Prior to World War II most Americans paid no income tax. The standard deduction was high enough that people who had factory or office jobs didn’t earn enough income to owe any income tax. That changed when the standard deduction was lowered in 1940 (and again in 1941 and 1942) to raise revenues to finance…
The Rich Say: Tax Us More to Fight COVID-19
The piece first appeared on The Beacon. More than 80 wealthy individuals are petitioning for higher taxes on the rich to help pay for the billions in new government programs made necessary by the Covid-19 pandemic. This is petition is disingenuous at best. If the wealthy want to pay more to help fight COVID-19, they can choose…
Aging Today: Can We Count on Having Social Security in the Future?
This piece originally aired during WFSU’s Aging Today segment. Social Security has been very successful in reducing poverty among older Americans. But the increasing number of recipients raises the specter that the system cannot be sustained. Economists estimate that without changing in financing, the average benefit will decrease 20% by 2030. Surveys report that at…
The Measurement and Importance of Economic Freedom
Since the initial publication of the Economic Freedom of the World report in 1996, numerous scholarly studies have used the data to examine the impact of economic freedom on investment, economic growth, income levels, and poverty rates. Virtually without exception, these studies have found that countries with institutions and policies more consistent with economic freedom have higher investment rates, more rapid economic growth, higher income levels, and a more rapid reduction in poverty rates.
Florida’s Low State Tax Burden Boosts Labor Force and Growth
The Tax Foundation ranks Florida 34th lowest in overall state and local tax burden. Florida is ranked number one in the country for state fiscal health by the Mercatus Center at George Mason University. Florida’s prospects for continuing this track record of economic growth are good as long as state and local policymakers stay the course and remain fiscally responsible.
Specificity is Only Thing That Will Sell Children’s Service Council to the Public
For many Tallahassee citizens, the current plan seems well-intentioned but vague. Putting proverbial “meat on the bones” on the current sketch would go a long way toward assuring that the Children’s Services Council is not just another way to raises taxes to fund more inefficient and ineffective government programs.