In search of new transportation funding, Utah is considering implementing a retail delivery fee. The implications of this policy for food delivery customers would be substantial. Utah legislators should steer clear of the measure and consider other alternatives to maintain the state’s roads. As Utah’s revenue from its gas tax dwindles due to more citizens […]
Taxation
Survey reveals plans to spend extra savings from student debt forgiveness on non-essentials
Amid legal uncertainty surrounding President Biden’s plan to forgive up to $400 billion in student loans over the next 30 years, a new survey by the education magazine Intelligent.com provides a revealing look at how many Americans plan to spend their extra savings. Published in October, the survey asked 1,250 individuals who have applied or […]
Allowing 100 percent bonus depreciation to sunset would undercut legislative goals
Since the start of the Covid-19 pandemic, Congress has spent an enormous amount of time and energy attempting to jumpstart the economy following the unprecedented events of Covid-19. From the passage of the $1.9 trillion American Rescue Plan (ARP) intended to encourage consumer spending to the more recent $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) and $700 billion Inflation […]
Inside Sources: Congress should extend 100 percent bonus depreciation
Capital investment plays a vital role in the American economy, but it seldom receives the attention it deserves regarding its immense effect on workers and businesses. According to data from the Census Bureau’s Annual Capital Expenditures Survey, in 2020 alone, U.S. nonfarm businesses spent a whopping $1.7 trillion on structures and equipment. This figure includes spending by […]
The IRS says it will use funding to crack down on the rich. Its record says otherwise
Since the surprise announcement last month that Senator Schumer (D-NY) and Senator Manchin (D-WV) had reached an agreement on the Inflation Reduction Act of 2022, the massive spending bill has received no shortage of media attention. However, much of the coverage has focused on the bill’s climate, healthcare and corporate tax provisions. Mainstream media has paid far less attention […]
Companies and people are moving to low-tax states
Last month, hedge fund Citadel announced it was leaving its longtime home state of Illinois for Florida. The announcement comes on the heels of several other large employers exiting the Land of Lincoln, including Boeing, which is moving to Virginia, and Caterpillar, which is moving to Texas. While each departure tends to be advertised as a simple “strategic decision,” […]
Inflation Reduction Act includes misguided 15% corporate tax provision
Last month, Senator Joe Manchin (R-WV) announced, to the surprise of many, that he had reached an agreement with Senate Majority Leader Chuck Schumer on the embattled budget reconciliation package that has stalled in the Senate. Misleadingly named the Inflation Reduction Act of 2022, the proposed package includes a number of problematic provisions, such as a plan […]
Washington’s Spending Spree Continues
In February 2022, the U.S. National Debt surpassed $30 trillion, dwarfing the $19 trillion debt in 2016. While Republicans and Democrats will point the finger at each other for ballooning the national debt, the reality remains that wasteful spending has become entrenched in Washington, and has now left government debt higher than annual economic output […]
ICYMI: Why Higher US Postal Service Rates Are Here to Stay
In case you missed it: President and CEO of the American Consumer Institute (ACI) Steve Pociask recently examined in the Federal Times that the recent price increases by the United States Postal Service could be in place for years to come, forcing consumers to continue to empty their wallets. Pociask notes that because of the […]
ACI Joins Letter in Support of the Middle-Class Savings and Investment Act
Today, a coalition of groups, including ACI, sent a letter to members of Congress applauding their introduction of the Middle-Class Savings and Investment Act, legislation that is pro-growth and provides a necessary tax cut without increasing debt on the American economy.You can find a copy of the coalition letter here.