Why advocates of the president’s ‘Made in America Tax Plan’ get the story wrong.
NRPLUS MEMBER ARTICLE
he Biden administration’s proposal to increase taxes on American corporations rests on three politically expedient but misleading claims: (1) The share of income enjoyed by American workers has been steadily declining; (2) the tax burden on U.S. businesses has been too low, casting us out of step with global norms; and (3) the 2017 Tax Cuts and Jobs Act (TCJA) made it more profitable for companies to flee overseas. Let’s consider each argument in turn.
First, the administration points to a decline in the labor share of gross domestic income (GDI). In using this metric, however, it ignores that some of …
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