We now see who are “millionaires and billionaires” in practice. They are individuals with income over $400,000 or married couples with income over $450,000. Their top tax bracket rises from 35% to 39.6%, an increase of 13%.
The capital gains tax rate goes from 15% to 20%, an increase of 33%.
The temporarily reduced payroll [...]
Everyone today is talking about the “Fiscal Cliff”. It is a small decrease in spending combined with a significant tax increase. Let’s put this in perspective. The budget for fiscal year 2012 was $3.8 trillion and the deficit (shortfall which had to borrowed) was $1.1 billion. If no deal is reached, and we go “over [...]
This is just in from Veronique de Rugy at the Mercatus Center on what happens to the federal budget with or without sequestration (automatic budget cuts:
This week, Mercatus Center Research Fellow Veronique de Rugy places the Budget Control Act’s sequester into perspective by illustrating the effect of sequestration on public debt. This chart uses data from [...]
This is a recent interview with the Daily Capitalist’s David Stockman. He discusses a wide range of topics including the Obama jobs bill. He gives an interesting, and correct, view of the history of government spending to create “jobs.” He turns the conventional wisdom on its head. I don’t agree with all his views on taxation to [...]
Felonious Munk is funny. I don’t agree with everything he says, but he says it so well. OK, he’s rude and crude too. But he’s funny. He’s also a standup comedian. I hope you agree with his blast.
Hat tip El Leon
Another chart by Viginia de Rugy of Mercatus Center illustrates the differences between the Obama budget forecasts versus the Republican’s forecast. By 2021 there is only a $1.5 trillion difference between the two. Read it and think. I believe that the Republicans are trying to do “something” and I believe this is the opening salvo, [...]
This paper was the 2011 Henry Hazlitt Memorial Lecture given by David Stockman on March 12 at the Austrian Scholar’s Conference at the Mises Institute. With David’s permission I am republishing it here.
“In the post-TARP world, there remain [...]
You’ve got to watch this very important speech.
Hat tip to Economic Policy Journal.