Trump’s top economist provided a dishonest look at who benefits from corporate tax cuts

“As Frank Lysy noted, the corporate tax cuts of the late 1980s did not result in increased real wages” reports The authors include no corporate tax detail, no recognition of the impact of the tax proposal on asset prices, and no treatment of the budget consequences of tax cuts.Unfortunately it provides little support for claims that corporate rate cuts will raise revenue, help the middle class or spur rapid wage growth.One central aspect of this paper was the recognition that the corporate tax rate is, contrary to Mulligan and Mankiw’s assumption, not a sufficient statistic for assessing the impact of the corporate tax system.By far the highest quality assessment of corporate tax issues has been provided by Jane Gravelle, writing under the auspices of the Congressional Research Service.

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