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About 3% of families move to different states each year in search of nicer climates, lower living costs, and other advantages. The rise of remote working is giving people more flexibility on where to locate. At the same time, more than 3 million people reach the age of 65 each year, and many are looking for attractive places to retire. → Read More
The average tax rate for the top 1 percent of earners is roughly as high as during the 1980s, although with some ups and downs along the way. The big change is that the average tax rate on the bottom fifth of households has plunged to near zero. → Read More
Many small businesses were battered during the pandemic and are still recovering. Large numbers of restaurants and other retail businesses were lost permanently as a result of mandated shutdowns and social distancing. In the months ahead, the economy will need entrepreneurs to fill the void by starting new businesses and creating millions of jobs. → Read More
President Biden has proposed a $2.3 trillion infrastructure plan. It moves entirely in the wrong direction by increasing subsidies and centralizing power. A better approach would be to end federal subsidies and decentralize infrastructure ownership and decisionmaking. → Read More
The plan would be a giant, wasteful circular flow of money from corporations through Washington and then back to favored corporations. → Read More
The federal budget deficit is our Path of Fiscal Doom. The scary thing is that only the politicians can solve it, but most of them are super‐spreaders of damaging fiscal ideas. → Read More
Biden would take with one hand what he gives with another, and the overall economy would shrink as markets are replaced by political resource allocations. → Read More
For calendar year 2020, state and local tax revenues were up 1% over 2019 despite the economic downturn. → Read More
Democrats have pushed to include a federal minimum wage increase in their $1.9 trillion relief bill being debated in Congress. But with millions of people unemployed and small businesses struggling, now would be an awful time to impose such a costly mandate. → Read More
Biden’s proposed minimum wage increase would hurt startups and small businesses, undermine the recovery, and be a blow to the industries hit hardest by the crisis. → Read More
States have gone on a spending splurge. An overdue correction is not a crisis. → Read More
President Biden’s push to spend another $1.9 trillion on economic relief is surreal given that government budgets are vastly ballooned already. → Read More
The problem is not marijuana, but rather that politicians are overregulating and micromanaging the market. → Read More
News stories are describing an exodus from high‐tax and mismanaged big cities to lower‐tax places with better governments. The health crisis and draconian shutdowns in places such as New York City and San Francisco are prompting people to reassess their lives and move their families and businesses to more hospitable climes. The Wall Street Journal reports that Elon Musk is moving from… → Read More
Policymakers are considering providing another huge aid package, but there is simply no need for more federal aid to the states. → Read More
New Hampshire has one of the most restrained governments in the nation. → Read More
Penn-Wharton’s budget team has produced new estimates of the effects of Joe Biden’s fiscal proposals. This post looks at PW’s tax distribution estimates. → Read More
Even if some crisis aid to the states made sense, further aid would be too much. → Read More
Over the decades, both the size and scope of federal subsidies has expanded, attaching ever more individuals and organizations to the government’s teats. → Read More
Congress is debating bills to address police misconduct as well as to provide further aid to state and local governments struggling with budget deficits. But the states can address both issues themselves with one reform: repealing collective bargaining for public workers. State and local workforces are heavily unionized with 39 percent of workers covered by collective bargaining compared to just… → Read More