Here is an excellent analysis of how stock buybacks have been massively reducing the corporate tax bill particularly for the bigger companies:
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The scale of this new tax ruse is astonishing and has now reached the point of weakening corporate balance sheets as never before. Furthermore, the recent pick up in bank lending to corporations is part of this process. Engineering, not organic investment growth.
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Long term investors need to think very carefully about the extent to which stock prices reflect financial enginneering and misallocation of capital or underlying organic growth.
The Craft of Investing
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