1. United States
2. Fla.
3. Letter

Stock buybacks are a controversial practice that primarily benefit corporate executives and wealthy shareholders at the expense of workers and long-term investments. By funneling profits into repurchasing shares instead of reinvesting in workers, research, or expansion, companies are able to artificially inflate their stock prices and executive compensation tied to equity. This exacerbates economic inequality and stifles innovation. The recent mass layoffs at GM, even as the company reports record profits and engages in billions of dollars worth of stock buybacks, exemplify how this policy enables corporations to prioritize short-term gains for a few over their workforce and future growth. Workers are being discarded despite contributing to the company's success. It is crucial that we take action to restrict this exploitative corporate behavior. I urge you to support legislation to ban or heavily tax stock buybacks. This would compel companies to reinvest their profits into their employees, operations, and communities rather than manipulating markets for the benefit of the wealthy few. Empowering workers and fostering sustainable business practices should be the priority, not further enriching executives and large investors.