Recent Blogs Posts

We don't often thing about taxes on imports in the country. Import tariffs used to be the main source of income for the federal government, but federal; expenditures became so large that they couldn't be covered by income tariffs. Income taxes used to be greatly restricted, and they were only paid by rich people. I remember going into the kitchen, when I was a child, and I heard my father say, “But only rich people pay that.” And my mother replied, “I guess that means that we are rich.”
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Once again, I find myself returning to this difficult matter. Difficult though it is, I think that it is possible to accomplish, but it will require changes in tax policy and in some business customs.

As we all know, there was an equilibrium in the housing market with respect to incomes until the 1970's or 80's a single person making minimum wage could rent an apartment in most places in the U.S.A., and a well paid person had plenty of money left after housing expenses. The change ...

Recently the idea of taxing billionaires out of existence was brought up by Elizabeth Warren as part of her run for president. She wants to use the proceeds from this tax to fund her idea of Medicare for everyone, so she thinks that a tax that discriminates against some people is a good idea, even though it would be a statutory taking and a violation of due process. Such ideas have come up in the past, but the basic problem with it still is that removing the incentive to be successful will stop ...