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.

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Amy Harder, author of Generate
3 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes. A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.

Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."