Wednesday, April 14, 2021

For the Record: Biden's Corporate Tax

Cartoon by Clifford Berryman, June 1933, via Wikipedia. More material on the issues being faced then here, but (spoiler) it wasn't Roosevelt's idea to replace income tax with a sales tax..


Bos sent me this thread from Stephanie Kelton offering suggestions for forgetting about a hike on corporate taxes (or living with Manchin haggling the hike down, I'm not sure which). Also some corroboration for my hypothesis that she lacks clear concepts of how the budgeting process works and what Biden and Yellen are planning for the tax system. Both her ideas are pretty good, too, I hafta say, but don't offer good reasons for giving up on the tax hike:


If there's anything that seems incomprehensible the links (starting with Kelton's thread, which you obviously need to read) should help straighten it out, but I'll field questions in the comments as well as the usual explanations of why I'm wrong.

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