So, Ritchie points us to a paper which tells us that MMT is great and we should abolish the corporate tax. He admires the MMT bit and rejects the tax bit:
Paul Hunt says:
August 18 2015 at 11:47 am
I’m not sure Ruml’s reasons for abolishing corporate (profits) tax are now “wholly outmoded”.
Richard Murphy says:
August 18 2015 at 11:49 am
a) largely static shareholdings
b) almost closed state
c) double tax which is removed by imputation
d) and got incidence behaviourally wrong
I think that’s a mighty lot of change
The paper is here.
It does not assume static shareholdings, a closed state, removal of double taxation (indeed, it complains of there being double taxation) and does not get incidence wrong.
And, even better, assuming an open economy and or state makes corporation tax worse, not better.