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Tag Archives: Taxes/regulation

How To Measure Quarterly Changes In GDP Can Make A Big Difference

How To Measure Quarterly Changes In GDP Can Make A Big Difference We have had dramatic headlines and commentary in recent days since the BEA issued its initial estimate of quarterly changes in GDP, which they do not officially measure on an shorter time period. This is a measure of the average GDP in one quarter compared to the average GDP in the next quarter.  Looking at Q1 of this year and Q2 of this year, they reported the largest quarterly decline...

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A Republican Idea for Onshoring Pharmaceutical Intangible Assets

A Republican Idea for Onshoring Pharmaceutical Intangible Assets Alex Parker reports on a proposal from Representative Darin LaHood: As part of the next round of pandemic relief, House Republicans are pushing new incentives for companies to bring home offshore intellectual property — something that they contend could boost job growth but that critics see as another corporate giveaway … While the 2017 Tax Cuts and Jobs Act overhauled the federal tax code...

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Weekly indicators

by New Deal democrat My Weekly Indicators post is up at Seeking Alpha. There was no significant change this week in any of the indicator time frames.  I expect that to change in a hurry once the pain of the ending of the supplemental $600/week unemployment benefits is felt. That was all going to spending, and that spending is going to very abruptly stop. As usual, clicking over and reading brings you up to the virtual moment on the economy, and rewards me...

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Initial claims: a jolt of bad news, as Mitch McConnell and the GOP dawdle on an emergency benefit extension

Initial claims: a jolt of bad news, as Mitch McConnell and the GOP dawdle on an emergency benefit extension This morning’s report on initial and continuing claims, which give the most up-to-date snapshot of the continuing economic impacts of the coronavirus on employment, was a jolt of bad news, as claims increased by over 100,000 to the worst level in 4 weeks. The trend of slight improvement to “less awful” since the end of March was broken, and there...

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The 2017 Tax Cuts and Irish Jobs Act

The 2017 Tax Cuts and Irish Jobs Act Brad Setser has more to say about how the lack of enforcement with respect to transfer pricing in the Big Pharma sector has not only cost us Federal tax revenues but perhaps in American jobs in his “The Irish Shock to U.S. Manufacturing?” (May 25, 2020): America’s production of pharmaceuticals and medicines peaked in 2006, back before the global financial crisis. Output now is about 20 percent below its 2006 level....

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Brad Setser on Offshoring Life Science Production and Transfer Pricing

Brad Setser on Offshoring Life Science Production and Transfer Pricing I just posted a discussion of an interesting proposal from Biden written by Alex Parker who mentioned some February 5, 2020 testimony from Brad Setser. The gist of this testimony was noted back in a March 26, 2019 blog post entitled When Tax Drives the Trade Data: I often hear that pharmaceuticals are one of America’s biggest exports. But that isn’t what is in the actual trade data...

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Selection

Selection by Ken Melvin The times they are a changing. And they are changing at pandemic speed. Five months ago is ancient history. Now is a but a fleeting interval. From now, the future. What will our world look like six months from now? What will it look like in three years? So much for being the ‘Greatest Nation Ever Known’. We just got rolled by a virus whilst beset with incompetent leadership, inadequate healthcare, a global warming crisis, and a...

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Biden Proposes Ending the GILTI Loophole

Biden Proposes Ending the GILTI Loophole Alex Parker covers an interesting and important tax policy issue: Former Vice President Joe Biden’s recent proposal to secure medical supply chains in the wake of the COVID-19 pandemic includes tweaks to the 2017 federal tax overhaul, reigniting the debate about whether its international provisions are pushing manufacturing facilities offshore …Former Vice President Joe Biden’s recent proposal to secure medical...

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Opening schools

Important questions from my friend Paula W…….. ! Listen up world! Betsy DeVos, we have a few questions for you: • If a teacher tests positive for COVID-19 are they required to quarantine for 2-3 weeks? Is their sick leave covered, paid? • If that teacher has 5 classes a day with 30 students each, do all 150 of those students need to then stay home and quarantine for 14 days? • Do all 150 of those students now have to get tested? Who pays for those...

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Economists and Inequality

by Joseph Joyce Economists and Inequality Binyamin Applebaum of the New York Times has written a book, The Economists’ Hour: False Prophets, Free Markets and the Fracture of Society, in which he claims that economists are responsible for the increase in income inequality in the U.S. I thought this charge was off the mark and wrote a reply. My piece, “Are Economists Responsible for Income Inequality?“, has been published in the June issue of Society. Here...

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