Director of Tax Policy Studies @CatoInstitute. @JECRepublicans, @Heritage (V1.0), @mercatus, @GeorgeMasonU alum. Opinions are my own.
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Adam Michel retweeted
Don’t Let the Lame Duck Revive, and Expand, WOTC
A $50 Billion Encore for a Credit That Doesn’t Work open.substack.com/pub/unseen…
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Adam Michel retweeted
Thank you @adamnmichel and @CatoInstitute for convening such a great discussion.
Subsidizing Hollywood with taxpayer dollars is a bad idea, especially given our fiscal trajectory. Seems like an odd priority for Congress.
Thanks to @gordontrac and @_JackSalmon_ for helping us explain why Congress should be skeptical of plans to send billions in new subsidies to Hollywood.
And thanks to the congressional staff who packed the room!
@mercatus @TaxPolicyCenter
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Thanks to @gordontrac and @_JackSalmon_ for helping us explain why Congress should be skeptical of plans to send billions in new subsidies to Hollywood.
And thanks to the congressional staff who packed the room!
@mercatus @TaxPolicyCenter
The Cato Institute hosted a Capitol Hill briefing on whether taxpayers should subsidize Hollywood through a federal film and TV tax credit. Experts discussed the proposal’s potential economic effects, fiscal costs, and lessons from decades of state film incentives.
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Adam Michel retweeted
Nice summary of research on wealth taxes in practice from @adamnmichel: adamnmichel.substack.com/p/e…
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The @OECD built a global dragnet of taxpayer financial data and automatically gives it all to Beijing. Now China is using it to impose retroactive taxes on offshore wealth and broaden its capital control system.
Who could have guessed?
Wealthy Chinese move offshore money to U.S. banks as Beijing’s tax net widens cnbc.com/2026/10/23/wealthy-…
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Adam Michel retweeted
The non-partisan tax foundation found that high income taxes hurt growth. It’s critical that Colorado voters reject Amendment 87 which would make Colorado the 9th highest taxed state. It’s not to late to vote No on amendment 87
States with no individual income tax (Florida, Texas, Tennessee, Nevada, and others) consistently rank among the strongest gainers, while states with the highest top rates (California at 13.3 percent, New York at 10.9 percent, and New Jersey at 10.75 percent) dominate the list of largest losers.
Explore the data: hubs.ly/Q04C95Xm0
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Adam Michel retweeted
"What is unique in the case of the Trump administration is the executive branch’s use of existing discretion...to extract firm-specific payments and profit rights, often without clear congressional authorization." cato.org/restoring-free-ente… #CatoRFE @adamnmichel @CatoInstitute
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Adam Michel retweeted
If you want a good example of why ITEP's concept of effective tax rate is meaningless, go to the report and organize the table of companies by "tax rate paid."
There are two companies with ETRs >100% and dozens with ETRs >21%.
ITEP is at it again, comparing two different accounting systems, built for different purposes, reporting to different audiences, using different rules.
From an earlier version: Did 88 Corporations Really Pay No Income Tax on Billions of Profits? Nope.
adamnmichel.substack.com/p/d…
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ITEP is at it again, comparing two different accounting systems, built for different purposes, reporting to different audiences, using different rules.
From an earlier version: Did 88 Corporations Really Pay No Income Tax on Billions of Profits? Nope.
adamnmichel.substack.com/p/d…
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"Taxing income once is not a loophole" might be my new tax reform mantra.
With an honorable mention of: it's a problem when you use gross receipts for tax policy
🧵A narrative has developed that taxing business income on a pass-through basis is some sort of tax loophole, leading to proposals to force pass-throughs to convert to C corporations.
But as I explain in my latest newsletter, the proposals are based on a false narrative:
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Adam Michel retweeted
Most countries that tried a wealth tax repealed it — for the same three reasons. It cost a fortune to administer, raised almost no money, and the wealthy simply left.
Cato's @adamnmichel explains why wealth taxes always fail.
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Adam Michel retweeted
‘Anti-fascist economics’ argues that the recent inflation bred support for authoritarianism. Unfortunately, it flubs what caused most of the inflation. wapo.st/4sdEOrT
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Adam Michel retweeted
The lesson from Switzerland is that the U.S. needs to spend less, @adamnmichel of the @CatoInstitute writes in a letter to the editor. wapo.st/4s85vhP
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In my letter to the editor, I argue that Switzerland is a model despite its wealth tax, not because of it.
We should emulate its debt break and lower levels of spending instead.
washingtonpost.com/opinions/…
"Republicans, not just Democrats, should be willing to push for a Swiss-style wealth tax."
The latest from Warren Gorlick, a retired policy adviser at the Treasury Department and attorney at the Commodity Futures Trading Commission: wapo.st/3Wm2Tks
ALT A graphic depicting a net capturing gold coins, accompanied by the text: "Don't follow the left on wealth taxes. Look to Switzerland.
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"I am just aghast that a company would use a tax credit we created to lower its taxes."
Meta is reportedly calling its massive data centers "experimental" to claim a research tax credit.
Try telling the IRS your kitchen renovation was a science project. Or your new car was a lab experiment.
That's a rigged tax code.
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Adam Michel retweeted
California’s wealth tax “is out of step with its stated goal of combating [Medicaid] reductions under OBBBA” @joshrauh et al.
“The likeliest result is not a windfall for health care spending, but a smaller tax base and a higher tax bill that falls on everyone” @adamnmichel
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Adam Michel retweeted
🚨NEW TODAY🚨
@CatoInstitute is launching Restoring Free Enterprise (@Cato_RFE): a multiyear, multimedia project to analyze the federal government's new & unprecedented ownership of private US firms - and to push for these deals to be unwound ASAP:
cato.org/restoring-free-ente… /1
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Adam Michel retweeted
.@adamnmichel and Santiago Forster break down a bipartisan bill to eliminate the $35,000 cap on 529-to-Roth IRA rollovers.
It’s a step toward Universal Savings Accounts. “Given more flexibility and control over their own savings, Americans will save more.”
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My most recent @CatoInstitute report on the advantages of flat taxes investigates one important margin of Hall's work with Alvin Rabushka.
cato.org/briefing-paper/flat…
I was going to write something on new econ Nobel laureate Robert Hall and tax policy, but @JaredWalczak did it better and faster. A good summary:
open.substack.com/pub/saltro…
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I was going to write something on new econ Nobel laureate Robert Hall and tax policy, but @JaredWalczak did it better and faster. A good summary:
open.substack.com/pub/saltro…
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