Most people experience “tax day” in perfect inversion of its reality. 3 of 4 Americans will get a tax refund from the IRS this year, for an average of $2,933. […]
Tag: Fiscal Policy
Monetary Policy and that Old-Time Fiscal Religion
The ongoing debt-ceiling debate has brought concerns about the sustainability of US fiscal policy to the forefront of public discussion once again. While it may be tempting to blame current […]
Let’s Cut the Budget Nonsense
The Biden administration has floated another bloated budget, one that will put the US national debt at $43.6 trillion by 2033, assuming its optimistic growth and interest-rate projections pan out […]
The Biden Budget: Smoke, Mirrors, and Class Warfare
As an academic economist, my job is to pursue the truth, so I am always flummoxed by the rhetoric coming out of that great regulatory factory on the Potomac, belching […]
Is it a LOLR? No, It’s a Trap
In the 1983 film Return of the Jedi, Admiral Ackbar turns to the officers on the bridge and says what everyone already knew: “It’s a trap!” It had seemed a […]
Silicon Valley Bank: Bespoke, Woke, and Restoked?
As these things tend to, the collapse of Silicon Valley Bank (SVB) has given rise to a host of wide-ranging discussions. Again comes a long weekend of fear and conjecture, […]
The Unconstitutional Tax on “Unrealized Capital Gains”
The Biden Administration’s 2023 budget bill made headlines by proposing a so-called “billionaire tax,” imposing a 25-percent minimum rate on the “unrealized capital gains” of the wealthiest Americans. The Biden […]
What To Do About Deficits, Debt
Federal budget hawks are in a pickle. Having predicted nine out of the last zero debt crises, those of us worried about the trajectory of US government spending have the […]
Proponents of Fiscal Stimulus Need to Stop Using World War II as an Example
Each time a recession nears, some call for governments to step in to “stimulate” the economy. Not through monetary means (printing money), but through fiscal ones. If the government initiates […]
For a Fair and Efficient Tax Policy, Restore the SALT Deduction
Prior to the passage of President Trump’s Tax Cuts and Jobs Act (TCJA) in 2017, state and local income and property taxes were fully deductible from income subject to federal […]