Leading Free-Market PhD Economist | Host, Let People Prosper Show | Prez, Ginn Econ Consulting | Contributor, 15+ Think Tanks | Fmr Chief Econ, White House OMB
Check out episode 71 of This Week's Economy.
Today, I discuss key items that touch on everything from
#inflation
,
@SpaceX
,
#Austin
, carbon taxes,
#KOSA
, taxes on tips, and more.
Taxes will go up soon if Congress does nothing. Why?
@adamnmichel
of
@CatoInsitute
and I discuss this & more in today’s podcast, which you can find in my newsletter below.
Be a paid subscriber to get the full scoop.
💯“This tax should be rejected, as it is fundamentally unjust, likely unconstitutional, and would hinder prosperity and individual freedom.”
🍿Don’t miss my latest oped at
@aier
(link in reply).
#taxes
#unrealized
#economy
@JoeBiden
Politicians controlling labor (and capital) is socialism.
Many teachers likely deserve a raise but many others don’t.
A one-size-fits-all policy fits few if any abd is a huge cost for taxpayers.
School choice is a much better approach for students, parents, and teachers.
Unfortunately,
@GregAbbott_TX
signed the
#Texas
budget passed by
#txlege
with largest spending increases, largest corporate welfare increases, and largest social safety net increases without the largest property tax cuts in
#Texas
history.
They can claim the budget increases by
Full proclamation below for the budget line item veto. The $1.05B contingency rider for
#SJR81
, which did not pass, is what was struck from the budget by the veto.
#txlege
SJR 81:
@Lauren_Southern
No, we don’t have a free market, the government is too involved.
If we had a truly free market, we would be in a much better situation with lower grocery prices, more profitability, and increased quality.
Maybe one day?
That’s it folks in
#Texas
!
#TXLege
’s regular session is sine die with passage of the largest increases in spending, corporate welfare, safety nets in
#Texas
history.
#fail
There was no passage of the largest property tax cut in TX history, school choice, or a number of other
With the largest spending increase in Texas history,
#txlege
has passed in the budget more than $10B in new corporate welfare, which is the largest in TX history.
This includes property tax abatements by school districts, subsidies for natural gas projects, money for Gov’s Texas
@GavinNewsom
@JoeBiden
Let's correct the record on this.
There have been 13 million private sector jobs added since January 2021 when Biden took office.
But most of these were restoring jobs lost during the destructive shutdowns, which Biden and Newsom supported and wanted longer and more
@TheDemocrats
Results:
• 40-yr high inflation
• 25 straight months of declining y/y real avg weekly earnings
• $5T added to national debt
• 0.9% growth in 2022 was slowest year during a recovery
• 2 straight quarters of declining economic output in 2022
• 60% of Americans live paycheck
What's up with local property taxes in
#Texas
?
They rank 6th most burdensome per
@TaxFoundation
.
After
#txlege
put $12.7B toward new property tax relief, new 2023 numbers from
@txcomptroller
prove it's not the "largest in TX history."
I explain
@Texas_Taxpayers
report.🧵👇
For the record, here are the “wins” for
#Texas
this year through a regular and four special sessions:
1) Largest spending increase in state history
2) No largest property tax cut in TX history
3) Largest corporate welfare increase in state history
4) largest constitutional
10 likely unpopular views:
1) Free trade is best
2) Legal immigration is good
3) Corporate welfare is bad
3) Spending is the burden of govt
4) Taxes should be flat without favors
5) Free-market capitalism works
6) Socialism doesn’t work
7) New right=Progressives
8) People are
Let’s get the largest property tax relief in TX history in special session
#1
by passing at least $20B in new relief by lowering school district M&O property taxes!
Do this through what’s call compression which just means that the state uses mostly sales taxes to buy down those
#Republican
-Led Majority In
#Texas
House Passes the Largest Spending Increase in TX History!
#fail
And with the largest increase in corporate welfare & largest expansion of safety nets in TX history & without the largest property tax cut in TX history or school choice.
There
@POTUS
1) Presidents or administrations don’t create jobs.
