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. …
There are more than just supply chain disruptions causing prices to rise at a 6.5% annual rate since January.
The Commerce Department recently reported that the consumer price index (CPI) increased by .6% in May. That means prices have risen 5% since last May 2020. This far exceeds the Biden administration and the Federal Reserve’s target of 2%. While they say the inflation rate will soon fall, the reality is that the rate is going to get higher.
From June 2020 to December 2020, prices rose modestly, with the CPI showing only a .1% or .2% increase in those months…
Every American should pay the same tax rate on all income above a livable minimum.
A recent report from ProPublica indicated that some of the wealthiest Americans paid little or no federal income taxes in certain years. Earning billions of dollars and paying little or no income tax is certainly unfair. And there may be an easy way to fix this.
According to ProPublica, “In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. …
Higher wages may be good for workers, but they will add to the inflation problem.
The Bureau of Labor Statistics reported that 559,000 jobs were added in May. Considering there are about 8 million job openings and that 7.5 million workers are unemployed as a result of the COVID-19 shutdowns, the number should have been much higher. To bring more workers back, companies are offering higher wages. That’s good for the workers, but what about the inflation problem?
Considering the success of the vaccines, the economy is rapidly re-opening. Already 14.5 million of the 22 million who lost their job…
Massive increases in government spending, taxation and annual deficits will fuel inflation and eventually stagnate the economy.
Aside from the blunders President Biden has made concerning the border crisis, energy policy and foreign policy, his biggest blunders are on economic policy. Based on his latest budget proposal, he is trying to commit his biggest blunder.
Biden’s proposed budget vastly increases government spending and government taxation, while creating trillion-dollar annual budget deficits well into the future.
Let’s factually take a look at the current situation. The economy right now is growing at the fastest pace in nearly four decades. It is…
If an unemployed worker is not actively seeking a job, they should not be counted in the unemployment rate.
According to the Commerce Department, the current unemployment rate is 6.1%. That’s up slightly from the 6% rate recorded in March. Surprisingly with the economy probably growing at an 8% rate this quarter, the number of new workers should have been in the 800,000 to 900,000 range. Instead, it was only 266,000. What happened?
Since January, inflation is about 6%. Now is the time for the Fed to act.
Since January, the inflation rate has been almost 6%. The rate has been around 2% or so for the last decade. The Federal Reserve (Fed) usually sets price stability as its primary goal, so you would think they would act. Every Fed chair always wants to head off inflation. Everyone except the current chair.
In the early 1980s, the Fed began to more strictly regulate the money supply. Based on their prior experiences, especially during the inflation filled 1970s, they knew to allow the money…
High inflation, huge deficits, massive illegal immigration, an emboldened China, Russia and North Korea, and conflicts in the Middle East are the result of Biden’s first four months as President.
To his supporters, President Biden is doing a great job. To the rest of us, policies in his first four months in office have been a disaster in almost every area. And it looks like things will get worse.
His supports say he is doing exactly what he was elected to do. He pushed through legislation for a $1.9 trillion relief package. That stimulated the economy, provided additional aid to…
Since January, the inflation rate is nearly 6%.
In spite of the somewhat positive spin that the media is trying to put on the recently released inflation rate data, the .8% gain in the Consumer Price Index (CPI) for April is very worrisome. Especially considering it follows a CPI monthly gain of .3% in January, .4% in February and .6% in March. That means inflation for 2021 is running at about 6% on an annual basis.
The monthly CPI number shows the price increase from the prior month. In other words, prices were .8% higher in April than they were…
Let’s focus on the three-quarters full part of the glass rather than the one-quarter empty.
Starting about 15 years ago a trend began that convinced Americans to focus on this country’s imperfections rather than its exceptionalism. This now rapidly growing trend has resulted in long-term economic stagnation and a deeply divided country.
America’s astonishing growth and well-spread generosity have resulted in the world’s most prosperous country. It has also resulted in keeping much of the world safe from unwanted oppression, mostly by leading the victories in World War I and World War II. …
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.