by John B. Taylormentioning Michael J. Boskin, John H. Cochrane , John F. Cogan, Joshua D. Rauh, Kenneth E. Scott, George P. Shultz, Hoover Institution via Economics One
The Great Recession began exactly one decade ago this month, as later determined by the NBER business cycle dating committee chaired by my colleague, Bob Hall. There is still a great debate about the causes of the Great Recession, its deepness, its length, and the Not-So-Great Recovery that followed.
by John H. Cochrane via Grumpy Economist
I think most of the debate misses an important point about the state and local tax deduction -- incentives. Suppose you are in the top, (roughly) 40% marginal federal tax bracket. If you pay an extra $100 in state taxes, you deduct $100 from income, and pay $40 less in federal taxes. So, you really only pay $60 in state taxes.