The United States Constitution The Commerce Clause is one of Congress’ enumerated powers found in the Constitution of the United States, Article. I. Section. 8., clause 3: (Clause 3 – Commerce power) [The Congress shall have Power] To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes; The … Read more
Dissatisfaction with the federal tax system has led to a debate about U.S. tax reform, including proposals for a national consumption tax. One type of proposed consumption tax is a value-added tax (VAT), widely used around the world. A VAT is levied on the difference between a business’s sales and its purchases of goods and … Read more
On Thursday, the Senate had come to an agreement on its Dodd-Frank Wall Street Reform and Consumer Protection Act conference report by a 60-39 vote. The bill has now gone to President Barack Obama, who will sign it into law later this week. The final Senate vote marks the culmination of a two-year effort launched … Read more
With mid-term elections approaching in November, there is increased debate over the tax cuts from the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTTRA) that are set to expire at the end of this year. On July 14, the Senate Finance Committee held a hearing on extending those tax cuts. Pete Davis, a … Read more
Later today, the Senate will convene and resume consideration of the conference report to accompany the Wall Street Reform and Consumer Protection Act of 2010 (H.R. 4173), intended to strengthen consumer protection in the wake of the national economic crisis. What’s noteworthy about the legislation is not just what would be included within it, but … Read more
Decisions being made in Washington are increasingly consequential for the future of private industry. Two Internet entrepreneurs sense an opportunity in giving businesses and individuals a chance to hedge their financial risk when it comes to changes in public policy. The American Civics Exchange is the country’s first commercial market for political futures. The Web-based … Read more
Leonard Read’s delightful story, “I, Pencil,” has become a classic, and deservedly so. I know of no other piece of literature that so succinctly, persuasively, and effectively illustrates the meaning of both Adam Smith’s invisible hand–the possibility of cooperation without coercion–and Friedrich Hayek’s emphasis on the importance of dispersed knowledge and the role of the … Read more