‘Taxing Corporations’ Might Be Good Politics, but It’s Still Bad Policy
pa href=https://www.cato.org/people/scott-lincicome hreflang=undScott Lincicome/a/p
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pDear Capitolisters, /p
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pWith one progressive victory in the bag, the Biden administration and congressional Democrats are now—as promised—itching for more. Over the last few days, details have emerged about the White House’s “infrastructure” (scare quotesnbsp;a href=https://www.washingtonpost.com/us-policy/2021/03/22/infrastructure-biden-drug-reform/ target=_blankintentional/a) billnbsp;emand/emnbsp;how Democrats plan to pay for some of it.nbsp;As helpfullynbsp;a href=https://twitter.com/DonFSchneider/status/1374340081167794176 target=_blanktabulated/anbsp;by economist Donald Schneider, the entire package includes about $3.75 trillion in new spending and $2.67 trillion in new taxes, thus generating another $1.1 trillion in new debt.nbsp;These details, of course, are subject to change, but one part of the package seems very likely to stick: increasing the corporate tax rate to 28 percent from 21 percent—i.e., where the Tax Cuts and Jobs Act (TCJA) put it in 2017—and making anbsp;few other moves to increase taxes on multinational corporations and shareholders.nbsp;It’s thus anbsp;perfect time to dig into the literature on corporate taxes and their economic effects—literature showing that, while “taxing corporations” might make for good politics and great soundbites, it’s pretty bad tax policy./p
pstrongWhere We Are/strong/p
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pIt’s no wonder that countries around the world have been lowering corporate tax rates for 40nbsp;years. /p
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pPrior to the passage of the TCJA, the United States had anbsp;combined federal‐state corporate tax rate of 38.9 percent, almost all of which (35 percentage points) was at the federal level. Because many countries—including more “progressive” ones like Canada and Sweden—a href=https://taxfoundation.org/publications/corporate-tax-rates-around-the-world/#Trends target=_blanklowered/anbsp;their corporate tax rates over the last 40nbsp;years, the United States in the 2010s ended up with one of the highest statutory corporate tax rates in the developed world (and the highest in the OECD).nbsp;Following the TCJA, which lowered the federal rate to 21 percent, corporate tax rates in the United States were more in line with the OECD average but certainly not “low” by any reasonable definition:/p
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pThe TCJA also ended up lowering thenbsp;emeffective/emnbsp;corporate tax rate in the United States (meaning the average amount that corporations actually pay in income taxes), though this stat obviously varies anbsp;lot by company and calculation method.nbsp;Regardless, the general trend is clear: Pre‐TCJA, U.S. corporations faced an average effective tax rate that was higher than most peer countries; post‐TCJA, it was better but still not world‐beating. For example, the OECDnbsp;a href=https://stats.oecd.org/Index.aspx?DataSetCode=CTS_ETR target=_blankcalculates/anbsp;rates of 37.5 percent and 17.4 percent for respective average and marginal effective U.S. corporate taxes in 2017 and 24.6 percent and 11.2 percent rates, respectively, in 2019—basically in the middle of the OECD pack. Similar analyses have been completednbsp;a href=https://www.jct.gov/publications/2021/jcx-16-21/ target=_blankhere/anbsp;for just multinational corporations andnbsp;a href=https://www.cbo.gov/sites/default/files/recurringdata/53724-2018-04-tax.xlsx target=_blankhere/anbsp;for just the United States./p
