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As 2020 began, the U.S. business tax system was ill-suited to the nation’s economic challenges. After the excessive tax cuts of 2017, the U.S. corporate tax raised only one-third as much revenue, relative to gross domestic product (GDP), as those of U.S. trading partners in 2018 and 2019....
In mid-February, Wall Street was celebrating the stock market reaching record highs. But the stock market has since lost roughly 20 percent of its value in the wake of the coronavirus, and the broader economy is in freefall as well. A record number of Americans have filed for unemployment benefits, and the March...