2) Claiming credit for jobs added as the economy was reopening when you wanted it shut down longer is laughable.
3) Your policies have contributed to declining real domestic output in 4 of last 5 quarters & elevated inflation.
THIS IS THE WAY!! Eliminate property taxes in
#Texas
.
#HB3465
Imagine how Texas would be even more of an economic juggernaut without personal income taxes or property taxes, and Texans would finally have their right to own property.
Stop renting, Start owning!
#txlege
Proud to layout in committee
#HB3455
to abolish property taxes. Never-ending property taxes are unethical and incompatible with private property rights. No Texan can truly own their home. This must end.
#txlege
Eliminating property taxes is the goal of most Texans &
@TexasGOP
platform.
Start it by using state surplus tax collections to cut school property taxes (42% of total property taxes) until eliminated in less than a decade assuming spending restraint, which are in
@TexasGOP
Assuming elimination is the goal of policymakers, you eliminate property tax on homeowners twice as fast if you target all property tax cuts to homeowners.
Good!
The
#txlege
now should have enough votes to cut the bloated state budget, pass a stronger conditional spending limit, put school district property taxes on a path to elimination, remove occupational licenses, and pass universal school choice.
Get it done!
@GregAbbott_TX
A new Republican Party is being born before our eyes.
“It is an honor to be the first Teamster to address the Republican National Committee in 121 years.” -
@TeamsterSOB
#Bidenomics
- Highest inflation in a generation
- Falling GDO for 4 of last 5 quarters
- $2T deficit-spending for years to come
- Falling y/y real avg weekly earnings
- Historic burdensome regs
- More safety net recipients
- Corporate welfare to big biz
- Tax hikes on all
#fail
There’s no such thing as “public dollars” or “public schools.”
Those are taxpayer dollars currently funding govt schools.
This isn’t appropriate for taxpayers to fund schools they don’t use or for govt schools to not have competition.
Universal school choice solves this!
Though they come in many different forms, all voucher programs divert money away from public schools. Vouchers hurt our public schools, and public dollars must remain in public schools:
#TxEd
#vOUCHersHurt
#TxLege
Last night at midnight was the deadline to distribute conference committee reports in the
#Texas
Senate and House for a bill to be passed.
Here’s the good, bad, and ugly:
The good is
#HB5
which was the corporate welfare bill for school district property tax abatements to big
#Republican
-Led Majority In
#Texas
House Passes the Largest Spending Increase in TX History!
#fail
And with the largest increase in corporate welfare & largest expansion of safety nets in TX history & without the largest property tax cut in TX history or school choice.
There
@BernieSanders
Individual shareholders have the power of these publicly traded companies.
If not individual shareholders, then whom?
My guess is that
@BernieSanders
would rather have politicians and bureaucrats run these businesses.
But profit and loss is essential to weed out bad ideas,
Agreed.
#Texas
will fall behind other states because of the inaction at
#txlege
to spend less, cut property taxes, and pass universal school choice.
Here’s how:
There’s time but it’s running out…
Where’s school choice? Where’s a firmed up grid? Where’s property tax relief? And the day before Title 42 expires & hb20 goes down, THIS is the priority of the
#TxLege
? Straight up pathetic.
#MakeTexasTexasAgain
My mom passed away two years ago.
She passed from end stage liver disease after battling fatty liver disease for years from obesity and lack of care about her diet or exercise.
We were very close. I miss her.
My parents divorced, remarried, divorced, lived together for a
.
@txcomptroller
’s report finds that 26% of school property taxes are passed along to renters, and businesses submit 52% of those taxes but people pay for them through higher prices, lower wages, fewer jobs, and higher rent.
Simple supply and demand shows that the property taxes
Don’t miss the latest Let People Prosper Show episode 89 with Dr. Ed Timmons on the many challenges with occupational licensing.
