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@inthehands
Both stock buybacks and dividends should be from post-tax earnings from the basic principle that a company used the country's infrastructure and residents to make those earnings, they owe it to the country to give their fair share back. What's left after paying taxes, they can make the business decision about whether they want to retain the cash for future investment and growth, do stock buybacks to reduce their outstanding shares, or pay it out to the shareholders as dividends. Any of those are acceptable choices. But a company should have to pay their taxes on their profits one way or another.