A corporate tax is legally paid by a corporation, but a corporation is not a person standing apart from society with an independent capacity to bear economic pain. A firm is a network of workers, owners, consumers, suppliers, and investments. When government taxes corporate profits, the legal liability may appear on the company’s tax return, but the economic burden can be distributed through lower returns to owners, weaker investment, lower wages, fewer jobs, or higher prices. This is why corporate taxation is not a technical argument about whether one sympathizes with “business.” It is a question about capital formation and, ultimately, about the opportunities available to ordinary people.
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Why Western Europe Is Falling Behind: Welfare States, Interventionism, and the Loss of Economic Vitality
To say that Western Europe is “poor” would be inaccurate and intellectually dishonest. Compared with developing countries, Western Europe remains wealthy. But that is not the correct benchmark. The real question is whether Western Europe has reached the level of dynamism, innovation, and economic vitality that its history, institutions, and human capital should allow. On this standard, the answer is increasingly no.
Continue readingWhy Milei Won Argentina’s 2025 Legislative Election
Argentina’s legislative election of 26 October 2025 was not merely a midterm. It was a referendum on whether the country would continue along Javier Milei’s path of fiscal stabilization, deregulation, and market reform, or drift back toward the Peronist cycle of inflation, controls, subsidies, and policy reversals. The electorate chose continuity. Milei’s La Libertad Avanza (LLA) won about 40.8% of the national vote, became the fastest-growing force in Congress, and secured the one-third threshold in the lower house needed to help sustain presidential vetoes and strengthen his bargaining position for the second half of his term.
That result was not an accident, nor can it be reduced to charisma or media theater. It reflected a harder political fact: by late 2025, enough Argentines concluded that Milei’s policies, however painful, were producing visible macroeconomic improvement, while the opposition still represented the memory of chronic inflation, fiscal disorder, and repeated policy whiplash. Some analysts tied Milei’s stronger-than-expected result to fear of renewed turmoil if austerity and reform were abandoned; polling analysts likewise said many voters were willing to give the government more time precisely because they did not want to relive earlier crises.
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