You are currently browsing the Armchair Economist weblog archives for the day January 7, 2008.
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Archive for January 7, 2008
Incidence of the corporate income tax
January 7, 2008 by Tom Armstrong.
This Dec. 2007 Treasury study explains the incidence of the corporate income tax.
Summary:
Corporations don’t pay taxes, individuals pay taxes in their roles as shareholders, workers and consumers. Higher corporate taxes translate to lower dividends for shareholders, lower wages for workers and/or higher prices for consumers. According to the empirical evidence presented in this paper, it appears that a substantial burden of increases in corporate taxes fall on the workers employed by corporations. Higher corporate taxes = lower wages.
(HT: Mark Perry)
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Competitive disadvantage
January 7, 2008 by Tom Armstrong.
This WSJ opinion tells us that the U.S. needs to cut marginal tax rates to remain competitive in the global economy.
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