A 15% single-rate tax on all income above a livable minimum, would solve all of the tax policy issues.
To determine what a plan to permanently fix the federal income tax code would look like, let’s first look at what the goals of income tax policy should be.
The first goal should be to enact a plan that raises sufficient revenue to cover all government spending which will eliminate the annual budget deficit. The tax plan should encourage economic growth, rather than placing burdens on growth. …
Biden follows the Reagan/Trump philosophy of peace through strength.
Instead of turning the other cheek, as the Obama/Biden administration mostly did, President Biden followed the peace through strength philosophy when he struck Iranian-backed militias in Syria. The was in retaliation for an attack on U.S. interests.
A total of 14 rockets were launched on February 15 into Irbil in Iraq, targeting a U.S. facility. The rockets landed near the U.S. military base and ended up killing a civilian contractor. One U.S. service member suffered a concussion, while another five civilian contractors were injured.
This was “a dangerous escalation and a…
Another costly and ineffective market disruption.
In yet another misguided attempt to make the Garden State “greener,” the New Jersey Department of Environmental Protection (DEP) recently proposed a regulatory rule that would ban the sale of new gasoline-powered vehicles by 2035. Constituents and consumers alike should be wary of this clumsy attempt by policymakers to plant New Jersey’s flag as the preeminent supporter of electric vehicles.
Biden keeps taking income away from people that earned it and giving it to people who, for whatever reason, have not earned it. That’s not a good thing.
In our Democracy (technically a Constitutional Republic), the government has essentially two roles: One is to provide public goods, and the other is to transfer income.
There has always been at least some debate about what should be included in public goods. There is also debate about how much income should be transferred.
Since 1935 when the Social Security Act was passed, the income transfer function has expanded rapidly.
In 1965 the…
Reducing capital formation will lead to less growth and higher prices.
Recently economists have begun to worry about stagflation. That is a condition where the economy is not growing (stagnant) while prices are rising rapidly (inflation). The US hasn’t seen this problem since the late 1970s. Recent proposals supported by President Biden will, however, lead the US to stagflation.
Stagflation is a result of having increases in demand in the economy at a time when business cannot increase output to meet the new demand. That means business raises prices. …
Individual freedom, individual responsibility, low rates of taxation and a limited role for government are the principles Biden’s policy should follow.
In his first three weeks in office, President Biden has shown Americans what his economic policy intentions are. In each area, his goal is generally to have a fairer distribution. Policies seeking those goals, however, follow principles that are exactly opposite to the principles that made America great.
In spite of some real and perceived social injustices, the US, miraculously, went from the birth of a nation to the largest, most prosperous economy in the world in less than…
The President’s proposed policies will lead to a stagnant economy with rapidly rising prices.
In the late 1970s, the US experienced an economic condition known as stagflation. This meant the economy was not growing, yet prices were rapidly rising. One measure of just how bad things were, was the Misery Index. This was found by adding the inflation rate to the unemployment rate.
Biden’s stated economic policies will significantly raise the Misery Index.
Most economists would probably say that a misery index of 7 or less is desirable. During the late 70s, it hit nearly 20. …
This year’s growth will depend on how quickly the vaccines contain the virus, the size of the next stimulus and when the economy fully re-opens.
Recently released data from the US Department of Commerce indicates that GDP declined by 3.5% last year. That is the worst annual economic performance since 1946. All of the decline, however, was in March and April. Because the economy almost completely shut down in those months, the robust V-shaped recovery that followed was not enough to avoid the negative number for all of 2020.
In January and February the economy was very strong. In fact…
The 2018 tax cut treated all Americans the same. Biden’s tax cuts treat some Americans differently than others.
In 2017, then President Trump wanted to stimulate the decade-long stagnant economy. Looking at what presidents Reagan and Kennedy/Johnson with the federal income tax, he decided a massive tax cut was needed. But he wanted to do it fairly and in a way that would not divide the country.
He reasoned that the only way to promote unity would be to treat every income earning American exactly the same way. He convinced Congress to cut all income earners' taxes by 10%. Everyone…
Biden may be a nice guy, but his economic and national security policies will be bad for America.
On January 20, Joe Biden was sworn in as the 46th president of the United States, taking over for President Donald Trump. Most people say Trump is generally a bad person and Biden is generally a good person. But what about their policies?
Trump was considered to be a bully who lacked the graces that nearly all prior presidents possessed. Many considered Trump to be a bad person, who was not worthy of a second term. …
Dr. Busler is an economist and a public policy analyst. He is a Professor of Finance at Stockton University. His op-ed columns appear in Townhall, Newsmax.