According to press reports, both the U.S Attorney General and most state attorneys general will file one or more antitrust cases against Google sometime this summer. If true, the United States would be going down a path already well-trod by the European Commission, which has conducted three antitrust cases against the company.
Publications: Joe Kennedy
July 6, 2020
June 30, 2020
Comments to the U.S. Trade Representative Regarding Section 301 Investigations of Digital Services Taxes
The core argument that users create value is wrong. The distribution of taxable profits between countries normally reflects where value is created. The export of a product or service, whether digital or analog, usually does not create additional value and profits from imports into a country are normally not subject to corporate income tax.
June 29, 2020
Not really. Despite the measured rise in concentration in some industries, in the vast majority of markets it remains well below the levels that would normally trigger antitrust concerns.
June 4, 2020
Just because DSTs may be attractive to individual countries doesn’t make them good policy. In fact, they are bad policy. A central goal of good tax policy should be to treat similar transactions the same way. DSTs violate this principle in a number of ways.
June 1, 2020
No, markups have increased only slightly in some industries—and have stayed the same overall—which refutes claims that market concentration is giving firms more pricing power.
May 22, 2020
Don’t Punish Companies for Being the Best: Thinking Through Potential Antitrust Cases Against Google
It is important to remember that companies are allowed, and even encouraged, to compete hard in the marketplace by offering customers better and cheaper products and services. The inevitable consequence of this is that firms with less competitive products lose market share.
May 18, 2020
In short: no. Profits are difficult to measure accurately, but the best method is to focus on domestic earnings outside the financial sector as a share of net value added. By that measure, the long-term trend has been in decline.
May 5, 2020
The study should build support for efforts like the bipartisan FORWARD Act recently introduced by Sens. Chris Coons (D-DE) and Pat Roberts (R-KS).
February 19, 2020
A natural experiment in the United Kingdom found that giving a generous R&D tax credit to small and medium-sized enterprises has a significant effect on both research spending and patents, and these advantages have spilled over to technologically related firms.
February 17, 2020
Congress should double the Alternative Simplified Credit, and lawmakers should pay for the increased research incentive by eliminating the tax break on qualified dividends, which mostly goes to wealthy stockholders.