John A. Parnell, Ph.D.
President Trump has lauded strength in the stock market as evidence for his economic policy. It’s not surprising that has hasn’t comment much during the recent correction and volatility. So how much influence does he have on the market anyway? The answer is some, but the situation is complicated. In theory, stock values mirror expected […]
Read MoreFirms are starting to respond to tax reform. A recent report in the Washington Examiner chronicles 164 companies that have announced employee bonuses in response to tax changes (http://www.washingtonexaminer.com/boom-164-companies-give-bonuses-lower-fees-to-millions-citing-trump-tax-cuts/article/2645900). A number of companies have also announced increases in wages; Walmart is increasing the minimum wage for its employees from $10 to $11 per hour, although […]
Read MoreThe tax reform package just passed is a mixed bag, but it’s a clear improvement over the current system. Amidst all of the details, there are 4 takeaways that will be good for the country. First, the $10,000 limit for state and local taxes means that tax increases for upper (and some moderate) income earners […]
Read MoreWe learned several things from yesterday’s Alabama Senate election. Roy Moore’s defeat was not an “upset” and it does not signal “a turn against Trump.” Although Moore was not an ideal candidate on the issues, sexual misconduct claims translated an easy win into a close loss. Had Moore prevailed, it would have been just as […]
Read MoreCNN’s morning programming is typically a non-stop attack on President Trump. Occasionally Chris Cuomo backs into the truth, which he did today in an exchange with Alisyn Camerota about sexual harassment: CAMEROTA: I mean, it’s a tidal wave. Every day, we have breaking news. Every day, it feels like, we have breaking news on some […]
Read MoreSenate Republicans are now debating their own version of tax reform. As I write, the Senate bill entirely eliminates the deduction for state and local taxes, while the House retains a deduction for property taxes. This deduction is illogical, subsidizes state and local governments; it should be eliminated and balanced with a rate cut. But […]
Read MoreWith this week’s passing of a budget blueprint, it looks like several contentious tax deductions could be potential sticking points as things move forward. I favor a flat or fair (sales) tax at a lower rate for everyone without deductions, but there’s a rational way to assess deductions if you must have some. Most of […]
Read MoreSeveral weeks ago, I argued for the importance of tax reform, not just tax cuts. Since then, I’ve been listening closely to various politicians opine on the subject. When asked by reporters about their position on tax reform, many refer only to tax cuts in their response. The conversation usually goes something like this: Reporter: […]
Read MoreThe Republicans are making a last-ditch effort to repeal Obamacare, at least some of it. I’m always suspicious of anything with Lindsey Graham’s name on it. This proposal has some merit, but not much. I’m undecided at the moment. On the positive side, Graham-Cassidy removes the mandates and allows states to construct their own mechanisms […]
Read MoreThere’s a long list of American companies that have stepped up to help victims of Harvey. Inc. published a list of 25 (https://www.inc.com/john-rampton/25-companies-doing-their-part-to-help-with-hurrica.html) for starters. From cash to relief supplies, business is responding to the challenge. The mainstream business press is touting this as a great example of corporate social responsibility (CSR). Most of my […]
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