• 'Pay Gap' Myth Ignores Women's Intentional Job Choices

    ‘Pay Gap’ Myth Ignores Women’s Intentional Job Choices

    Tuesday is supposedly “Equal Pay Day,” but what does that mean?

    Well, according to outdated, flawed, and incomplete statistics that say women make only 82 cents on the dollar, compared with men, Equal Pay Day signifies how long into the new year women have to work just to catch up to the earnings of their male counterparts from the previous year.

    Equal-pay activists have declared April 10 as the approximate Equal Pay Day for 2018, but based on the 82-cent figure, the date should have been March 21. READ MORE...

  • New Study Shows Minimum Wage Puts a Damper on Long-Run Earnings

    New Study Shows Minimum Wage Puts a Damper on Long-Run Earnings

    Economic studies consistently show that higher minimum wages lead to higher unemployment, particularly among teenagers.

    But that’s a consequence minimum wage advocates have been willing to accept in exchange for higher incomes for minimum wage workers who keep their jobs.

    It turns out, however, that higher minimum wages actually reduced the long-run earnings of teenagers who were exposed to the higher minimum wages.

    That’s according to a new study from the Mercatus Center, a nonprofit free market-oriented think tank, which examined the steep decline in teenage employment over the past two decades and, in particular, whether that decline in employment led to higher or lower human capital—in other words, workers’ knowledge and skills—and earnings. READ MORE...

  • How Tax Reform Will Put More Money in Your Wallet This Year

    How Tax Reform Will Put More Money in Your Wallet This Year

    President Donald Trump on Dec. 22 signed the Tax Cuts and Jobs Act, and this sweeping reform of the U.S. federal tax system will mean significant tax cuts for most individuals, families, and businesses.

    Because most workers have taxes withheld from their paychecks, these tax changes could have a big impact on take-home pay and household budgets.

    Those changes to paychecks could come as soon as February, when the IRS is supposed to have new wage-withholding guidance available to businesses. Currently, however, the IRS has instructed employers to continue using the old, 2017 withholding tables. READ MORE...

  • How Big Is Your State’s Share of $6 Trillion in Unfunded Pension Liabilities?

    How Big Is Your State’s Share of $6 Trillion in Unfunded Pension Liabilities?

    Despite a solid year for investment returns, the unfunded liabilities of state and local government pension plans increased by $433 billion, the most recent estimate from the American Legislative Exchange Council shows.

    According to ALEC’s report—which uses more appropriate assumptions on investment returns than the plans use themselves—state and local governments’ unfunded liabilities now exceed $6 trillion.

    That’s a whopping $18,676 for every man, woman, and child, or nearly $50,000 for every household in America. READ MORE...

  • Liberal Lawmakers Trying to Bail Out Private Pensions With Taxpayer Money

    Liberal Lawmakers Trying to Bail Out Private Pensions With Taxpayer Money

    Last year, liberal lawmakers wanted to bail out the United Mine Workers of America’s pension plan to the tune of roughly $6 billion.

    This year, they’re at it again, except on a larger scale. Under pressure from a few very large and politically powerful plans—including the United Mine Workers of America and the Central States Trucking Union—liberal lawmakers are seeking up to a hundredfold increase in taxpayer bailouts for private, union-run pension plans.

    Across the U.S., there are more than 1,300 union-run or “multiemployer” pension plans. More than 90 percent of them have set aside less than 60 percent of what they promised to pay. READ MORE...

  • Most Retirees Would Save Money Because of Tax Reform. Here Are Some Key Examples.

    Most Retirees Would Save Money Because of Tax Reform. Here Are Some Key Examples.

    The proposed House and Senate tax reform bills that lawmakers are currently merging into one would mean tax cuts for most Americans. Nevertheless, change—even good change—can bring about uncertainty.

    Retirees may be the most concerned about what tax reform will mean for them, as most rely on relatively fixed incomes.

    But in fact, the proposed reforms are mostly good news for retirees. For the most part, they would be less affected than other Americans, as the proposed reforms would not change the way Social Security and investment income are taxed. READ MORE...

  • In Charts, How These 7 Taxpayers’ Bills Would Change If Tax Reform Was Enacted

    In Charts, How These 7 Taxpayers’ Bills Would Change If Tax Reform Was Enacted

    How will you fare if the GOP tax plan is enacted?

    Well, on net, most Americans will see a significant tax cut under the proposed plans from Republican lawmakers, including virtually all lower- and middle-income workers and a majority of upper-income earners.

    Both the House and Senate versions of the Tax Cuts and Jobs Act would, on average, provide immediate tax cuts across all income groups, according to analysis from Congress’ Joint Committee on Taxation.

    This analysis does not, however, show how those tax cuts would vary based on factors such as total income, type of income, number of children, and itemized deductions. READ MORE...