TaxBytes

The 2017 tax cut legislation performed better than the CBO predicted, and even better than I predicted.

One of the reasons the SALT cap withstood the court challenge is because it’s actual legislation. It would be a grotesque overreach for the judicial branch to overturn a legitimate exercise of self-government through the legislative process.

Taxing wealth reduces the incentive to create wealth and transfers it from where it is used productively to the government where it likely won’t be used productively. That transfer causes lower growth, not higher growth.

States that have never indexed their income tax rates should learn from states that have and use this time of flush state budgets to do so.

Biden proposes a wealth tax he once opposed, targeting billionaires whose net worth is $100 million. 

Most observers realize that the United States is going to have to increase its defense spending. But, with federal debt ballooning, interest rates rising and the return of inflation, we simply must set our fiscal house in order. We must be able to say “no” to more things so that we can “yes” to a stronger defense.

In his State of the Union address, President Biden said the 2017 tax reform only benefited the top 1% of income earners. To put it bluntly, he lied.

There is no solution to inflation other than reining in loose money and enduring whatever temporary economic pain may result. 

Several states are eagerly competing to attract over-taxed people by lowering their income tax rates, in some cases to zero.

You might have thought the Biden administration changed that provision that would allow the IRS to snoop into your finances. Well, think again.