The Electric Vehicle Tax Credit Is Dead — And Should Stay That Way

At the conclusion of 2018 — perhaps resulting from the ongoing government shutdown — Congress managed to do the unthinkable: they actually allowed a bad government program to expire. Of course, in Washington bad ideas never die (they just hibernate), so in preparation for when Congress reconvenes, here is why the electric vehicle tax credit is a zombie that should stay dead. The now-expired electric vehicle tax credit awarded “a $7,500 tax credit for [electric vehicle] purchasers, along with zero emission vehicle (or ZEV) credits for manufacturers.” On the consumer level, the benefits of this spending program were almost exclusively

This Week in Economics: 4 Stories You Should Know About

1.) Trump’s FCC Shoots Down California’s “Texting Tax” Proposal. This week, overzealous California regulators saw their hopes of enacting a “Texting Tax” squashed by President Trump’s FCC. The FCC issued a declaratory ruling which found that “text messaging” is an information service, thereby limiting the state’s authority to regulate. Prior to the FCC’s announcement, California regulators were set to vote on an initiative that would have imposed a tax on consumers’ phone bills in order to fund additional government services. California residents should be grateful the FCC saved them from their bloated state governments’ latest tax-and-spend scheme. 2.) Republicans to

Obamacare’s Tax-Hike Bomb Will Soon Detonate — Unless Congress Acts Now

Have you received your healthcare premium notice in the mail yet? I did. Next year, I will pay roughly $850 more for the same Obamacare plan that I have this year. No, thankfully, my health has not grown materially worse. In fact, I am near-certain the only expense my insurance company picked up this past year was for a one-time doctor visit to receive cough medicine. Over the next few weeks, I will be searching for a more affordable health insurance option (perhaps one of the new short-term limited duration plans made available by President Trump), since an $850 premium

Here’s Why Obama Can’t Take Credit for Trump’s Economic Boom

It’s pretty cringeworthy watching Barack Obama attempt to claim credit for economic growth under President Trump. Granted, one can understand why Obama feels compelled to argue this case — if President Trump sticks to pro-growth policies, Obama’s administration will stand out in history for just how remarkably dreadful his economic agenda was. I don’t think Obama wants to be remembered as the post-2000’s Jimmy Carter, so he’s getting an early start on rewriting his own history. If you or a loved one has been diagnosed with “Obama-Economy-Delusion-Disorder” (OEDD), I offer this prescription of two red pills: 1) If the economy

Trump’s Midterm Surprise? This Move Could Turbocharge the Economy

Last week, President Trump told Bloomberg News that he is considering indexing capital gains to inflation. If the President follows through with this plan, his timing really couldn’t be better. This free market policy change should send market sentiment soaring right before the midterm election. I have previously written that indexing capital gains to inflation would be “the single-most pro-growth policy that stands a shot at being enacted this year.” Why? Because President Trump doesn’t need to go through Congress in order to accomplish this — he just needs to sign an executive order directed to Treasury Secretary Steve Mnuchin.

This Week in Economics: 4 Stories You Should Know About

1.) The Incredible Stock Market Run Continues Today, US stockholders should raise their glasses to toast the longest bull run in American history. USA Today reports: The long, upward rise in U.S. stock prices that began in March 2009 near the end of the Great Recession — a rally that survived countless scares and was doubted every step of the way by market skeptics — is about to surpass the famed surge from the 1990s as the longest-running bull in Wall Street history….The main drivers pushing share prices even higher, market experts say, are a U.S. economy powering along at

Don’t Mess with Texas: State Recognized as Most Business-Friendly in U.S.

Recently, CNBC announced that Texas came in first place for the network’s “2018 America’s Top States for Business” rankings. As CNBC noted in its announcement, “[t]his is familiar territory for the Lone Star State, which becomes the first four-time winner in our annual study, now in its 12th year… 1 in 7 jobs created in the United States in the past year was created in Texas.” With that sort of economic track record, who wouldn’t want mimic the Lone Star State’s success? Fortunately, ALEC’s latest “Rich States, Poor States” report provides policymakers with a thorough opportunity to “cheat off Texas’s

Is President Trump on the Verge of Another Massive Tax Cut?

While much of the attention in Washington D.C. has turned to the GOP’s “Tax Cut 2.0” blueprint, yesterday The New York Times reported that a “Tax Cut 1.5” may be in the works. According to the story, the Trump administration is considering a unilateral move to index capital gains to inflation. As I have written before, indexing capital gains to inflation would be a huge move to turbocharge economic growth. Currently, when individuals invest in stocks (without using a tax-exempt vehicle like a 401k) or real estate, they are subject to real capital gains taxes on fake gains. This is