This Bloomberg article is like a roadmap for destroying an economy. France under François Hollande is the Progressive’s ideal state where the “rich” pay for the poor’s welfare benefits. One could say it is the same roadmap that Obama’s Progressive agenda is following. It is one that fails to understand how economies work. The result [...]
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“Tax the rich, because blah blah blah and it will help the economy by yada yada yada…” We should do a global search and replace on “tax” and replace with “punishment”. And replace all instances of “rich” with “investors and entrepreneurs”. This will make it clear what will happen. If they incrementally raise taxes, then [...] Try this on your friends. Ask them if they think that Congress should eliminate subsidies to oil companies. I would guess that it would be almost unanimous that they should, at least from my experience. But here is the trick: There are no oil subsidies. If you define “subsidy” as “a sum of money granted [...] Monetary policy is now sexy. The young are into it. “End the Fed” rings out at Ron Paul’s political rallies like “We Will Rock You” used to ring out at Queen concerts. There is, indeed, a direct relationship between the popularity of economics and monetary policy among the under 30s and the overwhelming support of [...] Mitt Romney made $21.7 million in 2010 according to his tax returns, and paid $3 million in federal taxes, about a 14% effective tax rate. The bulk of his income ($12.6 million) was from capital gains on investments, plus taxable interest of $3.3 million and ordinary dividends of $4.9 million. His net worth is estimated to be [...] In my last piece, The Laffer Curve and Austrian Economics, I argued that the “Laffer Maxima” moves depending on where the economy is in the boom-bust credit cycle. I used an example of a marginal restaurant business in the bust phase, which fails when the income tax rate on the people who live nearby rises [...] Jude Wanniski, a writer for the Wall Street Journal, coined the term “Laffer Curve” after a concept promoted by economist Art Laffer. Laffer himself says the idea goes back to the 14th century The idea is that if one wants to maximize the government’s tax revenue, there is an optimal tax rate. (Ignore for the [...] I am constantly reminded how useless are official and semi-official committees, subcommittees, boards, associations, organizations, bureaus, brotherhoods, conferences, dialogues, and congresses. The word bloviate comes to mind. Today that reminder came in the form of a report from the OECD on tax policy and inequality. The “International Tax Dialogue (ITD) 4th Global Conference on Tax and Inequality” was [...] From an interview of Bill Gates on ABC’s “This Week” show, when asked about the “Buffet Rule” that the rich should pay more in taxes: “Yes, I’m generally in favor of the idea that the rich should pay somewhat more, but to really deal with the deficit gap we’re talking about, that alone, just numerically, is [...] |
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