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tax credit and then clawing back some of it at tax time the clawback system could be designed to accomplish any distributional and fiscal goal you want for example you might phase out the credit entirely for folks earning more than 150 000 another possibility would be to link the credit amount to some measure of income loss not just income level by comparing the income changes across tax years any of these approaches would reduce the fiscal cost of the cash payments and thus for the same overall cost allow them to be bigger for those who get them taxing the payments as income for example might create a 11 percent offset in new federal revenues that figure is based on a report elaine maag and i did on carbon dividends an idea for universal payments linked to a carbon tax a taxable payment of 1 125 would then have the about same net fiscal cost as an untaxed 1 000 payment under ritz s proposal a more aggressive clawback approach could allow even bigger payments for the same overall cost the payments described here should not be treated as income in determining eligibility and benefits in safety net programs they should be treated as income if we were enacting universal payments in normal times but times are decidedly not normal there is no reason for these temporary payments to reduce the efficacy of the existing safety net i favor targeting assistance to people with low incomes or sudden income loss if it s easy to do so there s clearly more bang per buck in directing aid to those who likely need it most australia has already enacted one program along those lines but if we go with universal payments let s make the payments taxable author donald posted on march 18 2020 categories macroeconomics taxes tags macroeconomics taxes economic policy in the time of covid 19 covid 19 poses a severe threat not only to public health but also to the overall us economy the nation s policy response should focus on four basic strategies first we should embrace those economic losses that protect health the steps needed to combat the coronavirus will inevitably reduce economic activity we want risky activities to stop social distancing is in gatherings are out reducing economic activity will reduce the overall size of the economy but we all know gross domestic product is not a measure of social wellbeing that s especially true today second we should help people get through this sudden financial shock millions of workers will see their incomes fall from reduced work hours furloughs and layoffs restaurants bars and many other small businesses will see their revenues crater expanding existing safety net programs as the house passed families first coronavirus response act does for unemployment insurance medicaid and food assistance is a good start so is supporting paid sick leave but those programs miss many people that s why we are seeing new proposals to get money out the door quickly making direct payments to households recently proposed by jason furman former economic advisor to president obama greg mankiw former advisor to president bush and now senator mitt romney r ut is one approach targeting payments to low income households as australia is doing is another giving money to employers who keep workers on their payrolls is a third whichever approach we take a priority is getting support out quickly to soften what may be an unprecedented loss in income third we should protect our economy s productive capacity so it can rebound once the virus risk recedes covid 19 shouldn t destroy otherwise healthy businesses and nonprofits the federal reserve will play a role by ensuring smooth functioning of credit markets adding liquidity to treasury markets as the fed is doing is a good step it may well take more steps in the days ahead but that won t be enough congress and president trump should help fundamentally healthy firms that are facing sudden cash flow stress and lack good financing options lending to small businesses is a natural first step trump has proposed expanding lending authority by the small business administration other nations have announced similarly focused programs the united kingdom for example has introduced new business interruption loans what to do for larger businesses is a harder question many large businesses do have private financing options or would if they had managed their balance sheets better expect spirited debate about where to draw the line between good and bad bailouts and for that matter about what constitutes a bailout i ll have more to say about that in another post fourth we should make full use of our economy s productive capacity once the virus recedes rebounding supply will help only if demand keeps up the fed has taken a first step to support demand by cutting its target interest rate to effectively zero and expanding its purchases of treasury bonds and mortgage backed securities those steps will soften the decline in consumer and business spending whether that will be enough is anyone s guess with effective actions now the economy may rebound quickly once the virus threat abates unfortunately it s also possible that economic activity will lag if that happens fiscal policy can help boost demand the actions we take now to provide income support will help and could be continued we also have the usual arsenal of tax e g lowering payroll taxes and spending e g aid to states options in recent days america has made great strides in the first strategy embracing the economic losses necessary to fight the virus in coming days the priority will shift to the next two helping people survive the resulting sudden income loss and defending our productive capacity so it can rebound quickly policymakers may also take initial steps to support demand to make full use of that capacity but the ultimate scope of those efforts will need to track the still unknown size of the longer term challenge author donald posted on march 17 2020 categories macroeconomics tags credit macroeconomics taxes brainteasers from my dad when my sister and i were little our dad would challenge us with riddles and word games i mentioned three in my eulogy for dad 1 imagine a two volume dictionary sitting on a shelf each volume has 500 pages a bookworm is on the first page of letter a it wants to eat its way to the end of letter z as fast as possible how many pages does it need to eat 2 should you walk to work or bring your lunch 3 is it warmer in the summer or in england dad used the first to show the perils of leaping to conclusions the second introduced basic economics as far as i can tell the third is just amusing if you see a deeper meaning please let me know author donald posted on december 15 2019 december 20 2019 categories life tags fun puzzle 2 comments on brainteasers from my dad remembering my dad donald marron 1934 2019 my dad died unexpectedly last friday he lived a remarkable generous life obituaries in bloomberg nyt and wsj give a taste of his success in business charity and the arts he was truly a self made man some of my favorite memories however are of my dad s rare failures his unsuccessful effort to hurdle my sister s cello during a game of chase that time we got ejected from yankee stadium for throwing paper airplanes the one and only set of tennis i ever won from him it s difficult to believe he s gone dad brought such vigor and energy to life indeed it was only a few months ago that we rocked to billy joel at madison square garden you should have