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Comment by Douglas Elmendorf

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Economist and professor at Harvard Kennedy School; former Director of the U.S. Congressional Budget Office.
There’s a reasonable case that with the rise in AI, it’s more important to protect labor demand than to encourage more capital investment, and therefore capital taxes could be higher.
Unverified (Jul 31, 2026)
Source:
Douglas Elmendorf, quoted in Greg Ip, “A Simple Answer to AI Job Loss: Tax Capital, Not Labor,” The Wall Street Journal, July 31, 2026.
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Policy proposals and claims

Governments should tax capital, not labor, as AI makes human work less central to the economy
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