pEven with lower rates, however, corporate taxes in the United States remainnbsp;emun/emcompetitive in several respects.nbsp;First, the combined U.S. statutory rate is still higher thannbsp;a href=https://stats.oecd.org/Index.aspx?QueryId=78166 target=_blank24 of the 36nbsp;/adeveloped economies examined by the OECD, as well as the average rate in the OECD (23 percent) and Europe (21 percent) and the rates in anbsp;lot of “competitor countries” like Switzerland (15 percent), the U.K. (19 percent), and South Korea (25 percent). Similar trends apply to the effective corporate tax rates discussed earlier—we’renbsp;emfine/emnbsp;overall but still worse than many similarly situated countries vying for the same pot of multinational investment dollars./p
pThe World Bank’s latestnbsp;ema href=https://www.doingbusiness.org/en/data/exploreeconomies/united-states#DB_tax target=_blankDoing Business/a/ema href=https://www.doingbusiness.org/en/data/exploreeconomies/united-states#DB_tax target=_blanknbsp;report/anbsp;provides additional details on the tax burdens that American corporations actually face and how these stack up against corporations in other countries.nbsp;The report finds that the United States in 2020 ranked 25th in the world in “paying taxes,” which includes both the total tax rate that a “normal” corporation pays across all relevant jurisdictions and the various administrative burdens that it faces.nbsp;On just thenbsp;a href=https://www.doingbusiness.org/en/data/exploretopics/paying-taxes target=_blanktax rate/anbsp;part of that score—which includes federal, state and local taxes—the United States’ 36.6 percent combined rate is slightly better than the OECD average (39.9 percent) but still higher than almost 100 other countries, including Singapore (21 percent), Denmark (23.8 percent), Canada (24.5 percent), the U.K. (30.7 percent), New Zealand (34.6 percent) and Norway (36.2 percent)./p
pSecond, the statutory rankings we read about in the press do not include U.S. taxes on dividends and capital gains, which are paid by shareholders and amount to anbsp;second layer of corporate income taxation (a href=https://taxfoundation.org/effective-tax-rates-faced-by-corporate-income-biden-corporations/ target=_blankbackgrounder here/a). According to Tax Foundation calculations, when this second tax is included, the top U.S. “integrated tax rate on corporate income” stands at about 47.7 percent, again ranking in the bottom third of OECD countries:/p
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pIn short, the TCJA improved the United States’ corporate tax competitiveness, but most certainly didn’t turn the United States into some sort of “tax haven.” And there remain plenty of places in the world that have less burdensome statutorynbsp;emand/emnbsp;effective corporate tax systems than the United States.nbsp;Whether you like it or not, tax burdens are one of many factors thatnbsp;a href=https://www.forbes.com/sites/thetaxfoundation/2015/04/14/how-taxes-affect-investment-decisions-for-multinational-firms/?sh=43ac7ea2525c target=_blankcorporations consider/anbsp;when deciding where and how much to invest in things like facilities and equipment, and that this capital is highly mobile.nbsp;Higher‐tax countries can overcome that burden with other policies and better people, but there’s little doubt that, in the race for global capital, these places are starting from the back of the pack./p
pstrongThe Perils of Corporate Income Taxes/strong/p
pThere’s also plenty of evidence that corporate taxes are anbsp;pretty lousy way to finance government operations and raise all sorts of problems.nbsp;Most basically, there’s the fact that corporations, while technically paying corporate taxes, don’t bear their ultimate burden (what we call “tax incidence”).nbsp;Instead, academic researchnbsp;a href=https://www.cato.org/commentary/share-buybacks-dont-undermine-case-corporate-tax-cuts?queryID=dc6d5d53afd462be984f3d7425149141 target=_blankshows/anbsp;that corporate taxes are actually paid by anbsp;combination of shareholders, workers, and consumers.nbsp;Anbsp;a href=https://www.cato.org/research-briefs-economic-policy/corporate-taxes-retail-prices target=_blank2020 paper/a, for