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Category Archives: Taxes
The Thomas Jefferson Institute for Public Policy recently released a new study showing the impact of cigarette tax increases on local government budgets. The study, The Impact of Cigarette Tax Increases on Local Government Budgets (here), uses budget data published … Continue reading
Sometimes it’s hard to believe that this expansion is already more than 8 years long–only 18 months short of the record 120-month expansion that occurred from March 1991 to March 2001. A few analysts are concerned about a recession occurring … Continue reading
The tax reform plan that Congress is producing will not be perfect. Nothing is…The starting point for any inquiry should be the purpose of the legislation and whether the developing product generally would move the law in the direction envisioned by the legislators. The stated purpose for this tax bill is to simplify the code for most individual taxpayers and reduce taxes for both individuals and businesses in order to spur economic growth. The theory, which has generally proven correct in the past, is that tax cuts lead to economic activities which cause job growth, improve wages, and make society more prosperous on the whole.
The Tax Cuts and Jobs Act currently being considered by the Congress, according to Martin Feldstein, Chairman of President Reagan’s Council of Economic Advisors and renowned Harvard Economics professor, “could increase the U.S. capital stock by $5 trillion and cause … Continue reading
In response to the U.S. Senate passing a budget for the next fiscal year, which includes reconciliation instructions to cut taxes, the U.S. House of Representatives will now proceed to the process of crafting tax legislation. Continue reading