January 2014 Payroll Employment
We are getting closer to the previous peak.
Click on the image to get a bigger version.
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 .
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.
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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We recently outlined a bill introduced by Senator Patty Murray (D-WA), which would expand the EITC and pay for it in part by further limiting the deduction for executive compensation. The Senator believes that the ability for corporations to fully deduct performance-based compensation represents a massive loophole, ...
Yesterday was Tax Day, and former Defense Secretary Donald Rumsfeld shared a letter he sent to the IRS with his Twitter followers. Rumsfeld said he did his best to fill out his taxes but says he's not sure he got it right, due to the complexity ...
Gov. Steve Beshear's problematic tax overhaul seems to have fizzled out, with the Legislature enacting a revenue bill with just a few small tax changes. The final plan that became law, HB 445, had many small components leading to only very slight tax changes in the ...
The American Legislative Exchange Council today released their 7th annual Rich States, Poor States report, which ranks states in two metrics: historical performance based on economic indicators, and forecasted outlook based on policy variables. Here’s the top and bottom 10 breakdown this year:
I understand Tom Moran is compelled to attack our Tax Freedom Day report each year (“Tax Freedom Day? It’s bunk: Moran,” 4/15/14), and normally I would let his words stand for themselves. However, I must correct the record on two points and offer two observations.
An interesting and delightfully contrarian piece from this tax season was from Howard Gleckman at the Urban Institute: Does Anyone Care About a Simple Tax Code? Gleckman rightly points out that while tax code simplicity has long been a goal of reformers, it becomes less and less relevant ...
The Progressive Policy Institute this week released a “Tax Complexity Index,” which provides a count of tax expenditures by state. The results are in line with what you might expect: state tax codes have a lot of deductions, credits, exclusions, rebates, and other goodies that make the code ...
Did you know that you can donate to the treasury voluntarily? The website pay.gov takes checking accounts, credit cards, and debit cards. You can also donate on your tax forms, which are due today.
Obviously, not many people choose to do this. It’s not reasonable to expect people to ...
Where does the federal government’s tax dollars come from? In 2013, the largest share of revenue came from individual income taxes and payroll taxes, accounting for $2.26 trillion in total. The smallest share came from estate and gift taxes at $19 billion.
Tennessee lawmakers recently voted to repeal the state’s version of the so-called “jock tax.” The tax will be repealed effective immediately for NHL players, but will remain in effect for NBA players until June 1, 2016.
The jock tax is a colloquial expression used to describe the ...