example, estimated that “the incidence on consumers, workers, and shareholders is 31 percent, 38 percent, and 31 percent, respectively”—thus showing that corporate taxes aren’t very good at taxing “capital,” and that anbsp;substantial share of corporate taxes are simply passed on through retail prices ornbsp;a href=https://www.wsj.com/articles/the-cure-for-wage-stagnation-1471210831 target=_blanklower wages/a.nbsp;As AEI’s Michael Strain recentlynbsp;a href=https://www.bloomberg.com/opinion/articles/2021-03-17/biden-corporate-tax-hike-won-t-spare-the-middle-class?sref=1pnqJ0TR target=_blanknoted/a, even left‐leaning economists acknowledge that workers bear anbsp;significant portion of anbsp;corporate tax burden./p
pOnerous corporate taxes also encourage all sorts of clever accounting to avoid them—great news for accountants and tax lawyers but not so great for the rest of us.nbsp;For example, the Tax Foundationnbsp;a href=https://taxfoundation.org/biden-corporate-income-tax-rate/ target=_blanknotes/anbsp;that the pre‐TJCA system encouraged companies (1) to shift profits abroad and in some cases even move their corporate headquarters overseas to avoid U.S. tax liability (aka “inversions”—some real‐world examplesnbsp;a href=https://www.cato.org/blog/corporate-taxes-less-more?queryID=febda4a679cc551738472e5777fb136c target=_blankhere/a); and (2) to reorganize into “pass‐through entities, which are subject to only one layer of tax at the individual level” but still protected from some legal liability, instead of classic “C corporations”:/p
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pThis trend likely helps to explain why corporate tax revenues have historically been relatively low compared with other revenue sources (e.g., income taxes) in the United States: Pretty much nobody wanted to be anbsp;corporation if they could possibly avoid it.nbsp;The TCJA may be changing that dynamic: Economists at Penn’s Wharton School of Business havenbsp;a href=https://whr.tn/2ReDFxo target=_blankestimated/a, for example, that the TCJA could cause more companies to switch back to traditional “C corporations.”/p
pNewnbsp;a href=https://www.cato.org/publications/research-briefs-economic-policy/corporate-taxation-distribution-income?queryID=998604c61423ee63699cbb46078330e8 target=_blankacademic research/anbsp;not only confirms the pre‐TCJA trend toward noncorporate business formation in the United States, but also shows that this tax‐induced decision can have distortive economic effects on investment, firm growth, and even inequality:/p
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pHigher levels of corporate taxation change the composition of economic activity both by encouraging entrepreneurs to establish their firms as unincorporated businesses and—more importantly—by reducing the size and growth of corporations, thereby causing noncorporate businesses to expand. This reallocation of economic activity represents substitution away from relatively safer economic forms and styles of business organization into those that offer high returns to some and low returns to others./p
pAs anbsp;consequence, there will be greater numbers of entrepreneurs who are highly successful and join the ranks of the rich, just as there will be greater numbers of unsuccessful businesspeople. The result is to make the distribution of income less equal…/p
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pOther economic harms arising from high corporate tax rates in the United States and elsewhere include:/p
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pstrongLower investment andnbsp;a href=http://oecd.org/officialdocuments/displaydocumentpdf/?cote=eco/wkp(2008)51amp;doclanguage=en target=_blankeconomic growth/a/strong, thusnbsp;a href=https://oecd.org/tax/tax-policy/41000592.pdf target=_blankreducing/anbsp;wages and living standards over time: “the economic literature shows that corporate income taxes are one of the most harmful tax types for economic growth, as capital investment is sensitive to corporate taxation.” (Translation: companies invest less in places with high corporate tax burdens.)nbsp;As wenbsp;a href=https://capitolism.thedispatch.com/p/beware-the-populist-feedback-loop target=_blankdiscussed/anbsp;anbsp;few weeks ago, economic growth isn’t the only thing that matters in an economy, but it’s still quite important./p
