6 policies economists love and politicians hate.

[Quantum Windbag]

Common sense, something all politicians hate. I would back anyone that supported all of these proposals.

Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it.
You can still listen to the show, but we've had some requests for a post with our six-step plan spelled out in brief.
So here they are, along with a few words about each of the economists who helped craft it:

Six Policies Economists Love (And Politicians Hate) : Planet Money : NPR

1. Eliminate the mortgage tax deduction.
2. End the tax deduction for employers that provide health insurance.
3. Eliminate corporate income tax.
4. Eliminate all income and payroll taxes.
5. Tax carbon emissions.
6. Legalize marijuana.

 

[8537]

Yep, and a nice mixed bag of what most consider "liberal" and "conservative" economic ideas.

 

[Wiseacre]

Not sure I'd implement a carbon tax, I might do a surtax on earnings over say 1 million bucks/year. Might get kicked out of the club for conservatives, but what the hell. I think I'd allow mortgage deductions up to a reasonable maximum too.

 

[Middleoftheroad]

Common sense, something all politicians hate. I would back anyone that supported all of these proposals.

Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it.
You can still listen to the show, but we've had some requests for a post with our six-step plan spelled out in brief.
So here they are, along with a few words about each of the economists who helped craft it:

Six Policies Economists Love (And Politicians Hate) : Planet Money : NPR

1. Eliminate the mortgage tax deduction.
2. End the tax deduction for employers that provide health insurance.
3. Eliminate corporate income tax.
4. Eliminate all income and payroll taxes.
5. Tax carbon emissions.
6. Legalize marijuana.

If you eliminated all of those, the federal government would be insolvent overnight, unless that was a very high carbon tax. Eliminating of coporate income tax, personal income tax, and payroll tax would eliminate 92% of the federal government income.

Go to a bank and try and get a loan while telling them you have no source of revenue, and let me know how that works out for you.

 

[Katzndogz]

Common sense, something all politicians hate. I would back anyone that supported all of these proposals.

Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it.
You can still listen to the show, but we've had some requests for a post with our six-step plan spelled out in brief.
So here they are, along with a few words about each of the economists who helped craft it:

Six Policies Economists Love (And Politicians Hate) : Planet Money : NPR

1. Eliminate the mortgage tax deduction.
2. End the tax deduction for employers that provide health insurance.
3. Eliminate corporate income tax.
4. Eliminate all income and payroll taxes.
5. Tax carbon emissions.
6. Legalize marijuana.

If you eliminated all of those, the federal government would be insolvent overnight, unless that was a very high carbon tax. Eliminating of coporate income tax, personal income tax, and payroll tax would eliminate 92% of the federal government income.

Go to a bank and try and get a loan while telling them you have no source of revenue, and let me know how that works out for you.

You can tell them you smoke marijuana, then it's okay.

 

[tererun]

I find most high paid economists have learned the same things that newspeople have. If you want the big bucks you have to become political. This takes away any rationality they have as they start with a political point in mind and then try to justify it instead of trying to understand the system. This is why you will find experts who say completely contradicting things depending on who pays their bills. It is the same problem with polls, the medical industry, psychology, and a number of places where they could have a scientific basis but chose their desire for profit over accuracy. They have the same possibility of being correct as a stopped watch.

 

[kaz]

1. Eliminate the mortgage tax deduction.
2. End the tax deduction for employers that provide health insurance.
3. Eliminate corporate income tax.
4. Eliminate all income and payroll taxes.
5. Tax carbon emissions.
6. Legalize marijuana.

Tax carbon emissions??? That seems like an outlier in an otherwise excellent list.

 

[kaz]

If you eliminated all of those, the federal government would be insolvent overnight, unless that was a very high carbon tax. Eliminating of coporate income tax, personal income tax, and payroll tax would eliminate 92% of the federal government income.

Go to a bank and try and get a loan while telling them you have no source of revenue, and let me know how that works out for you.

