Nov 15, 2017

Why you should care about “chained CPI"

Senate Finance Committee chairman Orrin Hatch begins the committee’s work on the tax bill. Photo: Pablo Martinez Monsivais / AP

The Wall Street Journal’s Greg Ip has a smart story about the new inflation measure that’s included in the House and Senate tax bills. Instead of the Consumer Price Index, which economists believe overstates the cost of living, it would use a measure called “chained CPI,” which may be more accurate, but also rises more slowly than the regular CPI.

Why it matters: Some people will get pushed into higher tax brackets faster than they would have under the old measure. It helps Republicans pay for the tax bill, because it’ll raise $130 billion in revenue over 10 years. But it’s also safe to say that most Americans who aren’t tax experts will have no idea of the impact until it hits them.

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Updated 15 mins ago - Politics & Policy

U.S. cities crack down on protesters

The scene near the 5th police precinct during a demonstration calling for justice for George Floyd in Minneapolis on Saturday. Photo: Kerem Yucel/AFP via Getty Images

Major U.S. cities have implemented curfews and called on National Guard to mobilize as thousands of demonstrators gather across the nation to continue protesting the death of George Floyd.

The state of play: Hundreds have already been arrested as tensions continue to rise between protesters and local governments. Protesters are setting police cars on fire as freeways remain blocked and windows are shattered, per the Washington Post. Law enforcement officials are using tear gas and rubber bullets to try to disperse crowds and send protesters home.

Updated 20 mins ago - Politics & Policy

George Floyd protests: What you need to know

Photo: David Dee Delgado/Getty Images

Clashes erupted between police and protesters in several major U.S. cities over Saturday night as demonstrations over the death of George Floyd and other police-related killings of black men spread across the country.

The big picture: Floyd's death in Minneapolis police custody is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

Updated 1 hour ago - Politics & Policy

In photos: Protesters and police clash nationwide over George Floyd

A firework explodes behind a line of police officers next to the Colorado State Capitol during a protest over the death of George Floyd in Denver on May 30. Photo : Michael Ciaglo/Getty Images

Police used tear gas, rubber bullets and pepper spray as the protests sparked by the killing of George Floyd continued nationwide into early Sunday.

The big picture: Police responded over the weekend with force, in cities ranging from Salt Lake City to Atlanta to Des Moines, Houston to Detroit, Milwaukee to Washington, D.C., Denver and Louisville. Large crowds gathered in Minneapolis on Saturday for the fifth day in a row.