Policymakers have to make choices based on imperfect information. Scholars such as Professor Stacie Laplante make their jobs easier by showing them what tax policy tools like “patent boxes” can deliver (increase the number of patent filings) and what they can’t (some of those additional patents may not be so great). Laplante doesn’t have all the answers, but she’s not done exploring how policymakers should promote innovation or how the Tax Cuts and Jobs Act will affect the way multinationals shift income. Also, she explains what implicit taxes are with thoroughbreds.

Laplante faces a tough pencil question about Thomas Adams, a leading figure in early 20th century tax policy—and once the Wisconsin tax commissioner—from an article by Ajay K. Mehrotra.

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