I tangle with my old nemesis Christian Weller, one of the statists at the Center against American Progress, in a debate on whether the corporate tax rate should be reduced. I was somewhat amused that Christian defended the current system because companies currently are earning profits. Maybe I’ll eventually convince him to be a capitalist.
The debate was fairly uneventful, but I was a bit disappointed that my comment about the Laffer Curve got buried at the end of the segment. The fundamental point is that America has a very high corporate tax rate by world standards, yet we collect relatively little revenue. My argument, not surprisingly, is that revenues are low because the tax rate is high.
