Witch Hunt Will Only Drive More Capital Offshore
Newsmax reports that IRS has had some successes in getting UBS, the Swiss bank, to disclose some of the US account holder information on some of its secret numbered accounts. The number of disclosures is only about 300-400 on a total of almost 50,000 accounts. UBS is properly refusing further disclosures as required under Swiss privacy laws. The first decision that law abiding US citizens | Read More »
The Obama Tax Plan: Running Into Roadblocks
While some may have thought that the Obama tax plan would sail through Congress relatively unopposed, the reality is turning out to be somewhat different: President Barack Obama’s call to raise taxes on high earners and greenhouse gas polluters met fierce opposition Tuesday from congressional Republicans and also a few Democrats. “I would never want to adversely affect anything that is charitable or good,” Rep. | Read More »
The Obama Administration And Tax Policy
“The Audacity of Hype.” An excerpt: Continuing the tradition he established back when he was Director of the Congressional Budget Office, Peter Orszag, the Director of the Office of Management and Budget has started a blog. I applaud this move if — if — it is meant to promote transparency. But while Orszag is a smart man and a formidable policy player, his blog appears | Read More »
And In Other News, Water Is Wet
High earners are planning to reduce their incomes so that they will not have to pay as much in taxes. This, of course, not only means that some people will take an income hit. It also means that an important segment of the population will be less productive economically. Cumulatively, this could have a very bad effect on the economy–especially when one considers its current | Read More »
So you thought $4.00 was a lot for a gallon of gas??
Just wait. Just wait a little while. It’s axiomatic for conservatives, and other people with common sense, that if you want less of an activity, you tax it. If you want more, reduce the tax. Governor Jindal said that recently, but I’m sure he wasn’t the first. The oil and gas industry is tax advantaged. Historically, the government saw a benefit in encouraging drilling; tax | Read More »
What’s the Matter with Kansas?
Faced with a shortage of funds this year and unwilling to cut the bloated state budget, Kansas Governor Kathleen Sebelius is planning to welsh on the state’s debt to taxpayers who overpaid in 2008 and to put a hold on paychecks owed to state employees until the Republican-controlled state legislature allows her to break state law by borrowing hundreds of millions of dollars from already | Read More »
The Current Crisis, The Coming Crisis, and the Impact on Tax Policy
We’re experiencing an economic recession as a result of several global economic imbalances that have been building for years now. Since sometime in the Clinton Administration, growth in US consumption has been funded by steady increases in the private “balance sheet,” or the net level of indebtedness. During the Bush years, growth was also supported by accomodative monetary policy and fiscal deficits. Since the early | Read More »
There They Go Again
No matter how bad the economic conditions, no matter how much additional money is needed in circulation, no matter the need for stimulus that actually works, some people are just bound and determined to raise taxes: House Democrats’ version of the $825 billion recession rescue package would end billions of dollars in tax breaks the Bush administration quietly gave to banks last fall. Already almost | Read More »
Mythbusting On Tax Policy
Greg Mankiw reminds us that popular opinion to the contrary notwithstanding, the rich pay more in taxes than do other income groups. And this, of course, is why serious efforts to cut taxes must include tax cuts for the rich (as Willie Sutton would say, that’s where the money is) and why “middle-class tax cuts” really don’t amount to all that much (as Willie Sutton | Read More »
Tax Havens: Myths v. Facts
It’s time to watch some educational TV. And it’s always worth tuning in with Dan Mitchell:
On Tax Progressivity
I think that our tax system is unfair because it is remarkably and ridiculously complicated, requires untold man hours and amounts of money to comply with and does not broaden the tax base while at the same time reducing taxation rates. Barack Obama thinks that our tax system is unfair because it is not “progressive” enough and because under the Bush Administration, it has rewarded | Read More »
Thomas Jefferson On Wealth Redistribution
He was against it before Barack Obama was for it. Never let it be said that Joe the Plumber doesn’t have backup for his very sensible position and concerns regarding wealth redistribution.
If We Had A Competent Press Corps . . .
Inadvertent straight talk like the kind commented on here would be getting a lot more attention. Wonder how much the income threshold will come down after the election if the Obama-Biden ticket prevails. And why on Earth should we feel comfortable enough to venture to find out?
In Praise Of Tax Havens
Another excellent video from Dan Mitchell and the folks at Cato, who stand athwart conventional wisdom and force its denizens to rethink their assumptions:
The Obama Tax Redistribution Plan
Alternatively, this post could be titled “Welcome Back, Welfare State. We Didn’t Miss You But We Are Forced To Pretend Otherwise.”