Share to Twitter Share to Linkedin President Biden’s recent infrastructure proposal has a $2 trillion plus price tag and he’s looking for a way to pay for at least some it. During his campaign, President Biden said he would not raise taxes on anyone earning less than $400,000 per year. Since direct tax increases on most people would break his campaign promise, Biden is looking elsewhere. One piece of his current plan is to raise the federal corporate income tax rate from 21% to 28%. While this does not directly violate his pledge, there is plenty of evidence that raising corporate income taxes affects all workers by reducing wages, slowing employment growth, and impeding innovation. Federal corporate income tax changes are relatively rare, but with 50 states there is a lot of change and variation at the state level. Rates vary from a high of 11.5% in New Jersey to a low of 2.5% in North Carolina. Economists have studied state corporate tax changes for … [Read more...] about Higher Corporate Taxes Affect Everyone
Federal 1040 tax form instructions
Share to Twitter Share to Linkedin Senators Joe Manchin (WV) and Chuck Schumer (NY) recently agreed to a slimmed down version of the failed Build Back Better plan they are calling the Inflation Reduction Act (IRA). Manchin and other proponents of the IRA argue it will boost economic growth and reduce inflation, but this is unlikely, especially in states like West Virginia that face problems unaddressed by the IRA. The IRA spends nearly $400 billion on energy tax credits and about $100 billion on health care subsidies, primarily for people who buy Affordable Care Act (ACA) insurance plans. This proposed spending would be paid for by increasing corporate income taxes, “better” IRS enforcement, increasing taxes on investment returns, and savings from implementing price controls on certain drugs purchased by the government via Medicare and other programs. The tax increases and costs savings are projected to generate $305 billion more than the spending, and … [Read more...] about Inflation Reduction Act Won’t Help West Virginia
Share to Twitter Share to Linkedin After a meteoric rise during the pandemic, the buy now, pay later (BNPL) business is facing a future clouded by deteriorating economic conditions, competition from the likes of Apple and bank credit card issuers and a looming regulatory crackdown. At least, that’s the conventional wisdom. Since the federal Consumer Financial Protection Bureau (CFPB) opened an inquiry into the industry last year, regulation has generally been framed as a “ backlash ” and threat to the industry’s growth. A research note issued Sunday by Goldman Sachs analyst Michael Ng, which initiates coverage of Affirm Holdings with a neutral rating, observes that “the evolving US BNPL regulatory landscape results in the risk of potential regulation that could reduce the pace of consumer and merchant adoption.” Yet a deeper look suggests regulation could actually benefit the leaders in the American BNPL sector. While BNPL has been around in the US … [Read more...] about Why Regulation Will Help The Buy Now, Pay Later Giants
BIDEN INVOKES EMERGENCY WAR POWERS TO BUILD SOLAR PANELS… NY POST: Biden draws heat for invoking Defense Production Act to boost solar panels President Biden drew criticism Monday after invoking the Defense Production Act to potentially expedite the production of solar panels — with journalists and Republicans questioning the rationale for using special wartime powers. Renewable energy advocates, meanwhile, cheered the White House announcement that Biden would invoke the act “to accelerate domestic production of clean energy technologies, including solar panel parts.” […] The Biden administration did not specify a national-defense reason for using the act to boost solar panels. When Biden was vice president, the Obama administration aggressively pushed for solar energy production — sparking the Solyndra scandal when a politically-connected firm went bankrupt after getting $535 million in federal loan guarantees. KOREAN WAR-ERA LAW WIELDS POWER OVER AMERICAN … [Read more...] about Editor Daily Rundown: Biden Invokes Emergency War Powers To Build Solar Panels
Share to Twitter Share to Linkedin Almost everyone who grew up in the United States after the end of World War II understood that an indicator of economic success if not the indicator was owning “your own home.” Homeownership attained mythic status representing not just climbing a rung up an economic ladder but a social and psychological one; owning a home meant being a full member of society. But is it really a good idea? While there are real, measurable economic gains that can be attributed to owning a home – or rather borrowing for one – has it had deleterious effects? Is it time to ask this question more seriously along with the essential one: “Is there an alternative and do we even need one?” A film by The Economist a couple years ago sets the stage for this conversation. The film’s title, “How an obsession with home ownership can ruin the economy,” might overstate the case just a bit, but it lays out in 12 minutes some of the most compelling challenges … [Read more...] about Is Home Ownership Still A Good Idea?