We should implement the fair tax. The bottom line is that every tax in the end except the death tax is a tax on economic activity. By taxing all of the offshoots of it, we give politicians power and people incentive to avoid taxes. A simple tax on what in the end is the source of all taxes would be so efficient that it would trigger an economic explosion.

 

[Quantum Windbag]

Common sense, something all politicians hate. I would back anyone that supported all of these proposals.

Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it.
You can still listen to the show, but we've had some requests for a post with our six-step plan spelled out in brief.
So here they are, along with a few words about each of the economists who helped craft it:

Six Policies Economists Love (And Politicians Hate) : Planet Money : NPR

1. Eliminate the mortgage tax deduction.
2. End the tax deduction for employers that provide health insurance.
3. Eliminate corporate income tax.
4. Eliminate all income and payroll taxes.
5. Tax carbon emissions.
6. Legalize marijuana.

If you eliminated all of those, the federal government would be insolvent overnight, unless that was a very high carbon tax. Eliminating of coporate income tax, personal income tax, and payroll tax would eliminate 92% of the federal government income.

Go to a bank and try and get a loan while telling them you have no source of revenue, and let me know how that works out for you.

The guy with who thinks he can fool us that he is non partisan is the first to step in and say the idea is bad.

I suggest you go listen to the show.

 

[Quantum Windbag]

1. Eliminate the mortgage tax deduction.
2. End the tax deduction for employers that provide health insurance.
3. Eliminate corporate income tax.
4. Eliminate all income and payroll taxes.
5. Tax carbon emissions.
6. Legalize marijuana.

Tax carbon emissions??? That seems like an outlier in an otherwise excellent list.

A properly constructed carbon tax would only impact people and businesses that consume a large quantity of fossil fuels. It might even pay individuals that save fuel directly. It makes more economic and policy sense than subsidizing green energy.

 

[eflatminor]

Common sense, something all politicians hate. I would back anyone that supported all of these proposals.

Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it.
You can still listen to the show, but we've had some requests for a post with our six-step plan spelled out in brief.
So here they are, along with a few words about each of the economists who helped craft it:

Six Policies Economists Love (And Politicians Hate) : Planet Money : NPR

1. Eliminate the mortgage tax deduction.
2. End the tax deduction for employers that provide health insurance.
3. Eliminate corporate income tax.
4. Eliminate all income and payroll taxes.
5. Tax carbon emissions.
6. Legalize marijuana.

Interesting. With regard to ending the income/payroll tax, the article also states:

Instead, impose a consumption tax, designed to be progressive to protect lower-income households.

So, we'd end up with a federal sales tax and a carbon tax. I don't like the idea of a "progressive" sales tax; it should be flat, IMO. The big question is, of course, what are the rates?

My biggest concern is whatever the revenue generated compared to today, nothing here stops the feds from continuing to borrow insane amounts of money. Nothing here helps shrink the size of government. Would it help the economy? Probably, is my guess, depending on the rates.

 

[Toddsterpatriot]

Common sense, something all politicians hate. I would back anyone that supported all of these proposals.

Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it.
You can still listen to the show, but we've had some requests for a post with our six-step plan spelled out in brief.
So here they are, along with a few words about each of the economists who helped craft it:

Six Policies Economists Love (And Politicians Hate) : Planet Money : NPR

1. Eliminate the mortgage tax deduction.
2. End the tax deduction for employers that provide health insurance.
3. Eliminate corporate income tax.
4. Eliminate all income and payroll taxes.
5. Tax carbon emissions.
6. Legalize marijuana.

If you eliminate the corporate income tax, you don't need to eliminate the deduction for health insurance.
If you eliminate the income tax, you don't need to eliminate the mortgage deduction.
Maybe if we heavily taxed marijuana, this guy would write better articles?

 

[Ariux]

Four: Eliminate all income and payroll taxes. All of them. For everyone. Taxes discourage whatever you're taxing, but we like income, so why tax it? Payroll taxes discourage creating jobs. Not such a good idea. Instead, impose a consumption tax, designed to be progressive to protect lower-income households.

