Economics Roundtable

May 2014 Payroll Employment

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

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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?


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EconModel

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Tax Foundation


September 19, 2014, 5:03 pm, 1338171

A group of professors recently released a study that finds insufficient discussion of the total cost of taxes in public finance textbooks. They find that common textbooks fail to fully include the total cost of taxes into discussions of public goods and cost-benefit analyses. I quote the abstract ...


September 19, 2014, 5:03 pm, 1338172

Recently, Senator Chuck Schumer (D-NY) released a bill that would retroactively change interest deduction laws and ownership requirements for inverted companies going back to 1994. We’ve discussed how this is an attempt to fix a problem that only sound tax reform can solve, but the bill’s retroactivity ...


September 18, 2014, 7:03 pm, 1337565

Today the U.S. House of Representatives debated H.R. 4, the Jobs for America Act. Among addressing multiple issues, the bill would make permanent Section 179 small business expensing, 50 percent expensing, and repeal the medical device tax. Each of these provisions would move the tax code in ...


September 18, 2014, 5:03 pm, 1337490

Senator Bernie Sanders recently said this about U.S. corporate taxes:

"Want to better understand why we have a federal deficit? In 1952, the corporate income tax accounted for 33 percent of all federal tax revenue. Today, despite record-breaking profits, corporate taxes bring in less than 9 percent. It’s time for ...


September 18, 2014, 1:03 pm, 1337297

In our new International Tax Competitiveness Index, the United States ranks 32nd out of the 34 countries in the OECD. This puts the United States behind countries such as Spain and Italy and just in front of Portugal and France.

There are a few main drivers behind the U.S.’s ...


September 18, 2014, 11:03 am, 1337212

This week's map shows the state sales tax rate, plus the average local rate, for each state as of July 1, 2014. This data comes from a bi-annual sales tax report we released yesterday which details each state’s statewide sales tax rate, along with its maximum and average local sales ...


September 16, 2014, 7:03 pm, 1336093

One of the worst aspects of the federal tax code is the way it treats saving. Under ordinary circumstances, saving is treated to double taxation at the individual level, reducing after-tax returns to saving and incentivizing immediate consumption over saving.

There are several ways, though, that the tax code relieves ...


September 16, 2014, 1:03 pm, 1335872

A new report by Standard & Poors finds that rising income inequality may negatively impact state revenue growth. The report confirms the long-standing consensus of tax economists that high, progressive income taxes contribute to revenue volatility, and also confirms the growing chorus of experts who argue that ...


September 12, 2014, 3:03 pm, 1334065

The latest advertisements on behalf of Larry Hogan, the GOP candidate for Maryland’s Governor, have focused on tying his opponent, Lt. Governor Anthony Brown, to the tax policies of Governor Martin O’Malley (D). In his tenure as Governor, O’Malley has increased or created new taxes 40 ...


September 11, 2014, 5:03 pm, 1333458

Over the years, the tax code has been altered by changes to statutes, regulations and case law, adding up to over 70,000 pages of instruction to filing taxes. It is the IRS’s job to enforce tax policy, so they keep track of the time and cost of filing ...