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【正文】 ge corporate tax revenues as a share of gross domestic product for 19 industrial nations. The average corporate tax rate across countries was 40 percent or more until the mid1980s. But then tax rates plunged, with the average rate falling from 45 percent in 1985 to 29 percent by 2022. Interestingly, corporate tax revenues did not decline as rates fell. In fact, tax revenues soared from percent of GDP in 1985 to percent in 2022, which is a 42 percent increase. Corporate tax revenues have surged in most countries that have cut tax rates. Lower rates generate more real investment and higher ines in subsequent years. In addition, tax rate cuts result in increases in reported profits as panies reduce their tax avoidance and tax evasion activities. The bottom line is that a corporate tax rate cut is a winner for the economy, for workers, and potentially for the government as well as the tax base expands over time. Backlash against Tax Competition The global tax revolution is a supplyside revolution. Supplyside tax cuts are those that reduce the costs of productive activities, such as working, investing, and starting businesses. If the costs of production are reduced, output will increase and ines will rise. Tax petition creates pressure to cut precisely those taxes that are the most damaging to the economy. More tax petition means more productive economies and higher living standards. Alas, many politicians and pundits do not see it that way. They claim that tax petition causes distortions in the private sector. The idea is that if investment flows are driven in any way by taxation, it is ‘‘inefficient’’ for the world economy. Ireland is receiving ‘‘too much’’ investment because of its low business taxes, for example. Others argue that tax 英文原文 3 petition creates distortions in the public sector. Any reduction in government revenue that results from capital and labor emigrating to lowertax nations is supposed to be an inefficient ‘‘fiscal externality.’’ Government revenues will fall below the supposed optimal size as a ‘‘race to the bottom’’ in tax levels ensues. There are many theoretical flaws in those arguments. For one thing, they are premised on the ‘‘public interest theory of government,’’ the idea that government officials always act for the general welfare of citizens. But it is naive to assume that if policymakers had monopoly fiscal power without tax petition, they would set tax rates at the optimal level for the good of the people. Another mistake of tax petition opponents is to think of tax petition as a zerosum game. In fact, tax petition drives down tax rates on the most inefficient types of taxes, and thus helps to expand the global economic pie. All nations that enact supplyside tax reforms can generate greater economic growth. Countries are not peting to divide a fixed pie, but to create the least burdensome government and the most prosperity for citizens. On a practical level, there has not been a race to the bottom in tax revenues around the world, as the critics fear. Fiscal conservatives might wish that there had been, but tax petition has not yet ‘‘starved the beast’’ of bloated government. But looking ahead, tax petition will impose a valuable barrier against government growth. In ing decades, the rising costs of retirement and health programs for the elderly in the United States and elsewhere will generate large pressures to increase taxes. Vigorous tax petition will be a crucial tool to preserve limited government in the 21st century. Supporters of big government know that expansive welfare states are in jeopardy
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