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pstrongLess innovation.nbsp;/strongRecent studies of thenbsp;a href=https://www.cato.org/research-briefs-economic-policy/do-corporate-taxes-hinder-innovation?queryID=1c3a31d4caa8e8380a0ee7b602f49284 target=_blankUnited States/anbsp;andnbsp;a href=https://www.cato.org/research-briefs-economic-policy/impact-corporate-taxes-firm-innovation-evidence-corporate-tax?queryID=a20a68610fac514a3d4fd812c97b12f6 target=_blankChina/anbsp;show anbsp;strong connection between corporate tax rates and firm innovation (e.g., spending on Ramp;D, hiring high‐skill workers, filing patents, and introducing new products). In short, higher corporate taxes mean less innovation, while lower ones mean more.nbsp;/p
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pHigh corporate tax burdens have also been tied tonbsp;a href=https://taxfoundation.org/corporate-income-tax-most-harmful-growth-and-wages/ target=_blanklower productivity/anbsp;andnbsp;a href=https://taxfoundation.org/effective-tax-rates-faced-by-corporate-income-biden-corporations/ target=_blankdistorted/anbsp;corporate decision‐making.nbsp;It’s thus no wonder that countries around the world have been lowering their corporate tax rates for the last 40nbsp;years./p
pBiden’s team, apparently, doesn’t care about this research and will seek to increase U.S. corporate tax rates substantially. In fact, its plan to increase the corporate tax rate to 28 percent and tax capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent would put the United Statesnbsp;a href=https://taxfoundation.org/biden-corporate-income-tax-rate/#Impact target=_blankback in last place/anbsp;among OECD nations with anbsp;top integrated tax rate of almost 63 percent (and just the 7nbsp;percentage point corporate tax rate increase alone would put us at 54.5 percent):/p
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pThe Tax Foundation adds that “[i]f the Biden tax plan were fully implemented, the U.S. rank on the Tax Foundation’s International Tax Competitiveness Index would fall from 21st in 2020 to 30th, with the corporate rank falling from 19th to 33rd overall.”nbsp;It’s hard to see how this could possibly be good for attracting new companies, entrepreneurs, and investment in the United States./p
pstrongBut What About …/strong/p
pOkay fine, corporate tax fans say, that’s the basic economic theory, but it’s not reality.nbsp;In particular, these folks commonly allege that we need higher corporate taxes because certain large companies—Amazon, for example—pay “no taxes” or because the TCJA simply didn’t boost business investment as intended.nbsp;Neither case, however, withstands serious scrutiny./p
pOn the common claim that corporate taxes need to be higher to force Amazon and other big companies—especially tech companies—to pay their “fair share,” there are anbsp;few problems.nbsp;First, as already noted, large corporations don’t actually pay these taxes and shareholders pay only anbsp;portion of them. Many companies, moreover, can often avoid U.S. corporate taxes by moving offshore or maintaining anbsp;noncorporate form.nbsp;Second, in almost all of these cases, the companies aren’t doing anything illegal./p
