GOP just released their tax plan and here are the main points:
An economic lesson is playing out in California.
New data out showing a national breakdown of people who get paid minimum wage in each state. Continue reading →
Several states and cities took on new minimum wage hikes in 2015 and the beginning of 2016. Now a new report out shows it is affecting hiring Continue reading →
The federal government collects revenue from a variety of sources. The largest source is taxes on individuals’ income and payroll taxes, which together make up four-fifths of federal revenue. Individual income taxes are assessed against wage income and are progressive: that is, the tax rate someone pays increases as their income increases. Payroll taxes are a flat percentage of wage income. They are used to fund Social Security and portions of Medicare. Taxes on corporate profits, estate and gift taxes, excise taxes (a tax levied on a good or service), customs duties, and numerous other taxes comprise the remainder.