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Corporate Tax Cut as Growth Elixir? Foreign Experience Suggests Caution
Greg Ip of the WSJ cautions about thinking that the GDP growth of 3% is likely to be achieved with the Trump plan for a corporate tax rate of 15%. He says evidence from Britain and Canada- Britain reducing the tax rate from 30% in 2007 to 19% today, and Canada from 28% in 2000 to 21% in 2004- is disappointing. In Britain the increase in GDP averaged about 0.1% a year. Business investment increases with cut in corporate taxes, and the U.S. corporate tax rate is higher than other advanced countries such as Germany, yet GDP growth includes other factors, such as the business cycle, demographics, productivity growth, aging, technology, regulation, says Ip. It is better if the tax cuts are spread broadly over the population, and tax cuts are offset to a greater extent by savings in other areas, and that tax cuts promote productivity boosting investment, to create enough of a surge in growth above 2%.
The tax plan and tax cuts proposed by president Trump in April 2017- shift to 15% corporate tax rate to spur growth, and lowering individual taxes
04/26/2017
Grouped Articles
Trump Plans to Seek Tax Rate of 15% on Owner-Operated Companies
WSJ 04/25/2017
Trump Unveils Broad Tax-Cut Plan
WSJ 04/26/2017
Republicans’ Fiscal Discipline Wilts in Face of Trump’s Tax Plan
The New York Times 04/28/2017
Corporate Tax Cut as Growth Elixir? Foreign Experience Suggests Caution
WSJ 05/01/2017
Trump’s Budget Seeks Cuts to Taxes, Safety-Net Programs
WSJ 05/23/2017
Trump's $4.1tr budget takes hatchet to safety net - BBC News
BBC News 05/23/2017
U.S. president Ronald Reagan, supply side economcs and deficits
07/21/2011
Grouped Articles
New York Times 07/21/2011
Presidents and their Debt , FDR to Bush: FDR, Deficit Hawk
New York Times 07/21/2011
Corporate Tax Cut as Growth Elixir? Foreign Experience Suggests Caution
WSJ 05/01/2017
Past U.S. Presidents, Debt, Budget Deficits and Deficit Reduction
07/21/2011
Presidents from FDR to Bush and how they handled U.S. deficit reduction. Views of historians. FDR was not the spender he is presented to be. He believed in responsible budgeting. Social Security was to be financed through contributions from employees and employers. For Social Security financing Roosevelt said: "no dole."
Grouped Articles
New York Times 07/21/2011
Presidents and their Debt , FDR to Bush: FDR, Deficit Hawk
New York Times 07/21/2011
New York Times 07/21/2011
New York Times 07/21/2011
Washington Post 08/07/2011
Wall Street Journal 02/14/2012
Deficit spending and the U.S. economy
01/04/2010
Grouped Articles
Wall Street Journal 06/24/2011
Why the Old Jobs Aren't Coming Back
Wall Street Journal 06/24/2011
Wall Street Journal 07/12/2011
President's Focus: $4 Trillion
Wall Street Journal 07/12/2011
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
Our advice to the debt supercommittee: Go big, be bold, be smart - The Washington Post
Washington Post 10/01/2011
What Krugman makes of the one trillion dollar U.S. deficit in 2012 and the alternate view of John Taylor on the U.S. deficit
08/22/2010
Krugman says $1.089 trillion to be exact for the fiscal year ending in Sept. 2012. He gives the 400-450-150 formula to understand what this means in simple terms. The debt would still be stable or declining as a ratio of GDP at $400 billion because of steady GDP growth. He cites the example of the period when debt to GDP declined from 49% to 33% because of steady growth during the Clinton years (1992-2000) even though Clinton started out in 2000 with a deficit. The $450 billion is from lower tax payments because of the 2008 economic crisis followed by recession which would be reversed with restored GDP growth. The $150 billion is from payments such as unemployment insurance, food stamps, to cushion the effects of that crisis and the recession, which would be reversed with restored economic growth.
