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The other difference is that with a buy back your return is reinvested in the stock. The company could make a mis-step tomorrow and make it go away. With a dividend the return is liquid and risk free. If you are re-investing your dividends in a taxable account you should prefer buy backs instead. If you are hoping to use your returns for cashflow you will prefer companies that issue dividends. If you're investing in a tax-deferred or tax-free account then it shouldn't matter.

In the US in 2024 you can collect up to $94k in qualified dividends and owe no federal taxes.