If business owners could increase their prices without a loss in sales, they would have already done so. Yet many conservatives mistakenly claim tax increases are just "passed on" to consumers.
The appropriate question is not “Who will build the roads?” but rather “Who will pay for them without taxation?” History suggests the answer is "lots of people" and the "public goods" theory is wrong.
The 2021 Nobel Prize in Economics has been awarded to Berkeley's David Card, MIT's Josh Angrist, and Stanford's Guido Imbens for their work on "natural experiments," a currently fashionable approach to estimating the causal impact of one economic variable on another.
With default we restore trillions to the private sector and permanently reduce government’s ability to hog the resources we need to maintain prosperity.
We have to go back to 1945 and the Second World War to find a time in which government spending is similar to today's panic-driven frenzy of spending in Washington.
As government seek ever larger amounts of debt to finance more spending, they're embracing huge debt levels in the way a broke consumer might embrace payday loans. In the end, we're left with nothing but a flimsy promise to pay.
The SALT tax deduction allows state and local taxes—like property taxes—to be deducted from federal taxes. To cap it is to pave the way for the federal government to tax income twice.
As government seek ever larger amounts of debt to finance more spending, they're embracing huge debt levels in the way a broke consumer might embrace payday loans. In the end, we're left with nothing but a flimsy promise to pay.
In 2020, federal spending grew year-over-year at the highest rate since the Korean War. But state and local spending growth flatlined. Why? The answer lies with the Federal Reserve and how the feds can spend and borrow a lot more than any state.
Federal income taxes are almost entirely about control and not revenue. The byzantine rules and selective enforcement are perfectly designed to keep ordinary people with limited means in mortal fear of the IRS.
