Banking regulation rarely attracts the attention given to taxes, health care, or other pocketbook issues. But millions of Americans rely on the nation’s largest banks for checking accounts, credit cards, payments, savings, and other financial services. Changes to federal banking rules can have consequences well beyond Wall Street. Nearly three-quarters of Americans have an account with a large national bank, including JPMorgan Chase, Bank of America, Wells Fargo, and Citibank

A new analysis of federal prescription drug price controls finds that policies intended to lower costs today could result in higher drug spending over the long term by discouraging generic and biosimilar competition. Writing in RealClearHealth, University of Chicago economist Tomas J. Philipson argues that the prescription drug price controls enacted under the Inflation Reduction Act could weaken the competition responsible for some of the largest reductions in drug prices. H

Congressional support is growing for legislation aimed at confronting foreign government drug price controls and reducing the burden they place on American patients and businesses. Sen. Tim Sheehy (R-Mont.) has introduced S. 5265, the “Use Sovereignty to Reduce Rx Act,” or “USTRx Act,” establishing a Senate companion to legislation introduced in the U.S. House by Rep. Jodey Arrington (R-Texas). The Senate introduction marks an important step forward for the USTRx Act and foll

Sen. Bernie Moreno (R-Ohio) has joined Sen. Elizabeth Warren (D-Mass.) in calling for the elimination of the Social Security payroll tax cap, a proposal that would subject all wages and self-employment income to the program’s 12.4 percent payroll tax. In a recent op-ed for The Hill, CFE President Ryan Ellis warns that the proposal would amount to a significant tax increase on work, entrepreneurship, and small businesses without addressing the underlying cause of Social Securi

A bipartisan group of senators is advancing a package of more than 60 changes to the IRS and federal tax administration, bringing together a series of practical reforms designed to make the tax system easier for families and businesses to navigate. The U.S. Senate Finance Committee advanced S. 3931, the "Taxpayer Assistance and Service (TAS) Act" by a 26-1 vote. Rather than pursuing a major rewrite of tax policy, the legislation addresses persistent problems with IRS administ

The Center for a Free Economy (CFE) recently urged the U.S. Senate Finance Committee to reject proposals that would expand federal drug price controls as lawmakers consider policies aimed at lowering prescription drug costs. In comments submitted to the committee, CFE warned against accelerating Medicare price-setting, importing foreign government price controls, and extending federal price regulation into the private insurance market. CFE instead recommended reforms designed

Seven million American children are already enrolled in Trump Accounts, an early sign of strong participation in the new savings program created by H.R. 1, the "Working Families Tax Cuts." The milestone comes as new federal guidance gives employers a clearer path to contribute directly to accounts for their workers' children. According to the U.S. House Ways and Means Committee, reporting on Treasury Department data, 86% of children enrolled in Trump Accounts come from famili

The Center for a Free Economy (CFE) submitted comments supporting U.S. Trade Representative Jamieson Greer’s Section 301 investigation into Germany’s pricing of innovative pharmaceutical products. CFE argues that Germany’s price controls undervalue new medicines, discourage research and development, and shift more of the cost of pharmaceutical innovation onto American patients. CFE urged USTR to press Germany to end these market-distorting policies and encouraged the administ

American Compass founder and “Chief Economist” Oren Cass has proposed a series of tax increases that would move federal tax policy sharply away from the low-rate, pro-investment approach conservatives have traditionally supported. Cass has called for raising the top individual income tax rates, increasing the corporate income tax rate to 25 percent, imposing a financial transaction tax, and raising or eliminating the Social Security payroll tax cap. Americans for Tax Reform e

The Trump administration is moving forward with a new approach to the 340B drug discount program that will require participating drug manufacturers to provide discounts through rebates only after claims are submitted and verified. The Health Resources and Services Administration (HRSA) announced a revised 340B Rebate Model Pilot Program that will apply to certain drugs beginning in 2026. The announcement moves the rebate model from a proposed reform toward implementation as t

A new proposal from a center-left fiscal policy organization highlights a path to strengthen Social Security without imposing large tax increases on workers and small businesses. Rather than raising payroll taxes, the Committee for a Responsible Federal Budget (CRFB) has proposed slowing future benefit growth for the highest-income retirees while preserving full inflation protection for low- and middle-income seniors. If a center-left fiscal policy organization is proposing t

For the first time, half of the world's billionaire wealth was created by self-made entrepreneurs in competitive industries rather than inherited fortunes or politically connected businesses. That milestone, identified in a new Economist analysis of roughly 7,000 billionaires and highlighted by economist Edward Conard, undercuts one of the central arguments for imposing wealth taxes. The argument for taxing billionaire wealth often rests on the assumption that extreme wealth

Higher education has long been promoted as the surest path to economic opportunity. New voting data suggests that promise has fallen short for a growing segment of Americans, with political consequences that extend well beyond college campuses. Analysis from the Cooperative Election Study, highlighted by Nate Silver's Silver Bulletin, found that educational attainment has become one of the strongest predictors of presidential voting behavior. The most Democratic-leaning group

Tariffs were promoted as a way to rebuild American manufacturing, strengthen the economy, and create more factory jobs. More than a year after the largest tariff increases took effect, the results tell a different story. Americans continue to face higher prices, manufacturers are struggling to fill existing jobs, and the economic burden of higher import taxes has offset much of the tax relief Congress enacted through H.R. 1, the "Working Families Tax Cuts." Public opinion has

The Trump administration continues implementing the Medicaid provisions of H.R. 1, the "Working Families Tax Cuts," through a proposed rule that would place new limits on state directed payments (SDPs). The proposal addresses financing arrangements that have allowed some states to draw significantly more federal Medicaid funding through payment mechanisms rather than direct improvements in patient care. Public comments submitted by the Paragon Health Institute support the rul

The United States is often described as a nation where roughly two-thirds of households own their homes. According to the U.S. Census Bureau, the national homeownership rate currently stands at 65.3%. New research from the Federal Reserve Bank of Minneapolis shows that the 65.3% figure does not accurately represent the share of American adults who own homes. The Minneapolis Fed has introduced a new measurement called the Homeowners-to-Population Ratio (HPOP), which measures t

Many families assume older children have already missed their chance to benefit from Trump Accounts. That misconception stems largely from the federal government's $1,000 seed contribution, which is limited to children born during the program's eligibility window. The opportunity, however, extends well beyond the federal deposit. Private organizations, employers, and families are increasingly using Trump Accounts to help older children begin building long-term savings, even i

Patients should not have to guess what medical care will cost before receiving treatment. Yet many of the nation's largest tax exempt hospitals continue to resist a basic principle of a competitive marketplace: price transparency. That resistance is difficult to justify given the substantial public benefits these institutions receive. Tax exempt hospitals receive billions of dollars each year in federal, state, and local tax advantages in exchange for fulfilling charitable mi

Center for a Free Economy President Ryan Ellis has published a new op-ed in National Review Online examining how aggressive state escheatment laws are putting long-term investors at risk. In "The Backdoor Property Tax You've Never Heard Of," Ellis explains how some states have transformed unclaimed property laws from a consumer protection into a growing source of government revenue, creating incentives to seize and liquidate investment accounts that were never truly abandoned

The Center for a Free Economy (CFE) led a coalition of more than 40 taxpayer, free market, consumer, and public policy organizations in a letter urging Rep. Jodey Arrington (R-TX) to advance H.R. 4780, the "USTRx Act." The legislation would create a Chief Pharmaceutical Trade Negotiator within the Office of the United States Trade Representative to combat foreign government price controls and other unfair trade practices that drive up prescription drug costs for American pati