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Policy Note 2021/3 | June 2021

Why President Biden Should Eliminate Corporate Taxes to Build Back Better

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.
Download:
Policy Note 2021/3
Associated Program(s):
Economic Policy for the 21st Century
Federal Budget Policy
Author(s):
Edward Lane L. Randall Wray
Related Topic(s):
Corporate taxes COVID-19 Federal budget policy

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