The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
The Washington Anti-DST Consensus: Tax Principles Worth Keeping
English Summary
The article argues that Digital Services Taxes (DSTs) violate fundamental tax principles—such as taxing profit rather than gross revenue and requiring physical presence—and undermine stable international tax frameworks. Key evidence shows that while DSTs are politically motivated, their economic burden is largely passed through to consumers, often exceeding the tax revenue raised. Policy implications suggest that Congress should champion these core principles (net taxation, no double taxation, certainty) to oppose punitive digital levies and other threats, such as tariffs or overlapping corporate taxes, thereby protecting cross-border trade stability.
中文摘要
本文論述數位服務稅（DST）違反了基本的稅收原則——例如應對利潤而非總收入課稅，以及要求實體存在性——並損害了穩定的國際稅制框架。關鍵證據顯示，雖然DST出於政治動機，但其經濟負擔大部分轉嫁給消費者，且往往超過所徵稅的收入。政策意涵指出，國會應倡導這些核心原則（淨稅收、不雙重課稅和確定性），以反對懲罰性的數位徵費，以及關稅或重複企業稅等其他威脅，從而保護跨境貿易的穩定性。
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