How the US tax code makes financial crisis more likely
One of the many flaws of the US tax code is its favoritism of debt over equity. It should be neutral. A new IMFreport attempts to show the risk of putting a thumb on the scale: That most corporate tax systems favor debt over equity finance is now widely recognized as, potentially, amplifying risks to financial stability.
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I have a book and a YouTube video where I advocate a 5% flat tax on earned income, capital income and corporate profits. No deductions or exemptions. Everybody pays 5% of what they earn. With this tax plan the economy would take off like a rocket.