Hi, I'm C. NBC producer Katie Kramer. Today on Squack Pod, the first new tax on corporations in a generation.

Reduces the deficit and makes common sense reforms to our corporate tax code.

President Biden and Democrats say it is high time for companies to pay a tax on buying back their

own stock.

And we speak to one billionaire investor who says

shareholders have much to gain here. Mark Cuban. No one's a fan of more taxes but

of all the taxes you're trying to create I think a tax on buybacks is a good idea actually.

Plus, as the House gears up for a vote on the Inflation Reduction Act, we hear from

one member who's not on board, Republican Representative French Hill.

I go back to Warren Buffett's maximum about stock buybacks.

Then if you can buy dollars for 80 cents,

isn't that in the fiduciary interest of all shareholders

and a good decision by the board.

It's Friday, August 12, 2022, Squawk Pod begins right after this. Welcome back to Swackpot from CNBC.

The US House is in session today to begin consideration of the Inflation Reduction Act.

The House will be in order.

This sweeping climate, health care, and tax bill includes the first new corporate taxes in a generation, a 15% tax on large corporate

profits, and a 1% excise tax on stock buybacks. Buybacks, companies

purchasing shares of their own stock surged as

Corporate America clawed its way out of the worst of the COVID-19 pandemic. Here's a fun

fact. Buybacks were largely illegal.

Considered market manipulation until the early 80s.

...