For many lower-income Americans, the biggest obstacle to building retirement savings is getting started. A new federal program taking effect in 2027 is designed to make that first contribution more valuable by matching a portion of what eligible workers save. The Saver’s Match will provide eligible lower- and moderate-income workers with a federal contribution to their retirement accounts when they make qualifying contributions of their own. The policy creates a straightforwa

Washington has taken steps to encourage domestic investment, expand manufacturing, and prepare more Americans for skilled careers. California’s high costs are threatening to undermine that progress in one of the country’s most important manufacturing states. The Working Families Tax Cuts improved the federal tax treatment of business investment, domestic research and development, and new production facilities. The law also expanded the use of 529 education savings plans for w

The Working Families Tax Cuts are providing tax relief to millions of American workers and families while making several important tax provisions permanent for small businesses. Earlier this year, CFE launched a full campaign examining the law, including the individual tax cuts showing up on tax returns and the provisions intended to encourage business investment and job creation. Through its Working Families Tax Cuts campaign, CFE has highlighted how the law affects workers,

The Securities and Exchange Commission (SEC) is moving to make electronic delivery the default for many financial disclosures, replacing rules that still favor paper documents despite the widespread use of online banking and investment services. CFE supports the SEC's proposed Regulation E-Delivery. The change would modernize outdated delivery requirements, reduce printing and mailing costs, and give investors faster access to financial information. Investors who prefer paper

Tax-exempt hospitals receive billions of dollars in tax benefits each year to support their charitable missions. Some of those same institutions are spending millions of dollars to put their names on stadiums, arenas, and other sports facilities. Valley Children’s Healthcare in California, for example, entered a 10-year, $10 million partnership with Fresno State that included naming rights to the university’s football stadium. According to Stateline, the agreement included ac

The Medicare system is on the verge of bankruptcy. By this time next decade, there will not be enough money in the system to pay full promised benefits. Without cost savings, America's $40 trillion national debt will get even bigger just to pay scheduled Medicare benefits to seniors. Some of Medicare’s problems are rooted in the program’s basic design and will require broader reforms. But Congress can begin addressing the immediate budget problem with a relatively simple appr

Rep. Anna Paulina Luna (R-Fla.) is proposing a 2 percent cap on federal student loan interest rates as a way to provide relief to borrowers. The proposal has an obvious populist appeal, but it overlooks how federal subsidies have shaped the economics of higher education. Lower interest rates would reduce financing costs for borrowers. They would not reduce the price colleges charge. By making tuition less expensive to finance, the proposal could weaken pressure on colleges to

The Trump administration is reportedly considering a significant change to federal child care policy that would extend federal assistance to some married couples in which one parent works and the other stays home to care for their children. The proposal responds to a legitimate imbalance in current policy. Federal child care programs and tax benefits generally provide assistance when parents pay someone else to care for their children, while offering less support when a paren

American manufacturing is showing renewed strength, with recent employment and industry data pointing to increased production, hiring, and investment. The gains come as businesses begin operating under the permanent pro-growth provisions of H.R. 1, the Working Families Tax Cuts. The August jobs report showed employers added 162,000 jobs, including 127,000 in the private sector. Manufacturing employment increased by 16,000 during the month, bringing total manufacturing employm

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

Strong patent protections are essential to preserving America's leadership in innovation, investment, and technological advancement. The Center for a Free Economy (CFE) recently submitted a letter to the U.S. Senate Committee on the Judiciary supporting S. 1546, the "Patent Eligibility Restoration Act of 2025," legislation that would replace court-imposed patent eligibility standards with clear statutory rules established by Congress. CFE argues that the bill would restore gr

America continues to produce more new millionaires than any other country in the world, offering fresh evidence that economic growth and opportunity remain widely available. While critics often argue that the middle class is disappearing because Americans are falling behind, long-term income data suggest a different trend. A growing share of households have moved into higher income brackets, reflecting rising prosperity rather than widespread economic decline. According to th

Millions of Americans purchasing health insurance through the Obamacare exchanges could face another year of double-digit premium increases. While those headlines focus on the cost of coverage, they overlook who ultimately pays for much of those increases. Obamacare's subsidy structure protects many exchange enrollees from rising premiums by shifting most of the added cost to taxpayers. As benchmark premiums rise, federal premium tax credits rise with them. Instead of reducin

The Supplemental Nutrition Assistance Program (SNAP) continues to lose billions of taxpayer dollars to improper payments despite years of reform efforts. According to the U.S. Department of Agriculture (USDA), SNAP made $10.1 billion in improper payments during fiscal year 2025, representing 10.6 percent of all benefits distributed. More than $8.8 billion resulted from overpayments, meaning recipients received more assistance than program rules permitted. The latest figures a

Texas Governor Greg Abbott has ordered an investigation into a tax exempt hospital that advertised childbirth services near the U.S.-Mexico border just days after the U.S. Supreme Court struck down President Trump's executive order ending birthright citizenship. With the Court reaffirming that children born on U.S. soil generally acquire U.S. citizenship under the 14th Amendment, Mission Regional Medical Center's campaign encouraging expectant mothers from Mexico to give birt

