Biden, Yellen and the War on Leprechauns
Metadata
Highlights
- It didn’t happen. In fact, the tax cut had no visible effect on business investment, probably because it was addressing a fake problem. U.S. corporations hadn’t been moving jobs overseas to avoid taxes; they had just been avoiding taxes.
- What the Biden team seems to have concluded, instead, is that the way to create jobs is to create jobs, mainly through public investment, rather than by chasing unicorns and leprechauns. To the (partial) extent that direct job creation must be paid for with new taxes, the new taxes should