Jim Wetzler

Let’s not forget that BLS also does the CPI. So if they start corrupting the data to show less inflation, that will mean lower social security benefits and higher income taxes, both of which are indexed to CPI, as well as less interest on TIPS.

Catherine Rampell has been the best economic journalist. For example, she was an early proponent of the view that Biden was neglecting inflation. Her leaving the Washington Post, while not surprising in light of Bezos’s right turn, is a real shame.

He also probably concluded he had little chance of winning a statewide election after voting for a bill that screwed NYS.

IMO, the best strategy for the IRS is to minimize the chance of Johnson amendment litigation reaching the Supreme Court until the Court’s composition changes.

The rumor was that replacement of Powell would be accelerated by 10 months minus whatever delay is caused by Powell’s refusing to leave. So the 1% drop greatly understates the market’s reaction to full-fledged fiscal dominance.

Yes. It was CA’s pursuit of NV retirees that galvanized Congress to act. The states negotiated the best deal they could.

He Helped Big Companies Dodge Taxes. Now He’s Writing the Rules.

He Helped Big Companies Dodge Taxes. Now He’s Writing the Rules. www.nytimes.com/2025/07/14/b...

Ken Kies is far more competent than the typical Trump Administration appointee. Trump has also appointed a competent IRS Chief Counsel. Let’s give them a chance.

Earned income v. investment income or wealth. FYI, the rules in usc 114 are quite similar to NY’s statutory rules for taxing pensions, which was not an accident.

Good article. However, not sold on your argument that several years of trailing nexus will pass constitutional muster.

Isn’t the economic impact similar to imposing a corporate tax surcharge with the tax base computed with full expensing of investment?

Hardly scandalous. Foolish of the drafters of Pillar 2 to create a system that encouraged countries to tax US source income. After all, the US invented the minimum taxes on which Pillar 2 was based.

Keep your notes. The Dems will need these same procedures to repeal all this stuff when they next control the Senate.

NYS experiences a negative fiscal externality when NYC raises income tax rates and usually insists that NYC compensate the state. That greatly reduces the attractiveness of this revenue source.

NYS phases out the tax benefit from lower marginal tax rates, so marginal and average rates are the same for most upper income taxpayers. I think NYC does the same, but it’s too late for me to look it up.

Trump’s problem with the Fed isn’t a dispute with Powell about whether the economy needs stimulus. He needs lower interest payments on the national debt to convince the fiscal hawks in his party to lay off the unpopular spending cuts. A monetary policy of fiscal dominance would be a disaster.

The Senate approach to the workarounds makes a lot more sense IMO.

Also, if you live on the East Side, vote for my nephew Ben Wetzler for City Council.

Not a lawyer, but seems to be that niche, boring and technical are positive attributes. To quote Thomas Mann, “Only the exhaustive can be truly interesting.”

Seems to me they’re just increasing the odds of a shutdown on October 1.

In studies of interstate migration of rich people, the studies with state fixed effects show much larger tax elasticities than those without. I dunno. Seems like the fact that NY, CA and NJ have lots of rich people should matter.

What’s your position on fixed effects—seems like they effectively discard a lot of variation in the data?

I got a mailing last week for my Council district with his name on it, and that sealed the fate of my RCV ballot to not rank any of the candidates he's supporting: bsky.app/profile/srom...

Ben Wetzler at an anti-Trump protest holding a "No King Any Time" sign in front of a statue of George Washington

An election mailer paid for by MAGA billionaire Bill Ackman and other corporate donors encouraging voters to leave Ben Wetzler off their ballots.

Early voting starts today. Before you vote, ask yourself what kind of Democrat you want: one who has spent the last 8 years tirelessly fighting against America's authoritarian backsliding, or one from the MAGA PAC's "anyone but Ben" list. Polls open 9:00 AM-5:00 PM.

In #CD4 in Manhattan, I am endorsing Ben Wetzler (@voteben.nyc) and not just because his niece and my daughter are friends. Ben is a strong pro-development voice who wants a better outdoor dining program and the busway on 34th Street. This is an open seat. He faces Carolyn Maloney's daughter.

On expensing, I’d say the negative effective tax rates on debt-financed investment is the more serious issue right now. But if the Dems have a trifecta any time soon, a slump in investment in expectation of a rate increase may be an issue.

When we’re starting at 21%, I’d say a rate increase is more likely than a rate cut.

Early voting starts tomorrow in NYC’s Democratic primary. If you live on the East Side of Manhattan, please vote for my nephew Ben Wetzler for City Council. Easily the most qualified candidate. He’ll be a great representative for the district.

Campaign mailer saying: 3 champions. 1 ballot. 3 easy steps. YOUR POWER Use ranked choice voting to elect ONLY these three incredible candidates- in any order you like, and nobody else. 1) rank any one of our champions #1 2) rank another #2 3l rank the third #3 That's it! Leave the remaining spots blank to keep your vote strong and undiluted. Vote. Rank. Win. Let's bring real leadership to the council. Election day is Tuesday, June 24 Early voting is June 14 - June 22 Polls are open 6 am to 9 pm Paid for by New Yorkers for a Better Future 2025. Jeffrey Leb treasurer. Top three donkrs: William A Ackman. Two Trees KG LLC. Liberty Views Associates LP.

Cool thing to happen. MAGA billionaire intentionally telling people *not* to vote for you.

Really proud to have your support. Let's win this!

JCT?