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Tag Archives: Taxation

Will California’s Government Raise Taxes Even More?

Are California taxes too high? Well, seven members of California’s Legislative Assembly and five  members of the Senate think they’re not high enough. These 12 politicians have co-authored a bill to amend the California constitution to make tax rates permanently higher and impose an excise tax, payroll taxes, and a special income tax. These are the opening paragraphs of my short piece for the Institute for Policy Innovation. The piece is titled “Will California’s...

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Inflation: What Next?

Does the Fed Control Interest Rates? Many economists will tell you that the most important variable to watch to assess the looseness or tightness of monetary policy is the interest rate and, in particular, the federal funds target rate. But while that rate matters and I would certainly want to pay attention to it, neither the federal funds rate nor the Fed’s target for that rate is a good way to assess monetary policy. To see why, it’s important to understand what...

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Are carbon taxes unpopular?

Many economists on both the left and the right support carbon taxes. Most politicians on both the left and the right oppose carbon taxes. A widely cited explanation is that carbon taxes are politically unpopular.  In a new column in The Hill, I argue that this perception may be based on a misunderstanding: To understand the politics of carbon taxes, we need to begin by recalling that economists view terms such as “taxes” and “subsidies” differently than the...

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Students Open to Evidence on Taxes

Interviewers at campusreform.org often go on campuses to interview college students about their knowledge of various current issues. There has been a lot of talk lately about whether “the rich” in the United States pay “their fair share” in taxes. Of course, “fair” is almost never defined. That’s part of what makes this 5-minute video, titled “WATCH: Students stunned when they hear how much ‘the rich’ already pay in taxes” so interesting. When many of the students...

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Response to Scott Sumner on the Carbon Tax

In a comment on Bryan Caplan’s latest post, “Climate Shock Bet: Daniel Reeves Responds,” November 10, 2021, co-blogger Scott Sumner writes: Revenue neutral carbon taxes are a low hanging fruit that we have foolishly declared impractical. Are they really low-hanging fruit? It’s not that clear. I wrote about this in “A Case Against the Carbon Tax For All Ideologies,” July 28, 2018.  The gist of my argument is this: If it turns out that the most efficient way to deal...

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Peter Schiff With Megyn Kelly: Inflation Robs Working and Middle Class Americans

Despite government officials and central bankers continuing to peddle the “transitory” inflation narrative, the average American isn’t buying it. They feel the squeeze of rising prices in their wallets. And it’s the average American who is hurt particularly hard by the skyrocketing cost of living. Peter Schiff appeared on the Megyn Kelly show to talk about how inflation really hurts working and middle-class Americans.Even as inflation rises, the Biden administration continues to spend...

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Heather Cox Richardson’s False History

Historian Heather Cox Richardson, on her public Facebook page on October 28, 2021, wrote a long post about the Great Depression, Herbert Hoover, and FDR. Her story about Hoover’s tax policy is false. She writes: President Hoover knew little about finances, let alone how to fix an economic crisis of global proportions. He tried to reverse the economic slide by cutting taxes and reassuring Americans that “the fundamental business of the country, that is, production and...

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Fred Hiatt’s Soft Pitch

Answering Fred Hiatt’s challenge. As an electronic subscriber to the Washington Post, I get an email early every morning highlighting various items at the Post. Yesterday morning, Fred Hiatt, editorial page director of the Post, emailed me (and, presumably, tens of thousands of others) to praise the work of WaPo columnist Catherine Rampell. Exhibit A was her recent column titled “The GOP rebrands itself as the party of tax cheats,” October 21, 2021. Hiatt writes: She...

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The Biden Full Court Press Against Economic Freedom

I’ve been following economic policy closely since Richard Nixon’s assault on economic freedom with his August 15, 1971, economywide price controls. While there have been ebbs and flows in economic freedom in the fifty years since then, I have never seen anything like the full court press against economic freedom exercised by President Biden and his administration. To the extent it succeeds, it will not only reduce our freedom but also slow the growth of our real...

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Why “tax the rich” isn’t working

There are lots of people in Washington who claim to want to tax the rich. But it’s worth looking past the rhetoric and focusing on the actual policies being enacted. Here’s the NYT: Accounting firm brochures and websites are peppered with headlines like “Using opportunity zone investment to super charge estate planning” and “Investing in Qualified Opportunity Zones with Irrevocable Grantor Trusts.” In the trade press, a tax lawyer explains how to combine the...

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