Grouped Articles
New York Times 09/06/2011
New York Times 09/08/2013
Bush Tax Cuts: Now That's Rich
New York Times 08/22/2010
New York Times 10/10/2010
Strong Dollar Stands in Manufacturing Sector’s Way
Wall Street Journal 03/16/2015
Dollar’s Rise Poses Risk for Fed Plans
Wall Street Journal 01/27/2016
Simplifying the U.S. corporate tax code as part of fiscal cliff deficit reduction talks
12/12/2012
Efforts to reach agreement to lower corporate taxes to 25-28 percent to improve U.S. competitiveness, by eliminating deductions and simplifying the code.
Grouped Articles
Corporate Taxes on Table in Cliff Talks
Wall Street Journal 12/12/2012
Corporate Tax Cut as Growth Elixir? Foreign Experience Suggests Caution
WSJ 05/01/2017
The U.S. debt ceiling and deficit reduction deal of 2013
01/21/2013
Grouped Articles
Fannie Mae to pay $59.4B to Treasury - The Washington Post
Washington Post 05/09/2013
Obama, GOP Open Talks Over Temporary Debt Fix
Wall Street Journal 10/11/2013
Wall Street Journal 10/10/2013
Jim DeMint: We Won't Back Down on ObamaCare
Wall Street Journal 10/17/2013
New York Times 10/20/2013
GOP Moves to Extend Debt Ceiling
Wall Street Journal 01/21/2013
The reform Republican governors from the 2010 U.S. elections, who led the batttle to control deficit spending, and the Republican party in 2012
09/26/2011
Grouped Articles
Why we need a third party - The Washington Post
Washington Post 09/26/2011
Kimberley Strassel: The Reform Governors Who Led the Way
Wall Street Journal 08/28/2012
G.O.P. Governors Ready to the Hold Line On Obama Policies
New York Times 11/16/2012
Corporate Tax Cut as Growth Elixir? Foreign Experience Suggests Caution
WSJ 05/01/2017
U.S. presidential candidate Donald Trump's tax plans
09/01/2016
Grouped Articles
If Trump Gets His Way, Real Estate Will Get Even More Tax Breaks
The New York Times 09/01/2016
Taxes Under Trump: Almost Everyone Pays Less and the Richest Pay a Lot Less
WSJ 12/02/2016
Dealt a Defeat, Republicans Set Their Sights on Major Tax Cuts
The New York Times 03/27/2017
Trump Plans to Seek Tax Rate of 15% on Owner-Operated Companies
WSJ 04/25/2017
Trump Unveils Broad Tax-Cut Plan
WSJ 04/26/2017
Republicans’ Fiscal Discipline Wilts in Face of Trump’s Tax Plan
The New York Times 04/28/2017
Solutions to the U.S. budget deficit, including changes in Social Security and Medicare.
10/21/2010
Grouped Articles
U.S. Annual Budget Deficit Smallest in Nearly Seven Years
Wall Street Journal 06/11/2015
Alice Rivlin's Bid to Cut the Deficit
BusinessWeek 10/21/2010
Key Tax Breaks at Risk as Panel Looks at Cuts
Wall Street Journal 10/25/2010
Physician Panel Prescribes the Fees Paid by Medicare
Wall Street Journal 10/26/2010
Deficit panel leaders propose curbs on Social Security, major cuts in spending, tax breaks
Washington Post 11/10/2010
Panel Weighs Deep Cuts in Tax Breaks and Spending
New York Times 11/10/2010
Trump's economic plan and how it increases the U.S. deficit by $5.3 trillion
09/22/2016
The sharp contrast between the Trump economic plan which is very unusual for a Republican candidate in that it substantially increases the U.S. debt by $5.3 trillion, and the Clinton economic plan which only modestly increases the deficit by $200 billion. The impact is about one fourth increase of the national debt of $19 trillion under Trump and only 1% under Clinton's economic plan, according to the Office of Management and Budget.
Grouped Articles
New Clinton, Trump budget numbers
POLITICO 09/22/2016
Donald Trump’s Plans Would Add $5.3 Trillion to the National Debt
Fortune 09/22/2016
Clinton Seeks Big Jump in Estate Tax
WSJ 09/22/2016
Donald Trump’s Tax Pitch Could Miss Trade’s Strike Zone
WSJ 10/05/2016
Donald Trump’s Tax Plan Would Boost Economy in Short Run but Not Long Term, Analysis Finds
WSJ 10/17/2016
Donald Trump’s Economic Plan, Up Close, Doesn’t Add Up
WSJ 10/18/2016
Governor Jerry Brown's call for fiscal restraint in his Jan 2013 annual address sets the tone for the U.S.
