According to WisdomTree, using data from FactSet, investors with significant positions in the Financials and Communications Services sectors face the most risk from a buyback tax (but perhaps potential upside this year before the tax is applied). Two sectors have negative net buyback yields and would be largely unaffected by the excise tax: Utilities and Real Estate. S&P 500 Dividend Yield & Net Buyback Yield by Sector (As of March 31, 2022) Source: WisdomTree The Bottom Line Wall Street Horizon's corporate event data coverage includes a detailed count of global share repurchase initiations and modifications so investors know what's happening with buyback policies of the stocks they own. We also aggregate the data to spot macro trends. The new IRA legislation brings about more uncertainty regarding shareholder accretive activities.