Microsoft has announced plans to buy back up to $60 billion of its stock, following on from a $40 billion buyback program that launched in 2019.

The company has been bullish with its buyback schemes of late, spending $23 billion on repurchasing shares during the 2020 financial year. This comes as Democrats proposed a 2 per cent excise tax on stock buybacks by publicly-listed companies in the Senate last week.

Microsoft also raised its quarterly dividend to 62 cents a share from 56 cents a share, payable December 9, and set its annual shareholders meeting for November 30.