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 Richmans' Trade and Taxes Blog



Palin calls for elimination of corporate income tax
Howard Richman, 9/6/2011

In her speech in Iowa on September 3, which you can watch above, Governor Sarah Palin called for the complete elimination of the U.S. corporate income tax as a way to create jobs. She correctly pointed out that the corporate income tax sends American jobs abroad and that eliminating the tax would cause investment in America to surge.

At the same time that she would eliminate the corporate income tax, she would end corporate bailouts, corporate welfare and tax loopholes. She would do so partly as an anti-corruption measure. She argues that Obama is growing a corrupt system of "crony capitalism" in the United States.

She is correct about the self-destructive nature of the corporate income tax. We summarized the disadvantages of that tax with the following four points in our 2008 book Trading Away Our Future:...

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Milken Institute: Cutting Corporate Income Tax would raise GDP
Howard Richman, 1/31/2010

On January 26, the Milken Institute issued a research report entitled Jobs for America: Investments and Policies for Economic Growth and Competitiveness. They analyzed several proposals for enhancing the American economy, and concluded:

• Reducing U.S. corporate income tax rates to the current average of OECD countries (from the current 35 percent to 22 percent) stimulates growth. By 2019, real GDP rises by 2.2 percent (or $375.55 billion) and 2.13 million jobs are created.

• Increasing the R&D tax credit by 25 percent and making it permanent enhances American innovation. By 2019, real GDP rises by 1.2 percent (or $206.3 billion) and 316,000 manufacturing jobs are created.

• Modernizing export controls on commercially available technology products for some countries would allow U.S. firms to capture increased international market share. In this scenario, real exports of goods and services rise by 1.9 percent (or $56.6 billion), and 340,000 jobs are added by 2019 (160,000 of them in the manufacturing sector).

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    Wikipedia:

  • [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]

    Journal of Economic Literature:

  • [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....

    Atlantic Economic Journal:

  • In Trading Away Our Future   Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]