The Tax Foundation’s State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems, and provides a roadmap for improvement.
In November, Washington state will vote on the country’s first revenue-neutral carbon tax. By embedding the cost of carbon dioxide emissions in the price consumers and businesses pay for energy, such a tax automatically encourages conservation and makes renewable energy more appealing, without regulations and subsidies that distort investment and undercut growth. Because the revenue is used to cut other taxes, it doesn’t crimp incomes or undermine business competitiveness.
So now the question is this: when will wage growth resume its upward path? A lot of research into this question has been focused on productivity. But the Federal Reserve of New York has just released some research that points to demographics as a defining issue. They write that across the US economy, all segments of the population “display rapid real wage growth early in a worker’s career, with positive real wage growth ending when the worker is in his/her forties. This is followed by a period of either flat (high school graduates or less) to declining real wages (some college or more). By age 55, all education categories are, on average, experiencing negative real wage growth.” . . . We have shown that U.S. real wage growth has been slowing down over the past thirty-five years with the aging of our workforce. Abstracting from cyclical factors impacting the labor market, this slowing is likely to continue in the years ahead as more individuals near retirement and experience negative real wage growth… Consequently, the aging of the U.S. population will continue to act as a headwind to labor productivity and wage growth.
The temporary hike did not cause a noticeable outward flow, despite some anecdotal accounts. But Jerry Nickelsburg, who studies California’s economy for UCLA’s Anderson Forecast, suggests in a new report that making the nation’s highest marginal income tax rates at least semi-permanent could trigger flight.
In a memo to Mermell last Thursday, Finance Director Matthew Hawkesworth said he had ruled in his capacity as tax administrator that the city would tax streaming services at the same rate as cable services through a new interpretation of an existing Utility User Tax passed in 2008. . . Pasadena wouldn’t be the first local government to tax streaming services. Chicago and the state of Pennsylvania already get revenue from those types of subscriptions.
Global container volumes are on track for zero growth this year, which would mark the sector’s worst performance since the 2009 economic crisis and a sure catalyst for further bankruptcies and possible acquisitions in the beleaguered shipping industry, shipping executives said.
August was the biggest month ever for U.S. gasoline consumption. Americans used a staggering 9.7 million barrels per day. That’s more than a gallon per day for every U.S. man, woman and child.
But the details of the rules differ on certain provisions, including which workers and their family members are covered and how much sick time they can accrue. And that is posing problems for some businesses, especially smaller ones, that employ workers in multiple cities and states, even if they support paid sick leave. As a result, human-resources departments—and the lawyers and consultants who advise them—are scrambling to make sure they comply.
The state cannot continue to grow as fast as it has in recent years, said economists who wrote the reports, unless it funnels more people into the workplace. But there aren’t enough homes in the state to accommodate a wave of new workers.
Undoubtedly, the steep drop in emissions during the three years or so starting in 2008 was largely driven by a jarring economic recession, which stifled economic activity in general, pulling emissions down with it.
California’s Class of 2016 scored lower than the national average on SAT reading and math tests, although state students outperformed their national peers in writing, just-released scores show. . . Latinos scored nearly 100 points lower than whites in both reading and math. When gender is factored in, Asian boys scored the highest in math — 590 — and white boys scored highest in reading — 548. The highest scores in writing were posted by girls in the “other” ethnic category — representing those not clearly in major ethnic groups — followed by white girls and Asian girls, who were 1 and 2 points lower, respectively.
Though California, with 12 percent of the American population, has more than 35 percent of the nation’s Temporary Assistance for Needy Families welfare caseload—with Latinos constituting nearly half the adult rolls in the state—Texas, with under 9 percent of the country’s population, has less than 1 percent of the national welfare caseload. Further, according to the 2014 American Community Survey, Texas Hispanics had a significantly lower rate of out-of-wedlock births and a higher marriage rate than California Hispanics.
Gov. Jerry Brown proposed steps similar to those contained in the White House toolkit – fast-tracking for certain kinds of housing to fill the most critical needs. But his “by right” plan went nowhere in the Legislature because environmental groups, labor unions and local governments joined forces to kill it.
Dallas’s police and firefighters are quitting in droves, wagering that financial-market losses are about to render their promised pensions too good to be true.
Much has been written about the aging of the U.S. population, but the importance of this trend for the economy and its evolution can easily be overlooked. This week, we focus on the aging of the labor force and explore its implications for the behavior of real wage growth. In this first post, we examine estimated real wage profiles of workers and document how their levels and growth rates differ across demographic characteristics such as sex, race/ethnicity, education level, and age. Moreover, we argue that the demographic trends predict a slower pace of real wage growth for an increasing fraction of the workforce. Our second post combines the implied real wage growth rates and changing demographics of the U.S. labor force to derive a “cyclically neutral” aggregate real wage growth series. We show that this series has been steadily declining since the mid-1980s.