On one hand, share buybacks can reduce a company’s share count, which increases profit per share and hopefully supports a rising stock price; on the other hand, some money spent on buybacks might benefit shareholders more if it is used to expand or improve a company’s operations. President Joe Biden has seemed to be in the second camp, and is targeting stock buybacks after companies poured billions into the practice during a period of high inflation over the past two years, and while laying off workers this year. Biden supported a 1% tax on dollars spent on buybacks, which was part of the Inflation Reduction Act signed into law in August.