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


September 30, 2014, 5:03 pm, 1343961

We've been asked which states adjust their gasoline tax for inflation. Most states (and the federal government) define their gas tax in so many cents per gallon, which can make a difference as time passes and inflation erodes the purchasing power of that tax rate. For example, the federal ...


September 30, 2014, 3:03 pm, 1343875

Last week, Chile’s President Michelle Bachelet signed legislation that would reform much of Chile’s tax system in order to raise tax revenue for the country.

This law would raise the top corporate income tax rate from 20 percent to 27 percent by 2017.

The law also creates a separate corporate ...


September 30, 2014, 3:03 pm, 1343874

In June 2014, the Internal Revenue Service released a “Taxpayer Bill of Rights” at the recommendation of the Taxpayer Advocate Service. The publication attempts to clearly outline the fundamental rights a taxpayer has when filing their returns and dealing with the IRS in general.

In an attempt to further ...


September 30, 2014, 1:03 pm, 1343796

Chile has for many years had one of the lowest corporate tax rates in the developed world, and also one of the fastest rates of economic growth. Between 2000 and 2010, Chile’s corporate tax rate was 15 to 17 percent, lower than that found in any developed country except ...


September 29, 2014, 5:03 pm, 1343170

Morgan Stanley, six years after getting bailed out by taxpayers, is now doing research on inequality. The former investment bank released a report last week that attributes growing inequality to many factors, including taxes:

Though tax policies are still largely supportive of lower income groups, they have become less ...


September 29, 2014, 5:03 pm, 1343169

According to this year’s International Tax Competitiveness Index, Estonia has the most competitive tax system in the developed world.

Key drivers for Estonia’s high rank are its relatively low corporate tax rate at 21 percent with no double taxation of dividend income, a nearly flat 21 percent income tax ...


September 29, 2014, 3:03 pm, 1343085

Each year, the Council on State Taxation (COST) estimates the share of total state and local taxes that are paid by businesses. The lastest edition of the report found that firms paid 44.9 percent of total U.S. state and local taxes last year—amounting to nearly $671 billion.

Here’s the breakdown ...


September 29, 2014, 1:03 pm, 1343008

The Senate this month unanimously passed a bill exempting welfare benefits under Native American tribal jurisdictions from being counted as “income” for the purposes of income tax. The bill passed by voice vote in the House.

This bill was uncontroversial, largely because it is good policy. It resembles the ...


September 26, 2014, 5:03 pm, 1342036

At the Clinton Global Initiative meeting earlier this week, former President Bill Clinton called for a lower corporate tax rate, saying that the average corporate tax rate across the OECD (25.3 percent) provides a good target for where our corporate tax rate should be. But in his talk—which ...


September 26, 2014, 11:03 am, 1341768

New York Mayor Bill de Blasio is considering a proposal that would place a property tax surcharge on residences that are worth $5 million or more and owned by non-New Yorkers, according to the Wall Street Journal. The surcharge was proposed by the Fiscal Policy ...