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Why President Biden Should Eliminate Corporate Taxes to Build Back Better

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  • Edward Lane
  • L. Randall Wray

Abstract

Edward Lane and L. Randall Wray explain how federal taxes on corporate profits are not well suited to either containing inflationary pressures or reducing inequality. They are not only a poor complement to President Biden's proposed infrastructure plans, but are inefficient and ineffective taxes more broadly, according to Lane and Wray. The authors follow Hyman Minsky in recommending the elimination of corporate taxes, and they outline a replacement centered on the taxation of unrealized capital gains.

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  • Edward Lane & L. Randall Wray, 2021. "Why President Biden Should Eliminate Corporate Taxes to Build Back Better," Economics Policy Note Archive 21-3, Levy Economics Institute.
    • Handle: RePEc:lev:levypn:21-3
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    File URL: http://www.levyinstitute.org/pubs/pn_21_3.pdf
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    1. Edward Lane & L. Randall Wray, 2020. "Is It Time to Eliminate Federal Corporate Income Taxes?," Economics Working Paper Archive wp_979, Levy Economics Institute.
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