Three Sleights of Hand in Biden’s Argument for Corporate-Tax Hikes

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Why advocates of the president’s ‘Made in America Tax Plan’ get the story wrong.

NRPLUS MEMBER ARTICLE

T
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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