The prospect that the US president would conclude that tariffs cause growth has always been the downside of good economic numbers. Good performance of the macroeconomy only encourages his worst instincts to impose more harmful trade policies.
The problem is not a single program or regulation. It’s the complete paradigm of a state that knows no limits to its power. That paradigm has gradually faded. Another will take its place.
Given the high levels of uncertainty surrounding inequality measurement and ongoing improvements to each technique, common sense should caution us against adopting a sweeping tax code overhaul based on such an ambiguous and disputed statistical record.
The Democrats who just took control of the House of Representatives have already implemented changes to House rules so that if they decide to act on Ocasio-Cortez’s idea to jack up the top marginal tax rate to 70 percent, no procedural obstructions will block their way.
While people in France and Austria might not be completely aware that this added tax will actually hurt them in the long run, authorities in those two countries should be reminded that the digital tax is nothing but an additional burden on the consumer; pretending the plan is about fairness will not fly.
The collapse in confidence in government from 77% to 18% is one of the most striking changes in public philosophy of the last half century. To proceed as if this means nothing represents astonishing ideological blindness.
The historical narrative we've been hearing is both simplistic and wrong. It relies upon a confusion between the statutory tax rate (i.e., the number that’s on the statute books) and the effective tax rate (i.e., the percentage of income that people actually pay once exemptions, deductions, and other tax-code incentives are accounted for).
The GoFundMe campaign for the wall illustrates both the possibilities and the limitations of relying on voluntary revenue collection. Private efforts might be able to collect the money they need, but they will not and should not obtain the powers that government possesses to take away the people’s liberty and property.
Regulatory uncertainty is one of the major risks facing the blockchain industry as it matures. Ohio’s courting of the industry throughout 2018 may have value beyond a handful of overblown headlines.
For two weeks in France, and now Belgium and the Netherlands, a European Spring has been building. What we see in Paris today might be the end of social democracy as we know it, and what comes in its place is what the battle of ideas today is really about.