Chart of the Day: SALT in the GOP’s Wounds

Chart of the Day: SALT in the GOP’s Wounds

© Mick Tsikas / Reuters
By The Fiscal Times Staff

The stark and growing divide between urban/suburban and rural districts was one big story in this year’s election results, with Democrats gaining seats in the House as a result of their success in suburban areas. The GOP tax law may have helped drive that trend, Yahoo Finance’s Brian Cheung notes.

The new tax law capped the amount of state and local tax deductions Americans can claim in their federal filings at $10,000. Congressional seats for nine of the top 25 districts where residents claim those SALT deductions were held by Republicans heading into Election Day. Six of the nine flipped to the Democrats in last week’s midterms.

Number of the Day: 18 Million

Win McNamee/Getty Images
By The Fiscal Times Staff

There were 18 million military veterans in the United States in 2018, according to the Census Bureau. That figure includes 485,000 World War II vets, 1.3 million who served in the Korean War, 6.4 million from the Vietnam War era, 3.8 million from the first Gulf War and another 3.8 million since 9/11. We join with the rest of the country today in thanking them for their service.

Chart of the Day: Dem Candidates Face Their Own Tax Plans

Senator Bernie Sanders, former Vice President Joe Biden and Senator Elizabeth Warren participate in the 2020 Democratic U.S. presidential debate in Houston
MIKE BLAKE/Reuters
By The Fiscal Times Staff

Democratic presidential candidates are proposing a variety of new taxes to pay for their preferred social programs. Bloomberg’s Laura Davison and Misyrlena Egkolfopoulou took a look at how the top four candidates would fare under their own tax proposals.

Quote of the Day: The Health Care Revolution That Wasn’t

Benis Arapovic/GraphicStock
By The Fiscal Times Staff

“The fact is very little medical care is shoppable. We become good shoppers when we are repeat shoppers. If you buy a new car every three years, you can become an informed shopper. There is no way to become an informed shopper for your appendix. You only get your appendix out once.”

— David Newman, former director of the Health Care Cost Institute, quoted in an article Thursday by Noam Levey of the Los Angeles Times. Levey says the “consumer revolution” in health care – in which patients shop around for the best prices, forcing doctors, hospitals and pharmaceutical firms to compete with lower prices – hasn’t materialized, but the higher deductibles that were part of the effort are very much in effect. “High-deductible health insurance was supposed to make American patients into smart shoppers,” Levey writes. “Instead, they got stuck with medical bills they can't afford.”

Congressional Report of the Day: The US Pays Nearly 4 Times More for Drugs

A pharmacist holds prescription painkiller OxyContin, 40mg pills, made by Purdue Pharma L.D.  at a local pharmacy
REUTERS/George Frey
By The Fiscal Times Staff

The House Ways and Means Committee released a new analysis of drug prices in the U.S. compared to 11 other developed nations, and the results, though predictable, aren’t pretty. Here are the key findings from the report:

  • The U.S. pays the most for drugs, though prices varied widely.
  • U.S. drug prices were nearly four times higher than average prices compared to similar countries.
  • U.S. consumers pay significantly more for drugs than other countries, even when accounting for rebates.
  • The U.S. could save $49 billion annually on Medicare Part D alone by using average drug prices for comparator countries.

Read the full congressional report here.