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


October 21, 2014, 11:03 am, 1354765

Today, the Tax Foundation is honoring six individuals with the second annual award for Outstanding Achievement in State Tax Reform. As the award’s name suggests, the honorees were selected due to their extraordinary efforts to advance the cause of simpler, smarter tax policy in the previous year.

Working for better tax ...


October 20, 2014, 1:03 pm, 1354124

Taxes are a hot topic in the unexpectedly close Maryland governor's race. Republican nominee and former Ehrlich Cabinet member Larry Hogan has proposed cutting the state corporate income tax from 8.25 percent to 6 percent, along with "roll[ing] ...


October 20, 2014, 1:03 pm, 1354123

The Irish Times reports that the Irish government is considering a 6.25 percent tax rate on intellectual property:

“Irish officials are examining the feasibility of a 6.25 per cent rate on a new corporate tax scheme as the Government moves to shore up inward investment after its decision ...


October 17, 2014, 1:03 pm, 1353010

NPR posted an interesting breakdown of the top ten jobs for each income bracket. Here are a few interesting takeaways:

The top job for the top 1 percent of income earners was physicians, followed by managers, chief executives, and lawyers. These are people making over $207,000 a year. The upper-middle ...


October 16, 2014, 5:03 pm, 1352451

In addition to a series of tax rate increases, 2013 also brought back a more subtle tax increase for high income earners: taxpayer’s itemized deduction by 3 percent for every dollar of taxable income above a certain threshold the Pease limitation on itemized deductions. This provision, named after the ...


October 16, 2014, 1:03 pm, 1352283

A previous article introduced the IRS’s Taxpayer Bill of Rights and applauded the attempt to make the tax system more transparent. However, informing taxpayers of their rights and making a mindful effort to uphold these rights are separate issues. On the latter charge, it appears the IRS may ...


October 16, 2014, 1:03 pm, 1352282

The Mercatus Center at George Mason University released a report this week showing that eminent domain is not worth its SALT, that is, doesn’t actually produce meaningful state and local tax revenue. Not only did the group find a lack of growth, but eminent domain actually has a ...


October 15, 2014, 3:03 pm, 1351716

Last week's action by the U.S. Supreme Court declining to hear appeals in cases regarding same-sex marriage from the Fourth Circuit, Seventh Circuit, and Tenth Circuit Courts of Appeals, along with the issuance of a ruling by the Ninth Circuit Court of Appeals finding bans on same-sex marriage unconstitutional, ...


October 15, 2014, 1:03 pm, 1351626

People often think of tax revenue as a function of tax rates. If you want to raise more tax revenue, raise tax rates. If you don’t want to lose revenue, don’t cut tax rates.

Reality isn’t so simple. Instead, economic growth is often the key driver of tax revenues.

The U.S. ...


October 14, 2014, 5:03 pm, 1351067

Yesterday, another U.S. company announced plans to leave the U.S. via inversion in order to reduce their tax burden, according to Bloomberg:

The U.S. government’s attempt to prevent companies from seeking a tax address outside the country hasn’t stopped Steris Corp. (STE)

The Mentor, Ohio-based provider of hospital sterilization ...