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Corporate tax reform is all the rage in Washington and Wall Street, and the promise of lower rates has been used to help explain the historic rise in stock prices since election day. But while lower corporate taxes would certainly raise profits for American businesses, former Morgan Stanley Chief Economist Stephen Roach argues Monday in Project Syndicate that they would do little to help the average American or the broader economy.

Source: U.S. Bureau of Economic Analysis

Cuts won't cut it: Roach points out that Corporate America has been capturing a higher share of the national income ever since the Great Recession, yet these high profits have not encouraged businesses to increase investment in capital and equipment. They have, on the other hand, been distributing more money to shareholders.

The real problem, according to Roach, is sluggish consumer demand. Lower taxes won't get businesses to invest, but working to boost worker pay and spending power will.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information โ€” Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Politics: Biden unveils "wartime" COVID strategy โ€” Biden's COVID-19 bubble.
  4. Vaccine: Florida requiring proof of residency to get vaccine โ€” CDC extends interval between vaccine doses for exceptional cases.
  5. World: Hong Kong puts tens of thousands on lockdown as cases surge โ€” Pfizer to supply 40 million vaccine doses to lower-income countries.
  6. Sports: 2021 Tokyo Olympics hang in the balance.
  7. ๐ŸŽง Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.
Bryan Walsh, author ofย Future
4 hours ago - Health

Schools face an uphill battle to reopen during the pandemic

Illustration: Aรฏda Amer/Axios

President Biden's plan to accelerate the reopening of K-8 schools faces major challenges from a still out-of-control pandemic and more contagious coronavirus variants.

Why it matters: The longer American kids miss in-person schooling, the further they fall behind. But the uncertain state of the science on the role young children play in the pandemic continues to complicate efforts to reopen schools.

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.