Taxes

Minimum Wage Myths

The federal minimum wage is currently $7.25 an hour, but some states and cities have minimum wages that are significantly higher. Furthermore, eight states raised their minimum wage, effective Ja…

Paying for Pet Projects at the Pump

The federal and state governments levy taxes on gasoline and diesel fuel primarily to fund highway construction and repair. These taxes average 40 cents on every gallon of gas purchased. However,…

Infrastructure Funding: Taking the Wrong Path

A recent American Society of Civil Engineers (ASCE) report estimated the United States will need to spend $2.2 trillion over the next few years to bring the country's infrastructure to acceptable leve…

Temporary Employment: The New Permanent?

As the United States recovers from the 2008 recession, many consider any employment growth to be a good sign. But uncertainties about future tax and health care costs could be inhibiting permanent job…

Is the Corporate Income Tax Regressive?

In a recent Iowa speech a heckler yelled at former Massachusetts Governor Mitt Romney to raise corporate taxes. Romney replied, 'Corporations are people, my friend.' He quickly clarified that statemen…

A Brief History of the Gold Standard

Congress established a mint in 1792 and defined the dollar in terms of a specific weight in both gold and silver. This put the new republic on a bimetallic standard, common at the time. Initially, the…

The Fed's Mandate

When the Federal Reserve was created in 1913, Congress did not give it a monetary policy goal as we understand that term today. The Fed's monetary policy role evolved gradually, and congressional mand…

Taxing Tobacco by Risk

Excise taxes are fees levied on specific products like cigarettes, beer and gasoline. Unlike broad-based taxes, such as general sales or income taxes, excises are often paid by a narrow subset of the…