Despite a lingering effort to repeal and replace Obamacare, much of Washington’s political and media attention is already turning toward tax reform. Democrats and their liberal allies are eager to sow discord among the GOP ranks in hopes of another failure. Meanwhile President Trump and House and Senate leadership are looking for a big win. […]
After Healthcare Failure, Can GOP Now Muster Tax Reform?
With the epic failure of Paul Ryan’s healthcare reform bill in the House , can the GOP get it together enough to pass tax reform? The editors of The Wall Street Journal write that prospects for a tax bill have gotten much harder. President Trump campaigned on breaking Washington gridlock, increasing economic growth and lifting […]
This Is What Is Better About a Flat Tax
Dan Mitchell, a scholar at the Cato Institute, explains why a flat tax system is so much better than punitive, progressive tax systems. There are many reasons, but some of the most appealing are increased economic activity, the end of the death tax, and the elimination of double taxation. Dan explains it here: But we’d […]
Will America Dare to Duplicate the U.K.’s Corporate Tax Success?
There has been bipartisan agreement for some time now that America must lower its corporate tax rates in order to remain competitive in world markets. Despite that, there hasn’t been the political willpower to get anything done about it. Here, Dan Mitchell, a senior fellow at the Cato Institute, highlights work done by his colleague Chris […]
After Reading This Even Reagan Haters Will Have to Admit the Laffer Curve Works
Dan Mitchell has worked hard to make people understand how lowering the top marginal tax rates during the Reagan administration proved how well the Laffer Curve works. Despite lowering rates, revenues from those making over $200k increased over five-fold from 1980 to 1988, thanks in large part to the growth spurred by tax cuts. But Dan has […]
Deadline: Is there Really a Chance for Tax Reform by August?
The Trump Administration Wants to Lower Corporate Taxes Newly installed Treasury Secretary Steven Mnuchin has said in an interview with CNBC that he wants to get a “very significant” tax reform bill passed by Congress before the legislature goes to recess in August. Mnuchin told interviewers that his focus is on making “the business tax competitive […]
Can One Man Smash the Business Roadblocks in Teetering Illinois?
With the recent passage of a Right to Work law in Kentucky, Illinois is nearly surrounded by states with such laws. Only Missouri, far away from Chicago, the industrial heart of Illinois, remains a union state. With at least five Right to Work bills working their way through the Missouri legislature and headed toward the […]
Why Are the Wealthy Fleeing This Teetering State in a Surge?
In the year between July 2015 and 2016, Illinois lost 114,000 people in net migration. According to analysis by the Illinois Policy Institute, the exodus of people from Illinois has accelerated since the state increased taxes to 5% for individuals and 9.5% for corporations in 2011. One of the harshest effects of the emigration from […]
Excise to Excess: States that Make You Pay
The Tax Foundation has released a map displaying the ranking and dollar/citizen each state pulls in via excise taxes. Excise taxes are usually placed on goods that consumers can’t avoid, like gasoline, or goods that governments would prefer consumers avoid, like cigarettes or alcohol (also called Sin Taxes). Policy makers are attempting to generate maximum […]
Survival States: Sales Taxes
If you’re looking for the freest, easiest living conditions you can find, be sure to avoid states with high sales taxes. The Tax Foundation has mapped out the best and the worst in sales tax rates here.
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