not passionate about this, but just wanted to point out that it is entirely possible to tax buybacks nearly the same as taxing dividends. Existing shareholders would be taxed based on the amount spent on the buybacks, just as if they'd been paid a dividend and bough back shares themselves.

> It’s not obvious to me that buyback tax reform is something we should obviously do.

The big reason I think it should be reformed it creates lopsided incentives which reward some shareholders more than others. As I said above, I do think it could be better, but I'm not super passionate about it.