In the short term, all tax cuts increase government debt since they reduce revenue. Proponents ofsupply-side economicsargue that, in the long term, tax cuts pay for themselves. Economist Arthur Laffer explained that tax cuts have a multiplier effect on the economy. They can stimulate growth eno...
High-tax states may also feel pressure to lower their taxes or make changes in response to the $10,000 cap on the state and local tax deduction. While that cap doesn’t directly impact state revenues, their residents will now be feeling more of a burden from the state taxes. New York ...
Though Trump said it would boost growth enough to make up for the debt increase, the Joint Committee on Taxation reported that the Act would add $1 trillion in debt even after including the tax cut's impact on economic growth. It wouldn't spur growth enough to offset the cuts' loss in...
“The baby boomers are the richest retiring generation we’ve ever had,” said Edward Yardeni, president of Yardeni Research. “Not everybody is well-off, but we’ve never had a retiring generation with this much wealth. That’s one of the major reasons why the ec...
(seeearnings chartbelow) and gold responded positively. Prices bottomed at $1045 and rallied to $1377 by July of 2016. However, everything changed when Trump won the election. The economy began to recover later that year, and his tax cuts extended the business cycle. We would have likely ...
After nearly a decade and a half of Prohibition, President Franklin D. Roosevelt started the effort to repeal that legislation by signing the Beer and Wine Revenue Act on March 22. This act levied federal tax on all alcoholic beverages, but gave states individual power to further regulate as ...
we assess the impact of major federal and state subsidies on US crude oil producers. We find that, at recent oil prices of US$50 per barrel, tax preferences and other subsidies push nearly half of new, yet-to-be-developed oil investments into profitability, potentially increasing US oil prod...
Catholic bishop on Trump immigration policy A look back on Norah O'Donnell's career Michelle Yeoh on "Star Trek: Section 31" Skin care professional pampers those in need U.S. craft sake breweries double Perle Mesta, the renowned social queen of Was... Inside "Beyond the Gates," TV's ne...
We examine the effect of the oil-price threshold on external balances with the aim of evaluating a country’s ability to finance its external deficits. The results would enable policy makers to gauge the outcome of Saudi–Russian led negotiations which affects the global economy and high-cost oi...
onsaid: I promise you if there’s one thing that economists will agree with me on across the board (if you put the question in sufficiently clear form), it’s that *the economy consists of the use and creation of real goods and services* and number of dollars is only a useful measure...