In passing the Tax Reform Act of 1986, policymakers wanted to ensure that corporations would pay their fair share of tax. Congress broadened the corporate tax base, rescinded the investment tax credit, and instituted a new minimum tax. The issue of adequate tax payments has not gone away,...

The composition of business investment in the United States changed dramatically during the 1980s. Workplaces were transformed as a result of investments in information processing equipment such as computers, fax machines, copiers, and sophisticated telephones. Businesses built new office towers...

Defense is a regrettable expenditure. Like law enforcement and insurance, defense spending may be necessary but intrinsically it does not make us feel better off in the same way as, for example, housing, transportation services, and education. Thus the reductions in East- West tensions that...