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Fundamental Change Needed for Infrastructure Management: Report

If taxpayers and ratepayers want to avoid unaffordable utility bills and huge liabilities in the not-too-distant future, they must insist now on more competition, oversight, and innovation in the way public officials manage the nation’s water and sewer systems. That’s the conclusion of a comprehensive study by the 362,000-member National Taxpayers Union (NTU). The analysis projects hundreds of billions of dollars in future government expenditures could be saved by adopting techniques such as...

Online 'Marketplace Fairness Act' Could Tax Your 401(k)  

The U.S. Senate recently passed the Marketplace Fairness Act, which would force online retailers to collect sales taxes for states in which purchasers reside. Most have heard how this will hit us when we purchase goods over the Internet. But a lesser-known problem is the legislation also would enable states to levy new taxes on 401(k) and other savings vehicles. How? The bill authorizes states to “require all sellers not qualifying for the small seller exception [$1 million in sales or less] to...

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Ways to Limit Social Security’s Drag on Economic Growth

Charles Blahous and Jason J. Fichtner

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November 07, 2012

Despite the lack of action, most policymakers understand the urgency of the federal entitlement crisis, and specifically, of the need to reform the largest entitlements—Medicare, Social Security, a
Four ‘A’s’ and Five ‘F’s’ In Cato’s Governors’ Report Card

Chris Edwards

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November 06, 2012

The recovery from the recent recession has been very sluggish, and the nation's governors have struggled with the resulting budget deficits, unemployment, and other economic problems in their state
‘Tax Expenditures’ Nearly Match Federal Income Tax Collections

Jeremy Horpedahl

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November 05, 2012

The loopholes known as “tax expenditures” reduce individual and corporate tax obligations by more than $1 trillion each year.
Cook County Okays New Taxes, Cuts Sales Tax

Whitney Stewart

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November 02, 2012

The final costs of purchases of cigarettes, firearms, poker machines, and items totaling more than $3,500 that Cook County, Illinois businesses and residents make outside the county will rise under
Chicago Mayor Warns of Huge Pension Shortfall

Phil Britt

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October 31, 2012

The City of Chicago needs $1.5 billion a year beginning in 2016 to shore up its pensions for municipal workers across police, fire, water, and other municipal departments as well as for elected off
Study: Govt. Accounting Rules Hide $4.6 Trillion of Unfunded Pensions

Frank Keegan

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October 23, 2012

When he describes a fundamental truth of pension accounting universally accepted by economists, Andrew Biggs of the American Enterprise Institute achieves an elegant explanation: “A guaranteed liab
Chicago TIFs Create Just Half the Promised Number of Jobs: Report

Colin Briskman

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October 15, 2012

Barely half the jobs promised by Tax Increment Financing projects that have consumed billions of taxpayer dollars in Chicago have been created, according to an analysis by the watchdog group Illino
Oil, Gas Exploration Buoy Colorado Budget

Sunana Batra

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October 15, 2012

Legislative economists are expecting a little more revenue for the Colorado state budget than they had projected in June, but they’re tempering their expectations because of concerns about global e
Obama, Ryan Budgets ‘Should Define This Election’

Steve Stanek

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October 12, 2012

President Barack Obama’s budget plan would continue policies that have made the economic recovery since 2009 the weakest since the Great Depression, whereas those of Rep.
Camden Fires Its Entire Police Department

Mike Reid

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October 12, 2012

Camden, New Jersey officials plan to fire the city’s police force and replace the officers with nonunion county police by the end of 2012.