pThird, and relatedly, this criticism ignoresnbsp;emwhy/emnbsp;Amazon and many other U.S. corporations that allegedly pay low or “no” taxes actually have tax bills like that:nbsp;embecause they’re doing precisely what Congress told them to do/em.nbsp;Thenbsp;emWall Street Journal’snbsp;/emRichard Rubinnbsp;a href=https://www.wsj.com/articles/does-amazon-really-pay-no-taxes-heres-the-complicated-answer-11560504602 target=_blankwalked through/anbsp;Amazon’s case back in 2019, looking at its public tax records from 2018 (TCJA) and prior years (pre‐TCJA, obviously).nbsp;He finds that not only did Amazon pay $1.2 billion in 2018 taxes—up fromnbsp;emonly/emnbsp;few hundred million in 2015–16—but the reasons for its still‐relatively low effective tax rate (ranging from 8nbsp;to 13 percent since 2002) were neither nefarious nor an indictment of current law.nbsp;In particular, Amazon lowered its taxable income in three main ways: (1) applying previous period losses (“carryforwards”), which let all companies “smooth tax payments across business cycles and anbsp;company’s lifespan”; (2) tax credits mainly related to Ramp;D; and (3) deducting (“expensing”) business investments (e.g., cloud computing or solar farms), on which Amazon spent more than $160 billion since 2011. Many other large companies — as even their left‐leaning criticsnbsp;a href=https://www.cbsnews.com/news/2018-taxes-some-of-americas-biggest-companies-paid-little-to-no-federal-income-tax-last-year/ target=_blankacknowledge/a—have employed similar (lawful) strategies to lower their tax liability./p
pOne can argue that some of these tax rules should be changed—for example, the Ramp;D tax credit hasnbsp;a href=https://www.mercatus.org/publications/government-spending/can-research-and-development-tax-credit-be-properly-designed target=_blankbeen found/anbsp;to suffer from design and implementation problems—but that doesn’t refute the aforementioned data and research on U.S. corporate tax rates generally, nor is it an indictment of the now‐lower U.S. corporate tax rate.nbsp;As Rubin put it, “the current corporate tax system was designed by Congress to encourage investment and research and let companies realize the benefit of early losses when they become profitable.” Amazon and many other companies utilize those rules as Congress intended, and Biden’s team doesn’t appear to be targeting them.nbsp;Indeed, they might actuallynbsp;a href=https://rsmus.com/what-we-do/services/tax/federal-tax/president-bidens-tax-plan.html#:~:text=Biden%20proposes%20to%20increase%20the,TCJA)%2C%20to%2028%25. target=_blankexpand/anbsp;corporate tax incentives—precisely thenbsp;emwrong/emnbsp;approach if one worries about corporations taking advantage of corporate tax “loopholes,” especially when combined with anbsp;higher statutory rate that would encourage companies to use them.nbsp;/p
pSecond, we hear today that the TCJA failed because U.S. corporations simply bought their own stock (“buybacks”) instead of plowing that money back into the economy (for example through investment or pay raises).nbsp;However, as Cliff Asnessnbsp;a href=https://www.wsj.com/articles/buyback-derangement-syndrome-1534460606 target=_blankexplained/anbsp;in 2018 (ornbsp;a href=https://www.bloomberg.com/view/articles/2018-03-06/stock-buybacks-triggered-by-trump-s-tax-cuts-aren-t-scary target=_blankTyler Cowen/anbsp;ornbsp;a href=https://johnhcochrane.blogspot.com/2018/03/buybacks.html target=_blankJohn Cochrane/anbsp;ornbsp;a href=https://www.cato.org/commentary/share-buybacks-dont-undermine-case-corporate-tax-cuts?queryID=dc6d5d53afd462be984f3d7425149141 target=_blankRyan Bourne/a, all around the same time), the “buyback” hysteria reflects anbsp;fundamental misunderstanding of corporate finance/governance and basic macroeconomics.nbsp;In short, an initial round of share repurchases was the predictable result of anbsp;bunch of corporations having unplanned “excess capital” on their hands when the law took effect—choosing to distribute that money to shareholders instead of plowing it back into the company.nbsp;However, those shareholders can (and almost certainly will) reinvest any cash windfalls into other, likely more productive U.S. endeavors; the “buyback companies” can (and actually do) use debt (e.g., corporate bonds or loans) to raise new capital for wages or investments; and there is little long‐term connection between share repurchasing and corporate investment levels (see also, thisnbsp;a href=https://twitter.com/DonFSchneider/status/1336380744520888324 target=_blankFederal Reserve research/anbsp;helpfully summarized by Schneider). As these guys note, economic theory says that, over the longer term, total business investment will rise, regardless of any share buybacks./p
