Economist Greg George, PhD, noted in this environment that the problem with the states in the most critical condition before the Covid shock is not that they are too big to fail but that they are too big to save. We are being forced to face limits we have long ignored.
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The Democrats must be in a catch 22 with this bill; the limitation of state income and property taxes will more than offset the lower STATUTORY rates and many of the wealthiest will see an EFFECTIVE tax increase. Most of the benefits go to the middle and lower tax brackets.
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The drive for tax cuts obscures the greater benefit of tax reform and simplification. Taxes, however, are only a single component of friction costs. If the purpose of tax reform or tax cuts is to stimulate investment and productive activity
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from National Review and Jay Cost, Congress Wasn’t Designed to Handle Tax Policy To put it bluntly, Congress is not well suited for national economic planning, which is basically what pro-growth tax policies boil down to. As a matter of fact,
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From The NYT and economist Greg Mankiw, Why Taxing Fairly Means Not Taxing Inheritances: Excerpt: But there is one thing that everyone can agree on: The estate tax you owe should not depend substantially on the exact moment you happen
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From Holman Jenkins at The WSJ, Harmonize this Eurocrats, What about the undoubted problem of companies like Apple shielding their globally earned profits behind a small country’s friendly tax regime? There’s a remarkably sanitary solution: Get rid of the corporate
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If a doctor of oncology treats a thousand patients, but five hundred of them die, is he still a good doctor? If a preacher saves a thousand souls but one hundred end up in hell is he still a
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No government policy can remove the risk of investment; the best they can do is not add to the risks by adding uncertainty to the environment. The reason that strangers from all over the country will congregate to a blackjack
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Economist John Cochrane wrote a 10,000 word essay, Economic Growth. Scott Grannis blogged some excerpts here: a few of them: When we say broaden the base by removing deductions and credits, we should be serious about that. Thus, even the holy trinity of
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From John Cochrane at The Grumpy Economist, Economic Growth This is part of a 10,000 word essay that is worth every second of the time it takes to read. The central goal of a growth-oriented tax system is to raise
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From Thomas Sowell at National Review, What Democrats Mean by ‘Paying Your Fair Share’ Whether in politics or in the media, words are increasingly used, not to convey facts or even allegations of facts, but simply to arouse emotions. Undefined
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From The Washington Times, Lewis Uhler and Peter Ferrara write The rich pay more than their fair share. Excerpts: The latest CBO report shows that the top 20% of income earners pay 70% of all federal taxes, while earning just over 50% of before
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Scott Grannis posts in his blog, Calafia Beach Pundit, Tax Shares Update: In 2011, it took $389K or more of adjusted gross income to make it into the top 1% of income earners, and they paid 35% of all federal income
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I meet every couple of months with a couple of small groups of diversified small businesses in the Southeast. Here is what I am hearing. Few are making any significant capital expenses. Taxes are too high and conditions are too
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While tax rates are often stated as the burden on individuals and businesses there are other “mandated expenses” that are much more insidious. Federal agencies are often charged with funding themselves with fines and penalties. Much too often these fines
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Justin Hohn writes in American Thinker How Much Taxation Would Fund Current Spending?, 12/12/12 Excerpts: Using 2009 data, the IRS says that 8,274 tax returns were filed with incomes over $10 million. The total amount of income on those returns was $240.1 billion.
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The editors of the Wall Street Journal wrote Romney’s Tax Deduction Cap- An idea to finance reform and avoid political trench warfare. 10/19/12 Excerpts: The historic challenge for tax reformers is defeating the most powerful lobbies in Washington that exist to
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Robert Frank writes at CNBC The Falling Fortunes of the One Percent, 7/20/12 Excerpt: Between 2007 and 2009, after-tax earnings by Americans in the top one percent for income fell 37 percent. On a pre-tax basis they fell 36 percent
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Politicos like to focus on a single factor and discuss the effectiveness and the justice. But an economy is the sum total of all the policies. It is popular from the left to decry the Bush tax cuts as if
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John graduated high school. Being of good character but not being a great student , he got a job in contracting starting at $30,000 a year. He was dependable and was promoted to supervisor. Over thirty years his income grew
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