Kimberly Clausing retweeted
What do Larry Kudlow, Janet Yellen, Steve Mnuchin, @econJaredB & me have in common? We all believe the permitting reform bill is essential for America to build, grow, tackle climate change and maintain our technological lead.
Probably the broadest letter I've ever signed.
Kimberly Clausing retweeted
It's almost as if Econ 101 usually works, and Oren Cass doesn't know anything
Trump’s tariffs raised prices on more than imports. New York Fed researchers found they also pushed up the cost of American-made goods.
Full story here foxnews.com/politics/america…
Kimberly Clausing retweeted
Billions of dollars’ worth of contracts predicting oil would fall and the S&P 500 would rise were placed about 15 minutes before Trump announced a U-turn on Iran in a post on Truth Social. CFTC staff began to investigate-- then were told to lay off. bloomberg.com/news/features/…
Kimberly Clausing retweeted
There are real limits to what we can accomplish in a world where people believe nothing they do really matters.
My book (!) is about how we wound up in a place where millions of people feel like spectators in their own lives. And how we course correct. Because we can.
(10/11) Finally, a stronger corporate tax can handle the fiscal challenge of AI. We don’t know which firms win, or how much, or how the labor share of income evolves. But corporate tax is a flexible tool for society to share in business success (w/o govt taking shares!).
(9/11) And the rest of the world has ample incentive to tackle tax competition and boost capital taxation too; strengthening the already substantial efforts on international tax agreements (Pillar 2) should be on the agenda in 2029.
piie.com/publications/workin…
(8/11) The proposals in the Hamilton paper would raise about 1 pp of GDP in new revenue, and still leave US corporate tax revenues below that of peer nations as a share of GDP. It would close about half that gap.
(7/11) What about competitiveness? US corporations pay very little tax. We are more than 40 percent of the profits of the world’s biggest 2000 public corporations, a much larger share than US GDP in the world, yet we raise much less corporate revenue than peer countries.
(6/11) And fiscal responsibility can come with its own growth enhancing effects, including lower interest rates, helping both government budgets and households’ bottom line (due to lower mortgage payments, e.g.).
budgetlab.yale.edu/research/…
(5/11 ) What are the downsides? Some argue that a corporate tax increase with stifle growth, but they are often focused on the hit to the cost of capital. A rents-based corporate tax hits only excess returns, minimizing efficiency loss.
papers.ssrn.com/sol3/papers.…
(4/11) The corporate tax reaches all of US equity income, including that held by foreigners, tax exempts, or tax preferred accounts.
(3/11) The corporate tax can also be a part of raising adequate revenue to deal with US fiscal imbalances, as I argue in a joint piece with @NatashaRSarin out of @AspenEcon .
economicstrategygroup.org/pu…
(2/11 ) This piece builds on my @hamiltonproj proposal to shift the corporate tax toward a rents base, raise the rate on fewer than 2 percent of payers, and pair that rate increase with stronger minimum taxation and a new round of tax cooperation abroad.
hamiltonproject.org/publicat…
(1/11) 🧵In my piece in today’s FT, I argue that the corporate tax is an excellent tool for taxing the same wealth that proponents of billionaires’ taxes (or the CA wealth tax) are reaching for. Link at end of thread.
Kimberly Clausing retweeted
Infuriating—but this is what we warned anyone who would listen: Trump isn't the slightest bit trustworthy when it comes to Russia.
Giving him expanded tariff powers in hopes he would use them to help Ukraine was a mistake.
Now he's *lifting* sanctions on Russian fossil fuels.
Kimberly Clausing retweeted
Today, the U.S. is sanctioning the ICC and doing a deal with Putin who faces an ICC arrest warrant.
