It’s the economy, stupid – James Carville
The United States’ 39% marginal corporate tax rate (35% federal and 4% average state and local) is the third highest in the world. It is the highest of the 34 industrialized nation members of the OECD – and it compares poorly with Europe’s average tax rate of 24%.
Because of loopholes, deductions, loss carry-forwards, etc., few, if any, companies pay the full 39% rate. Nevertheless, our statutory rate is higher than almost anywhere in the world.
President Trump has proposed lowering the Corporate Tax Rate from 35% to 20%. That’s a good idea – but it doesn’t go far enough. The Corporate Tax Rate should really be lowered to zero.
If this sounds a bit off, stay with me – I promise it will make more sense.Continue Reading
Dr. Sebastian Gorka recently referred to the U.S. as a Hyperpower. He is correct.
But power is not purely military. Power is also economic might and influence.
The two are inexorably linked to the other.
President Trump campaigned on energy independence for the United States. He immediately followed through on those promises by signing the Energy Independence Policy Executive Order, which unleashed a wave of U.S. energy production.Continue Reading
In 2014, the City of Seattle passed a three-step minimum wage increase – from $9.32 to $15 per hour. You can find the exact details here. The $15 minimum wage began in 2017 for larger employers who do not provide healthcare benefits – $13.50 for those larger employers who do provide healthcare benefits. Adoption of the $15 rate by small businesses is set for 2021 – with inflation adjustments. Two wage increases have already been fully implemented. The first, from $9.32 to $11, occurred in 2015. A second increase – to $13 – took place in 2016.
And then a funny thing happened. The city, led by Seattle Mayor Ed Murray, decided to commission a study on the wage hikes – fully expecting the results would provide support for their position.Continue Reading