Economist Arthur Laffer’s newly published analysis of America’s 110-year history of income taxes is rife with paradoxes; among them, that the higher the tax rates that the U.S. government imposes on the rich, the smaller the share of taxes the rich pay compared to everyone else. Or put another way, the more the government attempted…
A Century of Progressive Taxes: Targeting the Rich but Hitting the Middle Class and Poor
IRS Report Fails to Provide Key Details, Republican Lawmakers Say
April 7, 2023
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House Ways and Means Committee Chairman Jason Smith (R-Mo.) has criticized the IRS for failing to provide essential information in its much-anticipated report released on April 6. The tax agency unveiled its strategic operating plan in the report, disclosing how it plans to use the $80 billion in new funding provided by the Democrats’ Inflation…
Congress Hits the Road to Listen to Americans’ Concerns
March 7, 2023
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YUKON, Okla.—Finding dependable workers, dealing with a disrupted supply chain, and coping with inflation are some of the biggest challenges in today’s economy, said witnesses in a hearing before the House Ways and Means Committee in this central Oklahoma city of 22,000. According to a press release, the March 7 “Hearing on the State of…
GOP Fights Biden Deal That Lets Other Countries Tax US-Based Profits
February 4, 2023
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In one of the more unusual tactics to bring the United States into compliance with international agreements, the Biden administration has signed on to a global tax agreement that gives Congress the choice of either approving the deal or watching American companies suffer from foreign tax penalties. Congress this week said it would do neither….
Midterm Elections Could Bring Higher Taxes In Some States: What Voters Need to Know
November 8, 2022
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As Americans head to polls in one of the highest turnouts for midterm elections, several major issues are on the table, such as tax policy changes that will have a significant impact on Americans’ personal financial situations. Tax policy involves everyone from the average earner to the richest Americans, and accounts for deductions and incentives,…
New Economic Research Study Sees No Tax Policy Impact From 2010 ‘Citizens United’ Decision
A new study published by the National Bureau of Economic Research (NBER) finds the 2010 Citizens United Supreme Court decision did not, contrary to repeated claims by Democrats and progressive activists, enable corporations to buy favorable tax policies. “Across all outcomes, we find no statistically or economically significant effects of independent political contributions on tax…
Maryland Department of Labor Implores Lawmakers to Hold Off on UI Tax Changes During ‘Tenuous Economic Time’
With short-term solvency and an ongoing pandemic in play, the head of Maryland’s Department of Labor recommended lawmakers not make any tax policy changes to the state’s unemployment insurance (UI) system for at least another year. Labor Secretary Tiffany Robinson went before the state Joint Unemployment Insurance Oversight Committee on Jan. 6 and discussed a…
Labor to Back Coalition Tax Cuts and Negative Gearing Policies
July 27, 2021
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The Australian federal opposition party decided on Monday to drop its previous stance and deliver the same legislated tax cuts as the Coalition after six years of opposition, or two election cycles, to the policies. “The Shadow Cabinet and Caucus have today confirmed that Labor in government would uphold the legislated changes to personal income…
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