by L. Randall Wray, an MMT economist, gives a very interesting perspective on taxes:[embedded content]Certainly raising taxes in the midst of a depression, recession or period of weak aggregate demand and large-scale unemployment is a bad idea. But it is fascinating indeed to hear L. Randall Wray give the left heterodox case for lowering corporate taxes and payroll taxes. If I am not mistaken, some of these ideas on taxes discussed here are derived from the thinking of Hyman Minsky. While this is not quite an endorsement of Trump’s tax policies, there is at least a left heterodox case for tax cuts and a reformed tax system, which shifts the burden of taxes to certain types of income tax, property tax, financial transactions, banks, and other anti-social behaviour. Cuts to corporate taxes, if properly done, could be part of broader industrial policy to shift manufacturing back to the United States, and to other Western nations.Realist LeftRealist Left on FacebookRealist Left on Twitter @realistleftRealist Left on RedditRealist Left BlogRealist Left on YouTubeLord Keynes on FacebookSocial Democracy for the 21st Century: A Realist Alternative to the Modern LeftAlt Left on the Internet:Alternative Left on FacebookAlt-Left on Google+Samizdat Broadcasts YouTube ChannelSamizdat: For the Freedom Loving LeftistI’m on Twitter: Lord Keynes @Lord_Keynes2https://twitter.
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Certainly raising taxes in the midst of a depression, recession or period of weak aggregate demand and large-scale unemployment is a bad idea. But it is fascinating indeed to hear L. Randall Wray give the left heterodox case for lowering corporate taxes and payroll taxes. If I am not mistaken, some of these ideas on taxes discussed here are derived from the thinking of Hyman Minsky.
While this is not quite an endorsement of Trump’s tax policies, there is at least a left heterodox case for tax cuts and a reformed tax system, which shifts the burden of taxes to certain types of income tax, property tax, financial transactions, banks, and other anti-social behaviour. Cuts to corporate taxes, if properly done, could be part of broader industrial policy to shift manufacturing back to the United States, and to other Western nations.