Tax Fairness

The President says he wants the wealthy to pay their fair share. What would that be? He never says. How would one decide whether a given level of taxation is fair? He never says. Neither do his supporters, who are remarkably calalier about the theoretical foundations of their policy positions. Let’s start by asking, Who pays how much now? And let’s consider not just federal … Continue reading Tax Fairness

Various Thoughts

I’ve been very busy getting two papers ready, so I haven’t been posting. But there are some stories to which I want to draw your attention. 1. High gasoline prices are just one obvious way in which President Obama’s environmental and energy policies are bearing their intended and foreseen fruits. I’m delighted that people are remembering his 2008 claim: “Under my plan… electricity rates would … Continue reading Various Thoughts

Letting the VAT Out of the Bag

Obama and the Democrats have been spending money like there’s no tomorrow, sinking the country deeper into debt than we’ve ever been before. Moreover, we’re getting nothing for our money. At least the New Deal gave us the San Antonio Riverwalk. The U.S. has already been downgraded, and is bound to be downgraded again if Obama is reelected. Can’t Democrats do math? Don’t they realize … Continue reading Letting the VAT Out of the Bag

The Income of the Top 1%

Megan McArdle points out that the income share of the top 1% has declined sharply in the past couple of years: This isn’t surprising. Income inequality increases whenever the economy improves; it decreases during recessions. There is only one known way to decrease inequality—and it’s plainly undesirable. What about the 1940s and 1950s? Liberals are looking back at those decades fondly. They seem to have … Continue reading The Income of the Top 1%

Are You Smarter Than a Wall Street Occupier?

That’s New York magazine’s title. They asked 50 people in Zuccotti Park some questions. Here are some of the results. Maybe the most interesting question concerned the capital gains tax rate. What should it be? The occupiers were all over the map. 14% said zero. 10% said between 10% and 25% where it is now. 30% thought it should be between 25% and 50%; 28% … Continue reading Are You Smarter Than a Wall Street Occupier?

A Tsunami of Taxes

It’s no surprise that the economy is sputtering: The Obama administration has done its best to attack the private sector ever since it came to power. Its regulatory expansion, its massive and little-understood bills governing health care and the financial sector, its attacks on business in the media and before Congressional committees, and its push for cap-and-trade, card check, and other anti-business legislation have sown … Continue reading A Tsunami of Taxes

Texas over California

William Voegeli compares California’s left-wing, high-tax/high-benefits model with Texas’s right-wing, moderate-tax/moderate-benefits model. People are leaving high-tax states for low-tax states: One way to assess how Americans feel about the different tax and benefit packages the states offer is by examining internal U.S. migration patterns. Between April 1, 2000, and June 30, 2007, an average of 3,247 more people moved out of California than into it … Continue reading Texas over California

Rangel on Taxes

Charlie Rangel is proposing lowering the corporate tax rate from 35% to 28%—a move that comes close to McCain’s proposal to lower it to 25%, but not so close to Reagan’s better proposal to lower it to 0%—while raising the top individual tax rate to 44%, applying on income over $200,000. One out of two…. Why do Democrats think, for example, that two-income professional couples … Continue reading Rangel on Taxes

Obama and Taxes

Patrick Poole reminds us that Democrats often promise middle class tax cuts; the last one who delivered was JFK. He also observes that Obama’s spending plans can’t possibly be financed by increasing taxes only on the rich. Obama has produced at least three tax plans during this election campaign. The first two proposed increasing taxes very broadly. The last proposes increasing them for couples earning … Continue reading Obama and Taxes