Share to Twitter Share to Linkedin Catch this podcast on the topic of ending zoning at Everything Urban. Today is the day Americans commonly consider our country’s “birthday,” the day which we officially declared independence from the United Kingdom. One could argue the other days would be appropriate, like the final ratification of our written Constitution on June 21, 1788, or even the burning of the ship Gaspee by a group of American tax evaders on June 9, 1722. But July 4 is now hallowed in our civil religion as the day, and it is also a good day for Americans to consider declaring their independence from another oppressive regime, the use of zoning to manage and control the use of land in American cities. The July 4 holiday is unique in that it doesn’t celebrate a battle or a person but a document, the Declaration of Independence , the central focus of which is shaking off the interference of a distant government in daily life. For people on … [Read more...] about Let’s Declare Our Independence — From Zoning
Calling all Patriots! We want to hear from YOU to help shape our coverage. Our Patriots are the most loyal readers of the Daily Caller, and we want to make sure we’re getting feedback about what we can do better, and what stories you’d like to see us cover. The Biden administration is planning to revoke Title 42, a Trump-era policy put in place to slow the spread of COVID-19 and enable the United States to quickly deport illegal migrants crossing the border. Critics say the move will lead to another surge in migrants. If so, how should the federal government respond? Let us know in the form below. Don’t forget. Patriots gather at The Daily Caller Patriots War Room to participate in thoughtful discussion. Also, you can always reach out to us directly through: [email protected] com . Take advantage of your subscription . This is your chance to become part of the conversation and help us shape all of our future coverage. Make sure to check out the rest of our … [Read more...] about Calling All Patriots: How Should The Biden Admin Handle The Next Surge Of Illegal Migrants?
PELOSI’S JAN 6 PRIMETIME SPECTACULAR BEGINS THIS WEEK… FORMER ABC NEWS PRESIDENT JOINS CAMPAIGN… AXIOS : Scoop: Jan. 6 committee’s secret adviser The House’s Jan. 6 committee has turned to a renowned former network news executive to hone a mountain of explosive material into a captivating multimedia presentation for a prime-time hearing Thursday. James Goldston — former president of ABC News, and a master documentary storyteller who ran “Good Morning America” and “Nightline” — has joined the committee as an unannounced adviser, Axios has learned. […] I’m told Goldston is busily producing Thursday’s 8 p.m. ET hearing as if it were a blockbuster investigative special. MORE … NETWORKS PLAN TO INTERRUPT PROGRAMMING TO TAKE IT LIVE… At least two of the broadcast networks will interrupt evening programming for live coverage anchored by ABC’s David Muir and CBS’ Norah O’Donnell. NBC will announce plans soon. MORE… DEM CONGRESSMAN WANTS JAN 6 COMMITTEE TO PUSH … [Read more...] about Editor Daily Rundown: Pelosi’s Jan 6 Primetime Spectacular Kicks Off This Week
Share to Twitter Share to Linkedin Two years after the first rounds of Covid stimulus payments were sent by the federal government, efforts are beginning to assess the effect of direct cash payments. I have long been an advocate for cash payments, especially for rent, instead of expensive and inefficient building programs. A couple of studies point at two important outcomes from the Covid cash. First, the money helped solve real problems associated with Covid and poverty. Second, the money created some subjective impacts, specifically more awareness about money and budgeting and a heightened sense of anxiety about what happens when the subsidy is gone. If we’re going to move toward a cash for rent strategy, it’s worth taking a look at these outcomes. “ How Effective Is (More) Money? ” asks a study completed by a team of researchers looking at hundreds of Covid relief payments sent out to households during the pandemic. At first, their answer – “we find no … [Read more...] about Cash For Housing Better Than More Building Alone