A limited constitutional government calls for a rules-based, freemarket monetary system, not the topsy-turvy fiat dollar that now exists under central banking. This issue of the Cato Journal examines the case for alternatives to central banking and the reforms needed to move toward free-market money.
Americans are finally enjoying an improving economy after years of recession and slow growth. The unemployment rate is dropping, the economy is expanding, and public confidence is rising. Surely our economic crisis is behind us. Or is it? In Going for Broke: Deficits, Debt, and the Entitlement Crisis, Cato scholar Michael D. Tanner examines the growing national debt and its dire implications for our future and explains why a looming financial meltdown may be far worse than anyone expects.
The Cato Institute has released its 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is the philosophy of freedom,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.
Featuring: Rep. Phil English (R-PA), Ranking Member, Select Revenue Measures Subcommittee, Co-Chairman, Zero AMT Caucus; Chris Edwards, Cato Institute; and moderated by Daniel Mitchell, Cato Institute.
The alternative minimum tax (AMT) is a complex income tax imposed on top of the regular income tax. Without action by Congress, 23 million taxpayers will pay the AMT in 2007 and be hit with an average burden of more than $3,000. Some policymakers have proposed partial AMT relief, and the Bush administration supports replacing $1 trillion of future AMT revenues with other taxes.
By contrast, Rep. Phil English supports repeal of the individual and corporate AMTs without revenue offsets. Now is a good time for repeal given the flood of federal revenues from strong economic growth. English will discuss the prospects for reform and the shortcomings of proposals that fall short of full repeal. Chris Edwards and Dan Mitchell will discuss the workings of the AMT and how the tax fits into the broader budget picture this year and coming years.