Business Why Nobel laureate Abhijit Banerjee is wrong about corporate tax cuts Updated : October 25, 2019 01:33 PM IST Sound tax reforms are always two-pronged: Phase out loopholes and exemptions, and lower tax rates. The tax on capital was higher than the tax on labour in India, which was an anomaly. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.