Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
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- Opinion
How the GOP Tax Bill Will Affect the Economy
The House passed its version of the Tax Cuts and Jobs Act on Thursday, a bill that would reform the tax code by lowering marginal rates for most households, corporations, and small businesses. The Senate is also working on its own version of the bill. Though the complete details are yet to be finalized, both…Parker Sheppard -
- Opinion
Podcast: The Push to Increase Government Regulation of Speech Online
We discuss whether government should regulate social media, the ignorance about communism and its effects, and a new report on the Transportation Security Administration’s failures.Katrina Trinko -
- Opinion
The Free Market Beats Government Planning Every Time
One of the most challenging and important jobs for an economics professor is to teach students how little we know and can possibly know. My longtime friend and colleague Thomas Sowell says, “It takes considerable knowledge just to realize the extent of your own ignorance.” Nobel laureate Friedrich August von Hayek admonished, “The curious task…Walter E. Williams -
- Opinion
GOP Tax Plan Would Revitalize US Economy, Give Significant Tax Relief
House Republicans unveiled their plan to update the nation’s tax code on Thursday. If they are successful at passing the plan—known as the Tax Cuts and Jobs Act—it will mark the first time in more than three decades that Americans will have a chance to experience the benefits of comprehensive, pro-growth tax reform. Tax reform…Romina Boccia -
- News
146 in Real Estate Industry Buck National Group by Backing GOP Tax Plan
Nearly 150 real estate professionals from 34 states Monday urged congressional Republicans to pass their tax reform package, saying it would “unleash economic growth, create jobs, and increase wages.” In a letter addressed to House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell, the 146 signers buck their industry’s trade association with support for…Rachel del Guidice -
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Tax Reform Means Higher Pay for Americans, Council of Economic Advisers Predicts
Lowering the corporate tax rate will spur economic growth and encourage business owners to invest more in their businesses, leading to higher wages for employees, according to a new report from the president's Council of Economic Advisers. The report on tax reform, released Friday, focuses on the expected results of decreasing the corporate tax rate…Casey Ryan -
- Opinion
Why Congress Must Preserve and Extend the 2011 Spending Caps
The Budget Control Act, passed in 2011, is one of the few mechanisms currently in place to control Congress’ appetite for spending. With the national debt projected to skyrocket over the next decade, now is not the time to abandon it. An upcoming report this week from The Heritage Foundation will detail the ways Congress…Justin Bogie -
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We Hear You: Debt, Democrats, Deductions, Deficit-Spending, and the Tax Code
Editor's note: We've had so much reader input on Republicans' tax reform proposals that we're devoting a second consecutive compilation to it. Enjoy, and don't forget to write us at [email protected].—Ken McIntyre Dear Daily Signal: Regarding the commentary by Rep. Mark Walker, R-N.C., I think members of Congress are bailing water in a sinking boat…Ken McIntyre -
- News
Trump: Tax Reform ‘Will Lift Our People From Welfare to Work’
President Donald Trump promoted his tax reform plan at The Heritage Foundation’s President’s Club, and also touted American values, the Constitution, and “God-given rights.” “We will lift our people from welfare to work, from dependence to independence, and from poverty to total beautiful prosperity,” Trump told an audience of about 1,000 people Tuesday night gathered…Fred Lucas -
- News
Deduction for State and Local Taxes Stunts Economic Growth, Group Warns
Congress should get rid of federal taxpayers’ deduction for state and local income taxes because it ends up costing most taxpayers billions of dollars, an organization that advocates state-level reforms says in an open letter to lawmakers. Removing the deduction will save $1.5 trillion over the next 10 years, the American Legislative Exchange Council said…Ian Snively -
- Opinion
Why Washington’s Spending Addiction Is a Threat to Tax Reform
I’m not sure what left the bigger impression on me after my visit with The Heritage Foundation’s Romina Boccia and Adam Michel—the awesome bigness of the federal government’s fiscal challenges or the mindsets of those we elected to deal with them. The problem is enormous. The federal government spends $4 trillion per year. It takes…Bill Walton -
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‘Feminist Economics’: Coming to a College Campus Near You
If you haven’t yet heard of “feminist economics,” get ready, because liberal economists, policy organizations, and activist groups are pushing the concept as the next battleground for women’s rights. Because condemning catcalling and “toxic masculinity” in cultural terms isn’t enough, they’re now targeting government policies and institutions they contend are oppressive and discriminatory toward women….Kelsey Bolar -
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Responding to a Critic of Having More Freedom in Agriculture
A former Obama administration official has written a new agricultural study that is critical of The Heritage Foundation’s publication “Farms and Free Enterprise: A Blueprint for Agricultural Policy.” Most of the arguments in this agricultural special interest-sponsored study are the same recycled claims that get trotted out any time someone challenges the farm subsidy status…Daren Bakst -
- Opinion
Higher Minimum Wage Laws Might Make You Sick
This news may not sit well with hipster foodies in the Pacific Northwest. In a classic case of good intentions paving the way to hell, it appears that minimum wage increases might be bad for your health. A recently released study on the impact of minimum wage increases in Seattle showed a corresponding uptick in…Jarrett Stepman -
- News
Conservatives Call for Tax Reform to ‘Put Small Businesses Back at the Heart of America’s Economy’
Meaningful tax reform is about putting small businesses at a competitive advantage, the leader of a nonpartisan organization committed to limited government and economic freedom said Friday. “Our cause is simple,” Alfredo Ortiz, the president and CEO of the Job Creators Network, said at the rally near IRS headquarters in Washington. “Put small businesses back…Rachel del Guidice -
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- Opinion
Federal Student Loans Are Not the Answer. Let the Perkins Loan Program Expire.
On Sept. 30, the outdated federal Perkins Loan Program is set to expire. Policymakers should resist the temptation to revive this duplicative program and instead pursue options that will set higher education policy on track to meaningful reform. Originally created in the 1950s to help students with the cost of attending college, the Perkins Loan…Mary Clare Amselem -
- Opinion
Trump’s Budget Deal With Democrats Will Only Worsen Our Fiscal Situation
Late Wednesday night, the Senate released the text of legislation that would provide disaster relief funding and other federal aid for Hurricane Harvey and other 2017 disasters, suspend the debt limit, and extend the National Flood Insurance Program and government funding into December. The latest budget deal forged by President Donald Trump and key Senate…Justin Bogie -
- Opinion
House Spending Bill Is Too Bloated. Congress Should Stick to the Budget Caps.
This week, the House of Representatives is expected to vote on the eight remaining annual appropriations bills. The House will combine the four-bill Make America Secure and Prosperous Appropriations Act (H.R. 3354), which was passed prior to August recess, with another “mini-bus” package. In total, the package would spend $1.132 trillion in fiscal year 2018, busting…Justin Bogie -
- Opinion
3 Ways the US Tax Code Is Killing Our Economy’s Potential
President Donald Trump, Speaker Paul Ryan, and Senate Majority Leader Mitch McConnell told the American people that if they gave Republicans the chance to govern, pro-growth tax reform would be their major legislative priority in 2017. Now that the voters have given Republicans control of the White House, House, and Senate, there is a real…Sondra Clark