Public-worker pensions create incentives for ever-higher taxes as current politicians seek near-term political support by adding to taxpayer liabilities that have to be paid on some future Governor’s watch. Down that road lies New Jersey or Illinois. Fortunately, the waffling governor does not ...
Article III places judicial power in the hands of thecourts. The Constitution is interpreted by the courts, and theSupreme Court of the United Statesis the final court of appeal from the state and lower federal courts. The power of American courts to rule on the constitutionality of laws, kn...
(seeRepresentatives, House of), to which members are elected on the basis of population. Among the express powers ofCongressas defined in theConstitutionare the power to lay and collect taxes, borrow money on the credit of the United States, regulate commerce, coin money, declare war, raise ...
and Mexico. Because much of the new government spending in response to the COVID-19 pandemic was done at the federal level, we did not see a decline in the subnational averages for Canada and the United States… Figure 1.2b (p. 8) shows the subnational scores for the US states. New ...
Nearly a week after the assassination attempt on former President Donald Trump, federal authorities still don't have a motive for the shooting. Earlier this week, the FBI and Department of Homeland Security released an updated security bulletin outlining threats they are monitoring ahead of the Nove...
US House Prices Rise the Least in a Year The S&P CoreLogic Case-Shiller 20-city home price index in the US went up 4.6% year-on-year in September 2024, the least in a year, compared to 5.2% in August and forecasts of 4.8%. New York again reported the highest annual gain among the...
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paid to employees and Medicare tax of 1.45% on all wages (collectively, FICA taxes). For 2024, social security tax is imposed on the first USD 168,600 of wages paid to employees. Employers are required to withhold an equivalent amount of FICA taxes from employee wages, federal income tax ...
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States with no income tax often make up the lost revenue with other taxes or reduced services. A state’s total tax burden, which measures the percent of income paid in state and local taxes, may be a more accurate measure of its affordability than its income tax rate alone. ...