Watch or listen to it here and subscribe to my newsletter:
#occupationallicensing
#economy
#podcast
@KneeCenter_WVU
#Bidenomics
- Highest inflation in a generation
- Falling GDO for 4 of last 5 quarters
- $2T deficit-spending for years to come
- Falling y/y real avg weekly earnings
- Historic burdensome regs
- More safety net recipients
- Corporate welfare to big biz
- Tax hikes on all
#fail
@JDVance1
Rooting for auto workers to get a 40% pay raise when auto companies already offered a 20% raise?
And now the strikes imposed by
#UAWStrike
will hurt consumers and workers.
This is not how things are done in capitalism.
Stop the big-government, forced labor-union nonsense.
There’s nothing conservative about growing government, especially when paid by a wealth, unrealized capital gains tax in the form of a property tax.
People have a God-given right to own their property, which they can never have as long as there’s a property tax.
Eliminate
Well said. I have criticized the rhetoric in
#txlege
that somehow if you pay property taxes, you don't actually own your home. That's nonsense.
There’s Nothing Conservative about Repealing the Property Tax
I lost my dad, Harold Ginn, from
#SUDEP
(Sudden Expected Death in Epilepsy) 13 years ago today.
Prayer and loved ones have helped me heal but the pain still stings.
I look forward to meeting him (and mom and others) again in Heaven one day!
Here’s the story that I wrote
With the largest spending increase in Texas history,
#txlege
has passed in the budget more than $10B in new corporate welfare, which is the largest in TX history.
This includes property tax abatements by school districts, subsidies for natural gas projects, money for Gov’s Texas
In an 11th-hour deal, Texas lawmakers passed Sunday a new economic incentives package to help lure large companies to the state and replace the widely criticized tax abatement program known as Chapter 313, which expired last year.
@Campbell4TN
@YouTube
Check your facts before making ridiculous claims.
1) Finland has a school choice system
2) US government schools spend more per student than in Finland
Facts are a pesky thing when they don’t match your bias against parents and for a failing system.
“Americans for Tax Reform launched the Sustainable Budget Project in September to document the rise in government spending over the past decade.
The results are clear: Overspending is the problem.”
Check out my latest
@WSJ
with
@GroverNorquist
of
@taxreformer
!
Full article:
Not true. Here’s the truth:
Private schools may reject students because of capacity or if they aren’t able to meet their needs. Government schools reject students who aren’t in their arbitrary district.
Private schools shut down if they’re not providing a good service.
The competitive advantage of private schools is selection or exclusion of students. I don’t begrudge those who want that environment or any school that exercises that advantage. To deny that is an advantage, though, says much. Public schools have other different advantages
@KeithOlbermann
@RepBrianMast
Why would you want to keep funding subpar or declining results that don’t meet the unique needs of each child at government schools?
Frankly, protectionism is socialism disguised as help for small groups of people at the expense of the many.
Theres a better way!
Find out in my latest piece
@aier
:
#trade
#economy
@amconmag
🔥NEW Let People Prosper Show episode 50 with
@DrJBhattacharya
on Lessons Learned from U.S. Pandemic Policies HARMING Poor & Children.
🚨Don’t miss this thought-provoking conversation about what happened during
#COVID19
pandemic, high costs of shutdowns and one-size-fits-all
@RobertKennedyJr
Using that logic, if the first federal minimum wage of $0.25 in 1938 had kept pace with inflation, it would be $5.48.
Instead, it is stuck too high at $7.25.
Recall that the true minimum wage is always $0, which more people get from a minimum wage.
#minimumwage
#economy
@byHeatherLong
We can see why households are struggling from this chart, as the pre-lockdown trend for employment remains well above the slowing job creation under Biden (even more so when removing unproductive government jobs).
Major revisions today mean to take data with a grain of salt.
I just imposed a series of tariffs on goods made in China:
25% on steel and aluminum,
50% on semiconductors,
100% on EVs,
And 50% on solar panels.
China is determined to dominate these industries.
I'm determined to ensure America leads the world in them.
Texas and other states should be weening theirselves off federal funds, which are taxpayer dollars coming out of one of your pockets.
As a former White House chief economist, I know the federal government has a spending crisis that will only get worse and will create major
🚨Biden's
#TitleIX
rule is a public education emergency that endangers women, teachers, and all Texas students.