pUnfortunately, the pandemic intruded on the TCJA’s corporate tax/business investment experiment, but the initial returns (pun intended!) weren’t nearly as bad as some critics have claimed—even the ones who didn’t makenbsp;a href=https://twitter.com/DonFSchneider/status/1336377604325208072 target=_blankrudimentary analytical mistakes/a.nbsp;As Schneidernbsp;a href=https://twitter.com/DonFSchneider/status/1336379709475663873 target=_blanknoted last year/a, for example, U.S. business investment in 2018 and 2019 easily beat the CBO’s pre‐TCJA forecast and “ended up matching what CBO said would occur even in the face of anbsp;trade war and rate hikes”:/p
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pAa href=https://www.politico.com/news/2021/03/22/corporate-tax-rate-plunged-gop-overhaul-477485 target=_blanknbsp;new report/anbsp;from the Joint Committee on Taxation, using actual corporate tax returns for 2018, also found that “business investments in things like plants and equipment, as well as employment in the U.S., increased following enactment of the law.”nbsp;And research from the St. Louis Federal Reserve hasnbsp;a href=https://twitter.com/scottlincicome/status/1169313261495496710 target=_blankshows/anbsp;that “both innovation and [venture capital] investment increased significantly” after the TCJA, thus laying the groundwork for faster economic growth in the future:/p
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pSchneider’s second point above is also essential to any discussion of the TCJA and business investment: As we’venbsp;a href=https://capitolism.thedispatch.com/p/its-time-we-had-a-talk-about-tariffs target=_blankdiscussed here/anbsp;(repeatedly!), numerous studies show that Trump’s trade wars had anbsp;real and significant impact on domestic business investment as tariffs ate into corporate profits and uncertainty gripped global markets.nbsp;The Fed’s tightening also may have played anbsp;role—something the Fed itself sortanbsp;a href=https://www.washingtonpost.com/business/2019/12/11/year-federal-reserve-admitted-it-was-wrong/ target=_blankadmitted/anbsp;in late 2019.nbsp;It’s thus unsurprising that Schneider’s gray line, which was cruising above‐forecast right before and after the TCJA was enacted, started petering out in 2018–2019 as the rate hikes and trade wars kicked in.nbsp;People will call that anbsp;failure of the TCJA’s corporate tax provisions, but theynbsp;a href=https://twitter.com/scottlincicome/status/1163884978557599745 target=_blankreally/a,nbsp;ema href=https://twitter.com/scottlincicome/status/1157273333043535872 target=_blankreally/anbsp;/ema href=https://twitter.com/NickTimiraos/status/1154734598804377605 target=_blankshouldn’t/a.nbsp;/p
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blockquote class=twitter-tweetp lang=en dir=ltr“what tax cuts gave by way of optimistic forecasts, Trump’s trade war has taken away. Persistent uncertainty has led companies to cut back on investment spending, while confidence has faltered.” a href=https://t.co/kGSueHDsZBhttps://t.co/kGSueHDsZB/a a href=https://t.co/rrAKeIrXDUpic.twitter.com/rrAKeIrXDU/a/p— Scott Lincicome (@scottlincicome) a href=https://twitter.com/scottlincicome/status/1179530209554571264?ref_src=twsrc%5EtfwOctober 2, 2019/a/blockquote
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p(And you pro‐tariff TCJA‐lovers out there can’t say you weren’tnbsp;a href=https://twitter.com/scottlincicome/status/1172305834300166144 target=_blankwarned/a.)/p
pstrongSumming It All Up/strong/p
