In the long run, all of the factor owners' loss from a capital income tax is a loss to labor (the area below the horizontal dashed line is negligible; see A below). Therefore, in the long run, capital-income tax revenue is a LOWER BOUND on labor's loss. Furman and Summers have it backwards. This is from Casey Mulligan, "Furman and Summers revoke Summers' academic work on investment," October 18, 2017. This is Casey's comment and analysis on the current controversy over whether Kevin Hassett's claim of large increases in wages due to corporate tax cuts make sense. It's a technical argument and you might not follow all of it. Here's one paragraph that might help:Why would labor bear all of the burden in
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