And back to their op-ed: here’s the NFIB on the economic policy response to the pandemic: “Washington’s response has often made it harder.” It seems they missed this @greg_ip piece in WSJ: “How the U.S. Nailed the Economic Response to Covid-19”:
on.wsj.com/2ZcXrTr
Given that on these small business PPP “loans”: “More than 90% of the jobs at firms that received PPP loans would have been preserved without the program” – one would perhaps see some gratitude from the NFIB but, no
Somehow the NFIB fails to even mention how many of its members received a substantial loan – read grant – as part of this policy response that made it “harder.”
I can't bring myself to link to the NFIB op-ed again but it's in my prior thread here:

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More from @ChuckCBPP

23 Sep
Here’s a tax policy must-read from two top economists, @gregleiserson of CEA and @dannyyagan of OMB: they find, conservatively, that the wealthiest 400 families paid an average income tax rate of just 8.2% over 2010-2018
bit.ly/39vMoXv
It’s featured this morning in this New York Times Story by @jimtankersley:
nyti.ms/39uC16f
This is timely given the stage of the current debate. The House bill includes important provisions that would boost this rate some, but leaves out the most important provision (on step-up which I’ll discuss later in this thread)
Read 13 tweets
21 Sep
It’s hard to know where to begin with this one & it’s painful to have to link to it & risk spreading it around even more but here are a few points on this op-ed, including how it elides whose taxes are actually going up and ignores whose are going down:
bit.ly/3EAm5Oa
“the small business deduction would be capped”: at what level? It doesn’t say. Maybe at $10,000? No, it’s capped at $500,000. This means that the joint filers with such income up to $2.5 million still get the full deduction. I wonder why they left that out.
“Estate taxes would be raised”: Ah, yes the tax that only morons pay after three decades of a campaign by some of the wealthiest families in the country on behalf of their trust-fund kids.
Read 14 tweets
23 Apr
Dusting off this paper from @dashching and me from the last time capital gains taxes were hotly debated. More to follow but here’s a quick thread on some of the still applicable content.

bit.ly/3dLHusw
As top tax economist Joel Slemrod summed it up during the Bush tax cut debate: “there is no evidence that links aggregate economic performance to capital gains tax rates.”
And from another top tax economist, @lenburman, who wrote the book on capital gains: “Virtually every individual income tax shelter is devoted to converting fully taxed income into capital gains.”
Read 8 tweets
13 Apr
Stars are aligning to rebuild the IRS & address tax gap. Here’s our take on need for multi-year discretionary cap adjustment, & a multiyear mandatory funding stream to help pay for recovery legislation– to be combined with increased reporting requirements
bit.ly/3dSjLW4
The depleted state of the IRS is well-known. The time has come to do something about it. Enforcement funding has been cut sharply over the last decade:
The ranks of the most sophisticated auditors have been cut by 39 percent causing audits of very high-income people to plummet:
Read 15 tweets
1 Apr
Conservative groups are likely going to pump out pieces that argue that the corporate tax rate increase is going to hurt the recovery & corporate lobbyists are going to pounce on these.
A few respectful requests for tax reporters and other debate participants to probe on these.
1.Where’s the evidence?

We just ran an experiment. The corporate tax rate was cut deeply. Where is the evidence it had any discernible economic benefit to go along with the scope and cost of the change? How do they explain this chart?:
For that matter, where is the evidence that U.S. multinationals had any problem competing before the 2017 tax cut? See after-tax profits as a share of GDP or how U.S. multinationals stacked up against peers before the tax cut. Where was the competitiveness problem?
Read 6 tweets
31 Mar
President Biden’s #AmericanJobsPlan will make the economy stronger & the tax code fairer by raising the corporate tax rate & limiting the ability of corporations to shift profits & investments overseas and using the revenue to finance a 21st century infrastructure.

Thread
Raising taxes on corporate profits by partially reversing the 2017 tax cuts won’t hurt the economy & the investments they finance will strengthen it and broaden opportunity. The costly 2017 law slashed the corporate tax rate to 21% w/little discernible effect on the economy.
Here’s the evidence: @JasonFurman told Ways & Means in Feb 2020: “GDP growth did not increase following the 2017 tax law”

bit.ly/3sFs5ib
Read 19 tweets

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