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?


Click on the chart for a larger version.


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Tax Foundation


May 27, 2016, 11:03 am, 1640389

To wrap up a special legislative session on highway funding, Arkansas Governor Asa Hutchinson signed a measure that will generate close to $300 million over two years to help pay for upgrades to the state’s roads and bridges.

The plan shifts existing sources of funding to transportation, including ...


May 27, 2016, 9:03 am, 1640354

Today is May 27, the date in 1935 when a unanimous U.S. Supreme Court decided Schechter Poultry v. United States, striking down the New Deal’s National Industrial Recovery Act. The Act directed industry trade associations to develop codes of fair competition for each industry, and violations of the codes ...


May 26, 2016, 11:03 am, 1640071

Today is May 26, the anniversary of the Quill v. North Dakota decision of 1992, when the U.S. Supreme Court upheld “the continuing validity” of restricting state sales tax powers only to businesses with property or employees in the state. This decision is why Internet-based retailers are not required to collect ...


May 25, 2016, 5:03 pm, 1639835

In addition to the federal estate tax of 40 percent (which is fourth highest in the OECD), many U.S. states levy their own estate and inheritance taxes.  Estate taxes are charged against the estate regardless of who inherits the assets, while inheritance taxes are levied on the transfer of ...


May 25, 2016, 11:03 am, 1639699

Today is May 25, the day when you might see people walking around with towels. It's also the one-month anniversary of Lunch Links, which we launched to gauge interest in us providing a daily list of interesting tax-related links. A month in, an average of 1,989 people click on ...


May 24, 2016, 7:03 pm, 1639502

What’s the proper way to tax personal saving and investment? It’s a great question, and under current tax law, we have lots of different answers! Specifically, we have four of them, which I’ll get to in a moment. But first let’s talk a little about what saving and investment ...


May 24, 2016, 11:03 am, 1639333

Today is May 24, the date in 1937 when the Supreme Court upheld Social Security (and Social Security and unemployment insurance payroll taxes) in Helvering v. Davis and Steward Machine Co. v. Davis. In Helvering, the Court held 7 to 2 that Congress could spend to promote the general welfare independently ...


May 23, 2016, 5:03 pm, 1639106

Oregon’s Legislative Revenue Office (LRO) released its much-anticipated report today on Initiative Petition 28 (IP28). If adopted in November, IP28 would raise the state’s minimum tax on large corporations to 2.5 percent of all Oregon-based sales in excess of $25 million.

LRO’s analysis illustrates just how large the ...


May 23, 2016, 9:03 am, 1638935

Today is May 23, the date in 1938 when the U.S. Supreme Court upheld the imposition of federal income tax on state employees in Helvering v. Gerhardt. Conceding that McCullough v. Maryland in 1816 ruled that states couldn’t tax the federal government, Justice Stone wrote that the feds taxing the states was ...


May 20, 2016, 11:03 am, 1638397

Today is May 20, the date in 1899 when the first traffic ticket was issued (to a taxi driver speeding down Lexington Avenue in Manhattan at 12 mph). Traffic tickets generate over $6 billion a year in revenue for state and local governments.

Here are some interesting links I came across:

Fewer Shareholders ...