- Professor of History at Rutgers University
- Con to the question "Does Lowering the Federal Corporate Income Tax Rate Create Jobs?"
“The now-familiar objection to a tax increase on corporate profits is that it will discourage private investment and thus dampen job creation. The retort is just as obvious: since when have tax cuts on corporate profits led to increased investment, faster job creation and higher per capita consumption out of rising real wages? It didn’t happen after the Reagan Revolution, it didn’t happen during the Clinton boom of the 1990s, and it sure didn’t happen under George W. Bush. Nor is it happening now, as corporate profits soar and full-time job creation languishes. American corporations are now sitting on $4.75 trillion in cash, according to the Federal Reserve Bank of St. Louis.
The other well-worn objection to an increase of corporate income taxes is that it would encourage companies to invest and hire overseas, where tax rates are presumably lower. Here, too, the retort is obvious: the tax code already works exactly this way by postponing taxes until profits from investment overseas are repatriated. American companies routinely avoid taxation by moving their idle cash offshore.”
“If Companies Are People…,” nytimes.com, Apr. 14, 2013
- Involvement and Affiliations:
- Professor of History, Rutgers University, 1988-present
- Formerly taught at a “community college, a maximum-security prison, a small liberal-arts college, and three state universities,” according to his faculty website at Rutgers University
- Wrote for the Socialist Revolution, In These Times, Democracy, Marxist Perspectives, Cineaste, Chicago History, The American Historical Review, Psycho-history Review, and Social Text.
- PhD, History, Northern Illinois University, 1980
- Currently writing two books on the “intellectual revolution in the pilot disciplines of the postwar university, particularly in history departments” and the “fetish of work in every current incarnation of critical theory, from Marxism to psychoanalysis,” according to his faculty website at Rutgers University
- Lives in New York, NY
- Quoted in:
- Pro & Con Quotes: Does Lowering the Federal Corporate Income Tax Rate Create Jobs?