Episode 188: Crypto Coercion
Words & Numbers
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Introduction
It's been a month since President Trump signed an executive order allowing companies to defer the collection of payroll taxes. Economists are constantly reminding us that people respond to incentives. When the government taxes a thing, be it gasoline, alcohol, imports, or even labor, it gives sellers less of an incentive to sell and buyers less of anincentive to buy. But deferring the payroll tax is very different from cutting the payroll tax. A tax deferral isn't even a temporary tax cut. The most effective tax cuts are permanent tax cuts.
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