This is the final installment of a 3 part series. Conservatives, too, are not without fault. Take for instance the talking point that massive low-skilled immigration into the United States will depress wages for Americans and harm the overall economy. The argument for restricting immigration for this reason is the same one used to justify raising the minimum wage, and the … [Read more...] about If we think illegal immigration means the end of the world, then why don’t we act like it?
Alex Benson Articles
This is part 2 of a 3 part series. Please read part 1 here. Take for example the apocalypse to end all apocalypses (literally, in that if the more radical projections are to be believed it is already too late to stave off Armageddon): climate change. From the outset, it should be noted that to believe that climate change is not an immediate catastrophe in the making, in … [Read more...] about If we think climate change means the end of the world, then why don’t we act like it?
In the era of social media and 24-hour news cycles, every story is “breaking,” and everything is apocalyptic. We tweet about how President Trump has already destroyed America, or, alternatively, about how political correctness is one step away from plunging the country over the cliff and into the proverbial “thousand years of darkness.” Ironically, though, what puts us in real … [Read more...] about If we think it’s the end of the world, then why don’t we act like it?
The US Treasury yield curve -- the graphical representation of the relationship between bond maturities and their yields -- is flattening. Some maturities, such as yields on two to five-year bonds, has already inverted. An inversion of the two and the ten-year maturities, recognized in the financial world as a warning sign of coming recession, is poised to flip sometime early … [Read more...] about Could one graph be predicting a coming US recession?
In lieu of a successful vote on a bipartisan proposal by Senators Lee and Sanders to end Congressional support for US military involvement in the Yemeni civil war, Republican leadership attached language supporting US involvement in the conflict to the 2018 farm bill. The relevant language of the attached resolution actually goes so far as to suspend the War Powers Resolution … [Read more...] about Of beans and bombs: US Senate is ceding its authority in dealing with Yemen
Much has been made in the past week -- on conservative talk radio and among the rest of the punditry -- of the Supreme Court’s refusal to grant cert on an “abortion case” in which two lower federal courts had ruled that states violated federal law when they terminated Medicaid contracts with Planned Parenthood affiliates. Some have gone so far as to decry Justices Kavanaugh and … [Read more...] about Did Justice Kavanaugh “betray” conservatives with abortion vote?
Part two can be read here. Furthermore, high corporate tax rates are negatively correlated with economic growth. That is to say, higher corporate tax rates, ceteris paribus, are negatively correlated with economic growth. The leading empirical research in the area of growth and corporate taxation estimates that cutting U.S. corporate taxes by 10 percentage points could … [Read more...] about An argument for killing the corporate tax (part 3 of 3)
Part one can be read here. Factors Weighing in Favor of Repeal The nominal rate structure of the corporate income tax in the United States was extremely uncompetitive prior to the TCJA. (The lower rate that followed in the wake of the 2017 tax cut act makes the country more competitive, but we still have a long way to go.) Following recent rate cuts in Germany and Japan, … [Read more...] about An argument for killing the corporate tax (part 2 of 3)
In December of last year, Congress passed, and President Trump signed, the Tax Cuts and Jobs Act (TCJA). The legislation, among other things, cut the top marginal rate of the corporate income tax from 35% to 21%. This was a huge step forward in making the United States competitive on the world stage. But it did not go far enough -- the corporate income tax should be repealed … [Read more...] about An argument for killing the corporate tax (part 1 of 3)
Detroit-based US automaker General Motors has announced that it plans to close five plants in the United States and Canada, as well as eliminate 15% of its salaried workforce. The move is a part of a larger cost-cutting plan aimed at restructuring its production away from passenger cars and toward SUVs and trucks. Demand has died off for many of the passenger cars in the GM … [Read more...] about GM to close five plants and shed 14,000 jobs
Part one can be read here. The record-keeping requirements of paying taxes in cryptocurrency would therefore be immense. Every time you transfer cryptocurrency, you trigger a gain or a loss on that asset. However, the consequences of failing to account for that gain or loss are more severe when the trigger is payment to a taxing body of the government. Such a “sale” puts the … [Read more...] about Ohio allows businesses to pay taxes in bitcoin, but how many will choose to do so?
This past week, State Treasurer Josh Mandel partnered with Bitpay to make Ohio the first state to accept cryptocurrency for business taxes. Treasurer Mandel told CNBC the move was designed “to plant the flag in Ohio as a national and international leader in blockchain technology,” adding that it increases “options and ease” for taxpayers and opens the door to tech firms and … [Read more...] about Ohio allows businesses to pay taxes in bitcoin, but how many will choose to do so?