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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Tax Foundation


October 24, 2014, 5:03 pm, 1357364

A new paper on wealth inequality from economists Emmanuel Saez and Gabriel Zucman – who have written frequently on the subject – was released earlier this month. This paper is far better than previous attempts to measure inequality. It includes pensions and other sources ...


October 23, 2014, 5:03 pm, 1356530

According to 2011 Census data, there are approximately 27 million businesses in the United States. Of these 27 million businesses, 90 percent of them are what are called “pass-through” businesses.

In regard to taxes, the most distinct feature of a pass-through business is that its income is taxed once on ...


October 22, 2014, 5:03 pm, 1355732

A wealth tax would not be good for the U.S. economy.

In his book, Capital in the 21st Century, Thomas Piketty suggests a wealth tax to fight income inequality. In a recent report, we used our Taxes and Growth model to evaluate the impact of such a tax on ...


October 22, 2014, 5:03 pm, 1355731

Michigan’s Senate approved a bill yesterday to extend the state’s film tax credit program, which was limited and reduced in 2011 and set to expire in 2017. It’s now up to the House to decide whether to proceed. From Mlive:

The bill would eliminate a ...


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, 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 ...