10/23/2010
Simply stated : "We're not going back there." Brown told legislators and Californians "its cruel" to spend money on programs and cut back when the money isn't there. Swinging from surplus to deficit shows lack of fiscal prudence and poor management of finances, a situation the U.S. is waking up to.
Grouped Articles
California’s New Problem: Too Much Money
New York Times 05/25/2013
Brown Set for Victory in California Budget Fight
Wall Street Journal 06/12/2013
Brown Cheered in Second Act, at Least So Far
New York Times 08/16/2013
Wall Street Journal 10/23/2010
Jerry Brown is spending more on ballot measures than on his own campaign - The Washington Post
Washington Post 10/24/2014
Playing Chicken With Tax Dollars and Tuition in California
Wall Street Journal 11/22/2014
How the U.S. went from a CBO surplus projection of $2.3 trillion for 2011 to a deficit figure $12.7 trillion below that estimate
01/16/2009
The CBO projection was made in 2001 and showed a surplus of $2.3 trillion for 2011. Two wars, higher defense spending added about $2 trillion. The Stimulus about $700 billion. Figures from the analysis done by the Pew Fiscal Analysis Initiative using CBO numbers.
Grouped Articles
CBO | The Budget and Economic Outlook: 2014 to 2024
Unknown 02/05/2014
Washington Post 08/07/2011
Tom Keene Talks to Robert Skidelsky
BusinessWeek 07/28/2011
Why the Debt Crisis Is Even Worse Than You Think
BusinessWeek 07/27/2011
New York Times 08/13/2011
Forecast Clouds Debt-Cut Outlook
Wall Street Journal 08/25/2011
The U.S. Congressional Budget Office (CBO) and estimates of the U.S. Budget Deficit
01/26/2011
Grouped Articles
CBO Sees Deficit Narrowing to $642 Billion
Wall Street Journal 05/14/2013
Four Deficit Myths and a Frightening Fact
Wall Street Journal 01/19/2012
CBO | The Budget and Economic Outlook: 2014 to 2024
Unknown 02/05/2014
Budget Deficit Returns to Prerecession Levels
Wall Street Journal 10/16/2014
U.S. Racks Up Smallest Deficit Since 2007
Wall Street Journal 01/14/2015
U.S. Annual Budget Deficit Smallest in Nearly Seven Years
Wall Street Journal 06/11/2015
The view that the burden of U.S. deficit reduction is falling on the elderly, the poor and the middle class
01/20/2010
Bernie Sanders and other leaders who see this as a problem with the plans for U.S. deficit reduction that are under discussion.
Grouped Articles
Low Interest Rates Are Squeezing Seniors
Wall Street Journal 03/30/2010
Americaâs Sinking Middle Class
New York Times 09/18/2013
State of the Union: Obama Seeks to Narrow Income Gap
Wall Street Journal 01/29/2014
Bernie Sanders’s Revolutionary Roots Were Nurtured in ’60s Vermont
New York Times 07/03/2015
Similarities Aside, Bernie Sanders Isn’t Rerunning Howard Dean’s 2004 Race
New York Times 08/09/2015
Livin’ Bernie Sanders’s Danish Dream
New York Times 02/12/2016
Corporate America's choice between corporate buybacks and increasing wages/making capital investments for growth to help the middle class
03/01/2018
Linked Articles
Boom in Share Buybacks Renews Question of Who Wins From Tax Cuts
WSJ 03/01/2018
Corporate Tax Cut as Growth Elixir? Foreign Experience Suggests Caution
WSJ 05/01/2017
Is the growth boom that supports the case for 2017 tax cuts skewed to higher income Americans based on evidence?- views of Greg Ip (WSJ) and Krugman (NYT)
12/20/2017
Linked Articles
Corporate Tax Cut as Growth Elixir? Foreign Experience Suggests Caution
WSJ 05/01/2017
Opinion | Passing Through to Corruption
The New York Times 12/18/2017
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