Even some free-market economists, such as Duke University’s Michael Munger, argue for a UBI that would replace the current welfare state. But assuming unrealistically that the existing means-tested welfare state programs could be completely replaced, a UBI of $12,000 a year or even of $10,000 a year would require large increases in federal government spending and large increases in taxes.

JPMorgan Chase is notifying more than 40 million credit card holders that from now on they’ll have to arbitrate any disputes, forgoing the option of filing a lawsuit or joining class-action suits. Although an opt-out is possible (but difficult), this places Chase alongside many other businesses insisting arbitration is a better alternative for consumers than litigation.

How important is human capital at the top of the U.S. income distribution? Using tax data linking 11 million firms to their owners, this paper finds that entrepreneurs are key for understanding top income inequality. Most top income is non-wage income, a primary source of which is private “pass-through” business profit. These profits—which can include labor income disguised for tax reasons—accrue to working-age owners of closely-held, mid-market firms in skill-intensive industries.

Proposition 13, which has defined the rules for California property taxation for forty years, will likely change for businesses, and perhaps as soon as 2021. A ballot measure will appear on California’s November 2020 ballot that would fundamentally change property taxes on non-agricultural businesses with more than fifty employees.