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https://twitter.com/stephenmoore/status/1928092624973443271Here is the thread, note I try to express some humility/doubts about accuracy given that we do not have final table from JCT on this. I am subtracting TCJA distributional table from the OBBB table
https://x.com/DonFSchneider/status/1927405670346661925
https://twitter.com/DLeonhardt/status/1395354401368383490?s=20
https://twitter.com/oren_cass/status/1376629104158597128?s=20First, I don't have a strong view on what is going on with investment (good/bad). I've conducted my own lit review of sorts and found the literature really conflicting, with many compelling theories & measures of investment to assess them by. No good definitive answers.
https://twitter.com/oren_cass/status/1375077876425441281?s=20This is the headline chart that we are supposed to be concerned about - the evidence that wall street is wreaking havoc on the economy by sucking investment out of the private sector. A decline in *net* investment "from 4.1% in the 1970s and 80s to 2.5% in the 2010s"
https://twitter.com/jasonfurman/status/1313279356974891008Furman makes the point that the corporate rate cut is only half reversed. True. But the rate is being raised on a broader base b/c of TCJA... which cut taxes on corps by ~$330bn over a decade. Biden's 3 biggest provisions will raise corp taxes by *$1.5 trillion*