What shitheads! We like consumption, so by their logic, we shouldn't tax it. Yet, they want us to tax it and to magically make it progressive.

 

[bripat9643]

Common sense, something all politicians hate. I would back anyone that supported all of these proposals.

Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it.
You can still listen to the show, but we've had some requests for a post with our six-step plan spelled out in brief.
So here they are, along with a few words about each of the economists who helped craft it:

Six Policies Economists Love (And Politicians Hate) : Planet Money : NPR

1. Eliminate the mortgage tax deduction.
2. End the tax deduction for employers that provide health insurance.
3. Eliminate corporate income tax.
4. Eliminate all income and payroll taxes.
5. Tax carbon emissions.
6. Legalize marijuana.

Screw taxing carbon emmissions. Only the eco-fascists would endorse that idea.

 

[g5000]

Common sense, something all politicians hate. I would back anyone that supported all of these proposals.

Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it.
You can still listen to the show, but we've had some requests for a post with our six-step plan spelled out in brief.
So here they are, along with a few words about each of the economists who helped craft it:

Six Policies Economists Love (And Politicians Hate) : Planet Money : NPR

Any politician who proposed these ideas would die an instant political death, as evidenced by the reactions so far.

[*]Eliminate the mortgage tax deduction.

The mortgage tax deduction is a regressive tax break. The richer you are, the bigger loan you can take out, which means you get a bigger tax deduction.

Not exactly fair.

Also, the mortgage interest deduction is calculated into the price of a house. Without that deduction, the price of houses would plummet, making them more affordable to lower incomes.

The problem for people who have already bought houses is easily solved by grandfathering the tax deduction for them.

[*]End the tax deduction for employers that provide health insurance.

I have been calling for this for years. Employer provided health insurance bends the cost curve of health care up. Obama actually entrenched this problem in ObamaCare, which is one of many dead giveaways that Democrats aren't the slightest bit interested in bringing down the per capita cost of health care.

[*]Eliminate corporate income tax.

The more you tax something, the less of it you get. This also goes with the next one:

[*]Eliminate all income and payroll taxes.

Rather than eliminate deductions, credits, and subsidies like the mortgage interest deduction, just eliminate the income tax altogether.

The income tax could be replaced with consumption and Pigovian taxes.

A Pigovian tax is like the extra tax they add onto cigarettes to pay for the extra health care smokers require. The money collected from a Pigovian tax does not go into a separate bucket. It goes into the general fund.

Taxing a factory that pollutes is a kind of Pigovian tax, too. So a "carbon tax" is a Pigovian tax.

A consumption tax is adding on taxes to something like gasoline. The more you use roads, the more gas you need, so you pay for the amount of the roads you "consume".

[*]Legalize marijuana.

Yes. While other drugs are far more dangerous and addictive and intoxicating, marijuana is less addictive than alcohol and no more intoxicating. So it is stupid we have criminalized it. We spend astonishing amounts of money going after dope and dope users. It's stupid. Rather than spending money prosecuting it, we should be treating it as a business like beer is.

 

[eflatminor]

Common sense, something all politicians hate. I would back anyone that supported all of these proposals.

Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it.
You can still listen to the show, but we've had some requests for a post with our six-step plan spelled out in brief.
So here they are, along with a few words about each of the economists who helped craft it:

Six Policies Economists Love (And Politicians Hate) : Planet Money : NPR

1. Eliminate the mortgage tax deduction.
2. End the tax deduction for employers that provide health insurance.
3. Eliminate corporate income tax.
4. Eliminate all income and payroll taxes.
5. Tax carbon emissions.
6. Legalize marijuana.

Screw taxing carbon emmissions. Only the eco-fascists would endorse that idea.

Yea, the more I think about that, the more the idea sucks. All energy costs through the roof...soon to be followed by subsidies, new bureaucratic nightmares, new regs. While I love the idea of repealing the 16th and no corporate/payroll tax, I'm going to pass.