Joseph Stiglitz [Fan Account]

Open Letter from Nobel Laureates in Support of Economic Recovery Agenda https://web.archive.org/web/20210916171852/https://s3.documentcloud.org/documents/21063166/nobel-prize-letter-in-support-of-biden-economic-program.pdf … Signed by 15 recipients of the Nobel Memorial Prize in Economic Sciences: Stiglitz Diamond Kahneman Hart Romer Maskin Phelps Engle Akerlof Milgrom Sims Deaton Solow McFadden Myerson

"There is no evidence that the recent trend toward lower corporate tax rates has stimulated productive investment and growth. The 2017 US rate cut mainly ended up funding dividend payments and stock buybacks."

"Corporate taxation is in effect a tax on pure profits, and so lowering the rate has little effect on economic activity. In other words, corporate taxes are essentially a withholding tax on dividends, and thus an income tax on the wealthy..."

"An ambitious global minimum tax could be a game changer in the fight against tax avoidance. If G20 countries were to agree to impose a 25% minimum corporate tax on the global income of their multinational firms, >90% of worldwide profits would automatically be taxed at 25+%."

we urge you to fulfill your promise to “lead efforts internationally to bring transparency to the global financial system, go after illicit tax havens, seize stolen assets, & make it more difficult for leaders who steal from their people to hide behind anonymous front companies.”

"By shifting their profits to tax havens, large companies deprive governments worldwide of at least $240 billion per year in fiscal revenues."

"Fair taxation of multinationals is needed to create the type of societies that we aspire to, and it must be a central part of any progressive tax system aimed at driving economic growth and creating high living standards for all."

"For too long, international institutions have failed to deal with one of the most toxic aspects of globalization: tax avoidance and evasion by multinational corporations."