Joseph Stiglitz, winner of the Nobel Prize in economics, has written a powerful statement in favor of the Inflation Reduction Act.
This is one of those times when trying to paraphrase something just isn’t possible, and so here is the full text of his remarks, unedited. My high school history teacher liked to say that the gates of history turn on tiny hinges. The Inflation Reduction Act may be one of those tiny hinges.If it passes, the US Inflation Reduction Act would be a landmark legislative achievement.
These investments will yield far-reaching returns. The costs of climate-driven events will reduce our standard of living even more than today’s inflation will, and they are disproportionately borne by lower-income households, people of color, and future generations. These costs are far larger and more difficult to rectify than the costs of deficits.
The United States is one of the world’s leading sources of pharmaceutical innovation, and much of the basic research behind these advances was paid for by American taxpayers. Yet, Americans pay much more for prescription drugs than people in other countries, partly because drug companies have been given an unbridled power to set prices. Many of us have been fighting for years to curb these firms’ undue market power. If the IRA becomes law, this provision alone would be a signal achievement.
The 15% minimum corporate tax is especially important. The US has led a global negotiation to curtail the practice of a few governments cutting special deals for corporations so that they can siphon tax revenues and jobs from other countries and compete in a race to the bottom in tax rates – a race in which the only winners are the multinational corporations. A 15% US minimum corporate tax will not only raise badly needed revenue; it will also help stop this self-defeating global race.
These predictable arguments against the IRA’s tax provisions are based on a flawed assumption: namely, that corporations will “shift” the burden of the minimum tax by raising prices and lowering wages. But economists have long recognized that the current US corporation-tax regime — which allows firms to deduct virtually all costs, including labor and capital — is close to a pure profits tax.
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Nobel Laureate Joseph Stiglitz Praises Inflation Reduction ActJoseph Stiglitz, winner of the Nobel Prize in economics, has written a powerful statement in favor of the Inflation Reduction Act.
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