Economics Roundtable

May 2014 Payroll Employment

After 76 months, we finally got back to the prerecession level of payroll employment.

Click on the image to get a bigger version.


Jobs

The best summary of the state of our economy is the graph (below) of employment as a fraction of population for people over 16 years old. The decrease is large, but the most troubling feature of the graph is the flat trend .


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Graph-of-the-Year Candidates

Donald Marron likes European interest rates. Click on the image to get a bigger version. Can you find three distinct subperiods?

Brad DeLong favors the U.S. gdp gap.


Remember M1?

Money Supply M1 growth is now over 20% per year over a 12 month lag. M1 growth has touched 20% before, but not with excess reserves of $1.6 trillion. Where is M1 headed?


Click on the chart for a larger version.


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Tax Foundation


April 29, 2016, 11:03 am, 1631273

Today is April 29, the anniversary of the passage of the “People’s Budget” in Britain in 1910, the first budget in history with the intention of taxing wealth to redistribute it.

Oregon Initiative Petition 28: The Threat to Oregon’s Tax Climate: We just released this new report yesterday: ...


April 28, 2016, 3:03 pm, 1630901

Today, the Tax Foundation released our new research on Initiative Petition 28 in Oregon, entitled “Oregon Initiative Petition 28: The Threat to Oregon’s Tax Climate.” If adopted, Oregon would rank worst in the nation on corporate taxes.

Initiative Petition 28 (IP28) would establish a 2.5 percent gross receipts tax ...


April 28, 2016, 11:03 am, 1630809

Today is April 28, the anniversary of the “Dog Tax War”—Maoris announcing that they would resist New Zealand taxes.

Gambling at the Track Not Paying Off for States’ Budget Problems: Between 2008 and 2015, state government tax and fee revenue from new casinos grew $1.3 billion in states ...


April 27, 2016, 5:03 pm, 1630520

Today, Representative Vern Buchanan (R-FL), a member of the Ways and Means Committee, introduced a bill that would link the top marginal tax rate paid on pass-through business income to the corporate income tax rate. For example, the current corporate tax rate is 35 percent. This bill would ...


April 27, 2016, 1:03 pm, 1630426

Standard economic theory assumes that individuals understand the tax schedule they face and alter their work and savings behavior accordingly in response to tax changes. We have previously discussed how the Earned Income Tax Credit (EITC) for example may cause individuals to save less and reduce their ...


April 27, 2016, 1:03 pm, 1630425

Yesterday Senator Ron Wyden (D- OR), Ranking Member of the Senate Finance Committee, unveiled a new proposal to simply the current cost recovery system. The proposal would alter the schedules businesses use to depreciate their assets.

Current Law

Today’s cost recovery rules originate from the Tax ...


April 27, 2016, 9:03 am, 1630342

Today is April 27, the 200th anniversary of Congress beginning to mess with the tax code, enacting a tariff law for protectionist purposes rather than just to raise revenue.

Numbers war breaks out over Illinois graduated income tax: A very martial headline but an excellent summary of our ...


April 26, 2016, 1:03 pm, 1630029

Today is April 26, the day of the “Acela Primary” – voting in Connecticut, Delaware, Maryland, Pennsylvania, and Rhode Island.

Illinois Considers an 11.25 Percent Tax on Small Businesses: The proposal would convert the state’s single-rate individual income tax to a four-rate income tax with a top rate of ...


April 25, 2016, 5:03 pm, 1629778

Today is April 25, the most perfect date of the year. I'm pleased to share interesting tax news we've come across today, although I'm posting it a little bit after lunch as we fly across the country (more on that tomorrow).

Lawmakers Battle Over Tax-Filing Programs: Senator Elizabeth ...


April 23, 2016, 1:03 pm, 1629366

It’s no secret that Hillary Clinton and Bernie Sanders have contrasting tax plans, but who knew their disagreements extended to soda taxes?

Philadelphia Mayor Jim Kenney (D) is advocating for a 3 cents per ounce (36 cents per can) tax on sugar-sweetened beverages to help fund universal pre-K, ...