Conventional wisdom often suggests that cutting income tax rates inevitably reduces government revenue. Montana's experience tells a different story. After steadily lowering its top individual income tax rate from 11.0 percent in the 1980s to 5.4 percent today, the state has experienced substantial growth in income tax collections. Rather than shrinking the tax base, Montana's reforms appear to have strengthened it by encouraging greater economic activity. Lower Rates, Higher

Tax-exempt hospitals receive billions of dollars in federal, state, and local tax benefits each year in exchange for serving charitable missions. Too often, however, some large nonprofit hospital systems have used that privileged status to expand revenues, enrich executives, and exploit government programs while providing taxpayers with little transparency about how those tax subsidies are used. The U.S. House Committee on Ways and Means recently approved H.R. 9504, the Tax E

The Center for a Free Economy (CFE) submitted the following comments for the record to the Centers for Medicare & Medicaid Services (CMS) in response to the agency's proposed rulemaking on Medicaid reimbursement reform. The Center for a Free Economy (CFE) appreciates the opportunity to comment on the Centers for Medicare & Medicaid Services' (CMS) proposed rule regarding Medicaid managed care State Directed Payments (SDPs) and Medicaid fee-for-service targeted payment policie

Tariffs have raised prices for consumers, increased costs for businesses, and offset part of the economic benefit of H.R. 1, the Working Families Tax Cuts. The Trump Administration now has an opportunity to correct course by pairing targeted tariff relief with the law’s strongest pro-growth provisions. The new U.S.-China Board of Trade is a useful start. According to Skadden, the Office of the U.S. Trade Representative is seeking public input on roughly $30 billion in Chinese

Senator Elizabeth Warren (D-MA) has spent years advocating for one of the largest payroll tax increases in recent history. She now has an unexpected Republican ally: Senator Bernie Moreno (R-OH). Their proposal would eliminate the Social Security payroll tax cap, producing an estimated $3 trillion tax increase while pushing the top federal marginal tax rate above 50 percent for many affected taxpayers. Yet despite asking Republicans to support one of the largest tax increases

One year after President Trump signed H.R. 1, the Working Families Tax Cuts, millions of Americans are seeing the benefits in their paychecks, tax returns, and household budgets. Workers, seniors, parents, and families are keeping more of what they earn through lower taxes and expanded opportunities to save and invest. Over the past year, the Center for a Free Economy has tracked these reforms through research, blog posts, and educational videos that explain how the Working F

Social Security's financial outlook continues to worsen, yet many policymakers continue to promote higher payroll taxes as the primary solution. New analysis suggests that approach would impose significant costs on workers while doing little to address the program's underlying problem. A recent Cato Institute analysis found that Social Security's Old-Age and Survivors Insurance Trust Fund is now projected to become insolvent in 2032, one year earlier than previously expected.

The Biden administration's health care legacy continues to create problems for taxpayers, patients, and the broader health care system. Years after key policies were enacted, the effects are still visible in Obamacare enrollment data and in the implementation of the Inflation Reduction Act's drug price controls. The Trump administration has begun reversing several of these policies, but significant work remains. Biden’s Drug Price Controls Continue to Raise Concerns A recent

A proposal to impose a wealth tax on Americans is drawing attention not only for the size of the tax increase, but also for the extensive financial reporting and international coordination that would be required to enforce it. Recent analysis from Americans for Tax Reform examined Graham Platner’s tax agenda and found that it includes a 6 percent annual wealth tax as well as support for international efforts to establish a coordinated minimum tax on wealth. Such proposals rai

Four state Medicaid directors will testify before the U.S. House Energy and Commerce Committee this Thursday as lawmakers investigate billions of dollars in potential waste, fraud, and abuse within state Medicaid programs. The hearing, organized by the Committee’s Oversight and Investigations Subcommittee, will examine fraud risks, oversight failures, and the safeguards states have in place to protect taxpayer-funded health care programs. State Medicaid directors from New Yor

The Trump Administration has taken a major step toward addressing a longstanding problem in the global pharmaceutical market: wealthy foreign governments benefiting from American medical innovation while using government price controls to pay artificially low prices for the medicines their citizens use. On June 18, U.S. Trade Representative Jamieson Greer announced the initiation of a Section 301 investigation into Germany's pharmaceutical pricing practices. The investigation

One of the more surprising developments in the retirement policy debate is coming from the political left. A new explainer from the Schwartz Center for Economic Policy Analysis (SCEPA), an organization generally associated with progressive economic policy, acknowledges that the Trump administration's proposed TrumpIRA initiative could help millions of workers who currently lack access to workplace retirement plans. While disagreements remain over implementation and long-term

A federal program created to help vulnerable patients access affordable medications has increasingly become a financial windfall for large tax-exempt hospital systems. The Trump administration's proposed 340B Rebate Model Pilot Program seeks to bring greater transparency and accountability to a program that now exceeds $80 billion in annual discounted drug purchases. The Health Resources and Services Administration recently announced a request for information on a pilot progr

Americans are not imagining the affordability crisis. Real wages have stopped gaining ground, inflation remains embedded in household budgets, and new cost pressures from tariffs and energy instability are making everyday life more expensive. According to New York Times economics reporter Ben Casselman, inflation-adjusted wages have shown no net gain since President Trump returned to office. Price increases over the past few months have erased the real wage gains workers made