heard him sing movin out if i make it to my 80s i d be thrilled to have half his energy and sharpness health issues brought me to new york city often this past year they proved a blessing in disguise my sister jennifer and i got to see much more of dad than usual we hung out in his office grabbed a few dinners and celebrated both dad s and my birthdays we feel fortunate we had that time together dad was an inspiration and a great deal of fun it s an honor to bear his name p s see some of his favorite brain teasers here author donald posted on december 9 2019 december 20 2019 categories life 1 comment on remembering my dad donald marron 1934 2019 should congress use the income tax to discourage consumer drug ads senator jeanne shaheen d nh and a score of democratic cosponsors want to use the tax code to discourage direct to consumer advertising by drug companies their bill the end taxpayer subsidies for drug ads act would prohibit firms from taking tax deductions for any consumer advertising of prescription drugs limiting tax deductions is a blunt and arbitrary way of approaching a legitimate concern consumer drug ads play an important role in debates about the costs of prescription drugs the risks of misuse and overuse of some medications the balance of authority between doctors and patients the limits of commercial speech and a host of other issues for overviews see here here and here but the bill is not well crafted to address those issues the problem starts with the legislation s name allowing drug companies to deduct advertising costs is not a subsidy many other deductions are the charitable deduction in the personal income tax for example subsidizes charitable giving and the mortgage interest deduction subsidizes borrowing to buy a home but the business deduction for advertising costs is not a subsidy continue reading should congress use the income tax to discourage consumer drug ads author donald posted on january 28 2019 december 4 2019 categories health regulation taxes tags drugs health taxes 2 comments on should congress use the income tax to discourage consumer drug ads designing carbon dividends carbon dividends are the hottest idea in climate policy a diverse mix of progressive and conservative voices are backing the idea of returning carbon tax revenues to households in the form of regular dividend payments so are a range of businesses and environmental groups two weeks ago six house members three democrats and three republicans introduced carbon dividend legislation here is the idea a robust carbon tax would cut emissions of carbon dioxide and other gases that are threatening our climate it also would indirectly increase taxes on consumers and raise significant revenue carbon dividends would distribute that revenue back to households through regular payments thus softening the financial blow of the tax while still reducing emissions of course the revenue also could be directed to other purposes while the premise is simple the details of implementing carbon dividends are complex policymakers face a range of philosophical political and practical issues in a new report how to design carbon dividends my tax policy center colleague elaine maag and i explore those issues our work was funded by the climate leadership council an advocate for carbon dividends full disclosure i am a senior research fellow with the organization two distinct philosophic views animate carbon dividend proposals one sees dividends as shared income from a communal property right just as alaskans share in income from the state s oil resources so could americans share in income from use of atmospheric resources the second sees dividends as a way to rebate carbon tax revenues back to the consumers who ultimately pay them though these ideas can be complementary they have different implications for designing carbon dividends continue reading designing carbon dividends author donald posted on december 12 2018 december 4 2019 categories energy environment taxes tags carbon tax climate change energy environment three things you should know about the buyback furor record stock buybacks driven in part by the corporate tax changes in the tax cuts and jobs act tcja have sparked a media and political furor unfortunately they ve also created a great deal of confusion to help elevate the debate here are three things you should know 1 repatriated overseas profits are the main way tcja is boosting buybacks by slashing corporate taxes tcja will boost after tax profits and cash flow companies will use some of that cash to buy back shares but that is not the main way tcja is fueling today s record buybacks the big reason is the liberation of around 3 trillion in overseas profits our old system taxed the earnings of foreign affiliates only when the domestic parent company made use of them to avoid that tax many companies left those earnings in their affiliates they could reinvest them in their foreign operations or hold them in u s financial institutions and securities but they couldn t use them for dividends to parent company shareholders or stock buybacks by imposing a one time tax on those accumulated profits the tcja freed companies to use the money wherever they wanted including in the united states and multinational firms are leaping at the chance cisco for example says they are repatriating 67 billion and buying back more than 25 billion in stock cisco s response reflects a broader trend repatriated profits will account for two thirds of this year s increase in stock buybacks according to jp morgan stronger earnings due to both improved before tax profits and lower taxes make up only one third 2 buybacks do not mechanically increase stock prices buybacks can help shareholders but it s not as simple as much commentary suggests continue reading three things you should know about the buyback furor author donald posted on april 12 2018 december 4 2019 categories economics finance politics taxes tags buybacks finance taxes talking money inflation fiat bitcoin for your weekend listening pleasure i visit the reconsider podcast to chat money inflation fiat currencies gold bitcoin uncle sam s balance sheet starts at 4 59 https app stitcher com splayer f 123218 53701811 author donald posted on march 23 2018 categories uncategorized posts pagination page 1 page 2 page 74 next page search for search get updates by email subscribe twitter follow me on twitter get updates by rss subscribe in a reader recent posts a new solution for taxing cryptocurrency staking the worst jobs day ever if we give everybody cash let s tax it economic policy in the time of covid 19 brainteasers from my dad remembering my dad donald marron 1934 2019 should congress use the income tax to discourage consumer drug ads designing carbon dividends three things you should know about the buyback furor talking money inflation fiat bitcoin how should tax reform treat employee stock and options eight thoughts on business tax reform the 3 2 1 on economic growth hope for 3 plan for 2 pray it isn t 1 outside research organizations can t replace cbo s budget team can trump make mexico pay for the wall 30 second money 30 second economics categories categories select category accounting auctions behavioral economics blog admin budget business cryptocurrencies data economics economy energy entrepreneurship environment finance health history international internet life macroeconomics measurement microeconomics nature politics 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