pThe TCJA was far from perfect, but its basic corporate tax reforms moved the United States in the right direction—from one of the highest corporate tax jurisdictions in the world to one that is today at least competitive with most of the developed world, in terms of both the basic tax rates on paper and the actual tax burdens imposed on U.S. corporations.nbsp;These reforms are consistent with oodles of research showing how high corporate tax rates discourage investment, economic growth, and innovation, while likely burdening U.S. workers and consumers more than those fat‐cat capitalists we all (apparently) love to hate.nbsp;Biden’s corporate tax plans, assuming they make it into whatever final package Congress will consider, would undo these recent improvements, raising rates and adding complexity and uncertainty at anbsp;precarious moment for the U.S. economy.nbsp;/p
pIndeed, by reportedlynbsp;a href=https://www.law360.com/tax-authority/articles/1357377/delaying-us-corporate-tax-hikes-won-t-put-off-their-bite target=_blankconsidering/anbsp;whether to phase‐in anbsp;corporate tax rate increase, the Biden administration seems to understand the economic risks that the policy entails.nbsp;As AEI’s Kyle Pomerlaunbsp;a href=https://www.aei.org/economics/problems-with-delaying-a-corporate-rate-increase/ target=_blanknotes/a, however, that ploy won’t be effective, and “[t]he simplest way to avoid the economic harm of raising the corporate tax rate is to not raise the rate.”/p
pUnfortunately, the Biden administration doesn’t seem to be listening./p
pstrongChart of the Week/strong/p
pConstruction materials costs have skyrocketed; guess what’snbsp;a href=https://www.cato.org/blog/how-us-trade-policy-contributes-our-insane-construction-materials-costs?queryID=f8bc8f134b37eed709acbf38cb1a29f7 target=_blanknot helping/a:/p
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pstrongThe Links/strong/p
pa href=https://t.co/vOOQgfR8cZ?amp=1 target=_blankInu Manak and Inbsp;assess new legislation to reform Section 232/a/p
pa href=https://www.americanactionforum.org/daily-dish/the-american-rescue-plan-and-macro-risks/?utm_source=American+Action+Forum+Emailsamp;utm_campaign=9eb48402ca-EMAIL_CAMPAIGN_2020_11_19_05_40_COPY_01amp;utm_medium=emailamp;utm_term=0_64783a8335-9eb48402ca-370793375 target=_blankThe American Rescue Plan and macro risks/anbsp;(Larry Summersnbsp;a href=https://t.co/i64QH50EdO?amp=1 target=_blankagrees/a)/p
pa href=https://twitter.com/AdamThierer/status/1371920841760518146 target=_blankChinese industrial policy isn’t going great/anbsp;(a href=https://t.co/a4hZkYRMxm?amp=1 target=_blankmore/a)/p
pa href=https://t.co/iwu3wFMpGi?amp=1 target=_blankBritain’s “one‐jab” strategy is working/a/p
pa href=https://t.co/GMMNpNtif3?amp=1 target=_blankCruise companies are offering land‐based trips through Alaska (thanks to U.S. cabotage laws)/a/p
pa href=https://t.co/vqzLUb5i5l?amp=1 target=_blankThe eviction moratorium keeps losing in federal court/a/p
pa href=https://twitter.com/CardiffGarcia/status/1372711816988606467 target=_blankNew research on immigrants’ benefits for Americans/anbsp;(andnbsp;a href=https://t.co/5wFKRZyZoh?amp=1 target=_blankanother/a)/p
pa href=https://t.co/ln6T999hzj?amp=1 target=_blankU.S. sends millions of vaccine doses to Canada and Mexico/a/p
pa href=https://t.co/cVOrgj5pJZ?amp=1 target=_blankRe‐joining the TPP (CPTPP) is anbsp;no‐brainer/a/p
pa href=https://t.co/beh61v21Hi?amp=1 target=_blankIs Ford shifting vehicle production to Mexico?/a/p
pa href=https://t.co/7xhIj0Fd2O?amp=1 target=_blankPharmaceutical manufacturing expansion in North Carolina/a/p
pa href=https://t.co/DSzYcieOuV?amp=1 target=_blankFederal flood insurance is horrible policy/a/p
pa href=https://t.co/Eec5UKMLAt?amp=1 target=_blankGoogle is spreading out/a/p
pa href=https://t.co/5mDqsVGe1w?amp=1 target=_blankLegal sports betting is now in 21 states/a/p
pa href=https://t.co/FQv08zJq18?amp=1 target=_blankNow open: The Disney California (Non)Adventure/a/p
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