I am asking Speaker
@DadePhelan
to immediately issue an interim charge for Texas to reject federal education money and the dangerous strings attached to it.
Texas is
💸Why is Congress spending more on foreign affairs during a spending crisis?
🤔Are tariffs best to reduce trade deficits?
🏠How can states eliminate property taxes?
❌Why are industrial policy and handouts doomed to fail?
Answers in my latest episode:
The average American 25-year-old Gen Zer has an annual household income of over $40,000 a year, more than 50% above the average baby-boomer at the same age 👇
Veto, Veto, Veto!
#HB1
Budget Next!
Property tax relief for Texans should have been the number one priority by
#txlege
, instead they went on a spending spree with the largest budget increase in
#Texas
history.
There’s still time!
@GregAbbott_TX
@DanPatrick
@DadePhelan
“I cannot ensure that any bill not already signed will be signed,”
@GregAbbott_TX
says at the fentanyl bill signing. He indicated that should there be no property tax compromise by Sunday (his last day to sign bills from 88R) he’ll be issuing a lot of vetos.
#txlege
HB 100 was my signature piece of legislation for the 88th Regular Legislative Session. I'm very sad to say that it ultimately did not pass! Below is my statement.
I’m thrilled to partner with the fantastic team at the Kansas Policy Institute. KPI has long been at the cutting edge of policy reforms such as truth-in-taxation property tax reforms, the Responsible Kansas Budget, and paths to eliminating personal income taxes that provide
Kansas Policy Institute is pleased to announce its partnership with Dr. Vance Ginn, Ph.D. As a Senior Research Fellow at KPI, Dr. Ginn will provide economic and regulatory analysis for its Sandlian Center for Entrepreneurial Government. He builds on his many years of fiscal work
@DeAngelisCorey
@SecCardona
Parents are buffoons. I’m a youth football coaching legend, so your “rights” as a parent end the second you step on my field. I am the law.
That’s why I require my players to receive sensible performance enhancing injections whether their parents like it or not
"Congress should tackle these welfare programs now before they become a bigger drag on people's livelihoods from higher taxes and economic growth from more government spending," Vance Ginn, a former White House economic advisor during the Trump administration, posted on X.
"It
@chiproytx
@HouseGOP
Congress could also join together, understand the issue & pass market-based immigration reform instead of throwing more taxpayer money & flawed border walls at it.
Instead of using bandaids that will wear out quickly, address the underlying issue so there is healing now.
Shouldn’t pick winners and lowers by just choosing the homestead exemption that narrows the tax base & makes tax relief inequitable.
The gold standard for lowering school M&O property taxes for everyone (homeowners, renters, employers) is by lowering rates called compression by
Hearing
@GovAbbott
will only put compression on the special session call for tax relief and remove the $100K homestead exemption. Homeowners would lose nearly $700 a year under that plan. This is not acceptable to the Senate. Compression plus Homestead Exemption is the path for a
#txlege
passed the largest budget increase in
#Texas
history with an amount of new property tax relief being debated of $12B yet not passed that’s about the same if not less than the amount of corporate welfare provided of at least $10B for the 2024-25 period.
More reason to cut
#Bidenomics
- Highest inflation in a generation
- Falling GDO for 4 of last 5 quarters
- $2T deficit-spending for years to come
- Falling y/y real avg weekly earnings
- Historic burdensome regs
- More safety net recipients
- Corporate welfare to big biz
- Tax hikes on all
#fail
Missing from the finally released interim charges in the Texas House:
1) Eliminating property taxes
2) Universal school choice
3) Stronger state and local spending limits
Big missed opportunities to improve Texas.
#txlege
The House has delivered a record number of achievements that strengthen our state’s leadership in economic growth and prosperity, while further establishing Texas as the nation’s trailblazer for conservative policy. Next session, we must continue to expand upon these
Glad to see folks at
@TexasGOP
convention!
I testified before the priorities committee on the need to eliminate school district M&O property taxes through spending restraint.
#txlege
@TexasGOP
Eliminating property taxes with spending restraint must be a top priority!
