Just over a year ago, the Food and Drug Administration (FDA) announced a bold new plan to reduce nicotine in cigarettes to non-addictive levels and encourage the development of non-combustible nicotine products. Key to the FDA’s approach is an acknowledgement of both the continuum of risks associated with various nicotine delivery mechanisms and the opportunity for innovative products to reduce the health risks associated with tobacco consumption
The Supreme Court’s 5-4 ruling in South Dakota v. Wayfair last weekempowers states to establish a level playing field for the taxation of goods sold by in-state and out-of-state sellers. The court overturned two precedents, dating back to 1967 and 1992, that imposed an artificial physical presence rule on state sales tax systems.
The Bureau of Labor Statistics recently reported that the US unemployment rate in May 2018 was 3.8%, the lowest since April 2000. During the past 50 years, the US unemployment rate has been this low only 10% of the time.
With only about two weeks left in its 2017–2018 term, the US Supreme Court still has 19 cases left to decide. Decisions are expected on a number of key issues, including partisan and racial gerrymandering, public employee union dues, and the travel ban.
Since its inception in 1942, the deduction for qualified medical expenses has offered a type of federally funded insurance to taxpayers who itemize. By allowing the deduction of out-of-pocket medical spending that exceeds a threshold, the deduction is similar to a high-deductible health plan, under which the federal government subsidizes subsequent spending at one’s marginal tax rate.
The midterm elections are six months away, and candidates are looking for innovative ways to define their campaigns. With an unemployment rate below 4 percent and recent upward revisions to the 2018 economic outlook, Republicans are preparing to campaign on a strong economy and the tax cuts enacted last December that improved US competitiveness and boosted voters’ after-tax incomes.
