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Higher corporate income taxes in Biden’s tax plan have an intrinsic inefficiency unlike taxes on goods and services, they discourage not only consumption but also investment in plant and equipment and research and development. Austan Goolsbee, a senior adviser to former President Obama, once estimated the deadweight loss from corporate income taxes to be 10 percent of the tax revenue. Greg Mankiw, a senior adviser to former President George W. Bush, has noted that deadweight loss rises with the square of the tax rate, so that doubling the tax rate increases the deadweight loss fourfold.
Taxes on goods with negative consequences instead offer an opportunity for efficiency gains because they reduce use of those goods and the negative consequences. These potential gains underlie the worldwide popularity of taxes on tobacco, alcohol and fossil fuels. Mankiw, along with other prominent Republican economists, have advocated for revenue-neutral carbon taxes to address global warming. T
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One of the most profound lessons of the COVID-19 pandemic is to not take access to technology for granted. Education, business, medicine, transportation, defense and infrastructure all increasingly rely on cloud computing, wireless networks, broadband, AI and other digital technologies.
Semiconductors, today sourced primarily from overseas, are the brains powering these essential technologies, and the backbone of U.S. economic competitiveness and national security. They underpin vital technologies, from cellphones to satellites, from smart grids to advanced industrial and defense equipment. Last year, semiconductor supply was interrupted when demand growth coincided with pandemic-related disruptions to global supply chains, shuttering manufacturing lines in key industries and slowing delivery of essential products.
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