#txlege
I’ll testify before the priorities committee on why and how today.
More here:
@TexasGOP
@jasonfurman
@WSJopinion
I agree the
#Fed
should be more hawkish but at 0%
#inflation
with mandate of price stability, which will pressure fiscal authorities to restrain spending.
Fed has been a disaster so best to end it but until then a monetary rule w 0% inflation & spending limit of pop+inf.
Glad to see
@reptinderholt
’s point of order on
#HB4419
upheld as funding film and television production shouldn’t be a role for government funded by taxpayers.
If they can’t make it on their own, then they shouldn’t be doing film or television. Kill it again after committee
🧵1/Truth on property tax relief in
#Texas
.
Good
@GregAbbott_TX
,
@DanPatrick
,
@DadePhelan
, &
#txlege
want more tax relief of ~$12B of at least $33B surplus.
Need $21B for largest tax cut & all should go to compression for best path to end school M&O property taxes.
Here's why!
Appraisal caps don’t lower property tax bills as tax rate increases.
Homestead exemptions can lower property tax bills but temporarily.
Neither eliminates property taxes but makes it take longer.
Compression is only path to permanently cut & eliminate property taxes.
#txlege
The 2024
#TexasPolicySummit
is underway in Austin, TX!
We have a stacked agenda full of keynote speakers and policy panels.
If you are unable to attend, you can register to watch our livestream from anywhere:
#Texas
: Here’s what we have so far in the first called special session by
@GregAbbott_TX
for property tax relief by compression, which just means buying school district M&O property taxes down with taxpayer money collected by the state and is the best way to provide permanent,
@zeketayler
Just remember this feeling because you won’t have it long when you’re paying for it through higher taxes, higher inflation, and higher interest rates.
#nothingisfree
If government schools are competitive, then you shouldn’t have anything to worry about in keep the failing monopoly supported with taxpayer money.
#txlege
@donnabmcclure
Ahhh yes, “competition,” a notion that one would think involves a level playing field, or that competitors are at least playing the same game.
That’s not what this is 🙃
#txed
#txlege
Fed’s assets are $7.2T, $3.2T more than Feb 2020.
Much of increase was to purchase debt issued by Treasury from excessive spending by Congress.
Spending by Congress is nearly $2T more than Feb 2020.
Higher debt, inflation, interest rates, and slower growth are bipartisan-Fed
“It’s hard to conceive how Argentina was one of the world’s wealthiest nations only a century ago…
As the US observes Argentina’s economic trajectory, it must take note of the cautionary tale embedded in Milei’s approach.
The focus on reducing government spending and
Nothing is free. There should be no government-mandated “national paid family and medical leave program.” Leave this benefit to the voluntary negotiation between workers and employers. If not, work and entrepreneurship will diminish because of disincentives and higher taxes. Work
My budget would finally create a national paid family and medical leave program.
Up to 12 weeks to care for a newborn, sick loved one, or yourself without losing your income.
It’s past time America caught up with the world.
🚨🔥😮
@AustinISD
is imploding! 22% of AISD families left the district in the 22-23 school year. And $60M budget shortfall predicted for this year.
Parents (who can) are voting with their feet
#txlege
My latest
@DailyCaller
:
“All these elements [of school choice] are conducive to happier, healthier people with more means to prosper, produce, and innovate, which in many ways is the bedrock of a better economy and livelihoods.”
Read here:
What creates inflation?
Dr. Robert Gmeiner and I explore this question and the following :
📉 Market Distortion and Inflation
📊 Economic Growth and Interest Rates
💡 Fiscal Policy and Inflation
🔮 Planning for the Future
Watch, subscribe, and share:
@POTUS
Bidenomics is simply having the economy feel terrible then having some indicators look better but the reality remains terrible.
Bidenomics didn’t help with disinflation but rather the
#Fed
cutting it’s balance sheet, though too little and too slowly.
The tax code isn’t for social or economic engineering,
The tax code is for funding limited government in the least burdensome way.
That way is through final sales taxes.
You keep all of your income.
You decide whether to consume or save.
You choose to consume and pay the