I am Pamela Villarreal, Senior Fellow at the National Center for Policy Analysis. The current tax system is drain on the national economy. Besides the billions of dollars spent a year on compliance, the marginal rates on both individuals and corporations disincentive productive activities — such as working, saving and investing. Although the right and the left may not agree on specific reforms, they generally agree that there are too many loopholes, but if the tax system were simpler, broad-based and less punitive there would be no need for loopholes.
I am Pamela Villarreal, a senior fellow at the National Center for Policy Analysis. For several years, I have explored and written about the importance of individuals and families saving for retirement as a supplement to Social Security benefits. Policymakers, retirement researchers and financial experts have conducted numerous studies only to find that most adults soon to be approaching retirement are not ready for retirement, and a majority will depend on Social Security for most of their income.
Not long after Medicare was established in 1965, expenditures began to skyrocket. Whereas spending per Medicare beneficiary was $385 in 1970, spending per beneficiary increased to $12,210 annually by 2013.
U.S. firms pay the world’s highest corporate tax rate — a federal tax of 39.1 percent combined with an average 4.1 percent state tax on profits from domestic sales, or foreign sales (when and if the profits are repatriated). In contrast, the lower tax rate embedded in the prices of those goods produced in other countries and shipped to the United States often gives them a competitive advantage, whether due to other countries’ lower valueadded taxes (VAT) or much lower corporate tax rates.
Hypothetical scenarios often dominate the storyline of possible collusion between organized crime and jihadists in Latin America. The elaborate web of networks woven by drug cartels and Islamists adds to the confusion. A wide range of U.S. adversaries have conducted successful human smuggling operations, posing an immediate threat to U.S. national security.
America’s electric power grid is arguably the most vulnerable part of our nation’s infrastructure. Divided among three geographical regions, the U.S. network remains dangerously exposed to a host of potentially devastating natural disasters and foreign attacks. The May 2016 GAO report “Critical Infrastructure Protection: Federal Efforts to Address Electromagnetic Risks” does well to highlight the potential threats from an EMP and covers the actions already taken based on the recommendations of the 2008 EMP Commission, such as establishing industry standards and federal guidelines. However, the report’s remaining proposals are noticeably broad, which present difficulties for implementation on a national scale. The Lone Star State finds itself in a unique position to act as the only state with its own, self-contained grid. More importantly, the United States depends on Texas for its national security and defense readiness.
President Trump appears set to press for a mixed bag of fiscal and trade policies that will likely have contradictory effects. In addition to taking pages from President Ronald Reagan’s agenda to lower corporate and personal tax rates, trim government spending and deregulate business, President Trump also seems committed to pushing a version of the Democrats’ 1980s “New Industrial Policy” agenda.
Senior Fellow Pamela Villarreal’s piece in InsideSources.com argues against taxing Churches due to their social benefit.
Dr. Herrick’s piece in the Townhall.com addresses the problems of the liberal single-payer pipe dream.