Former Labor Dept. Chief Economists Debate Taxes

The video discusses the potential impact of tax reform on job numbers, highlighting the importance of reducing the corporate tax rate to stimulate economic growth. It contrasts the statutory and effective tax rates in the U.S. and examines the Kansas tax cuts as a case study, which resulted in slower growth. The discussion emphasizes the need for tax reform, especially at full employment, and the varying tax burdens across different industries.

What is one potential outcome of implementing tax reform according to the first section?

• An increase in funds flowing into the country

• A decrease in job creation

• A reduction in international trade

• A rise in corporate tax rates

What was the result of the corporate tax cuts in Kansas in 2012?

• Slower growth than the US average

• Increased economic growth compared to surrounding states

• A significant rise in employment

• A decrease in state revenue

Why did Kansas Republicans vote to increase taxes after the 2012 tax cuts?

• Due to the success of the tax cuts

• Because the tax cuts failed to stimulate growth

• To align with federal tax policies

• To reduce the budget surplus

How do effective tax rates differ across industries?

• They are lower for service-based companies

• They are higher for manufacturing companies

• They are the same for all industries

• They vary depending on available write-offs

What is a key difference between the Kansas tax cuts and proposed federal tax reforms?

• Federal reforms propose a larger reduction in tax rates

• Kansas cuts were more successful

• Federal reforms aim to increase tax rates

• Kansas cuts targeted only service industries