Thank you for clarifying. I do enjoy our conversation, and hope it remains civil. One of the people I miss conversing with most is Freddie - he's highly intelligent but he can't keep the snark out, and I end up responding in kind and it goes downhill from there. We can disagree - its just fine when we do.
Tax cuts do have a near term impact in frontrunning. But the belief (which I subscribe to) that cutting taxes stimulates economic response doesn't occur overnight. Stock buybacks are corporate breaks, not individual ones. And I firmly believe restrictions should be put in place on buybacks - not eliminating them, as they are a way of lowering WACC through smart corporate financial means. But executives abuse it because they are compensated in stock packages.
