11:39 AM, Sep 16, 2014 • By GEOFFREY NORMAN
James Pethokoukis notes that according to a new study by the Tax Foundation, the United States:
… has the 32nd most competitive tax code out of 34 advanced economies
One interesting datum from the study that, as Pethokoukis writes, “many might find surprising":
When including state and local taxes, the U.S. has a top marginal income tax rate of over 46 percent, which is 5 percentage points above the OECD average of 41 percent.
If there is any solace to be taken from the report, it would be in the fact that we still aren’t as bad (i.e. “confiscatory”) as France:
France has the least competitive tax system in the OECD. It has one of the highest corporate tax rates in the OECD at 34.4 percent, high property taxes that include an annual wealth tax, and high, progressive individual taxes that also apply to capital gains and dividend income.
Obama’s ‘economic patriotism.’Aug 11, 2014, Vol. 19, No. 45 • By FRED BARNES
When he’s in trouble, President Obama changes the subject to the economy. And in speech after speech, he utters some version of this line: “We know from our history, our economy does not grow from the top down, it grows from the middle up.”
1:16 PM, Jul 30, 2014 • By ETHAN EPSTEIN
Casual dining establishment TGI Fridays, you may have heard, is advertising what it bills as “endless” appetizers for a mere $10. Yet if you dine at Fridays here in the District of Columbia, you can expect to spend $11, not $10, on the “endless apps,” once DC’s 10 percent dining tax is included.
11:18 AM, Jul 23, 2014 • By IKE BRANNON
A wizened soul who worked in the bowels of the United States Treasury in the Eisenhower administration once explained to me all that is wrong with the U.S. tax code.
11:45 AM, Jul 15, 2014 • By GEOFFREY NORMAN
There was a time when stock car racing was an outlaw sport. Some of the greatest of the early drivers learned their skills hauling moonshine. Most conspicuously, Junior Johnson who did a stretch in the federal crossbar hotel. But the days of Junior, Richard, Dale, and the rest of them are long past. NASCAR went corporate and like all “mature industries,” it learned how to play cozy with Washington.
5:42 PM, Jul 14, 2014 • By GEOFFREY NORMAN
Representative Peter Welch (Democrat, Vermont and, by the way, my representative) has announced that he is in favor of raising the tax on gasoline. He has a safe seat and, anyway, in Vermont it isn’t politically dangerous to propose a tax increase, especially if it can be somehow made into a positive for jobs and infrastructure and a negative for automobiles and oil companies. Vermont is eagerly anticipating the arrival of cars that are powered by wind.
Get them where they drive.9:24 AM, Jul 7, 2014 • By GEOFFREY NORMAN
Washington needs more money and if it doesn’t get it, your morning commute will become:
a) more expensive
12:00 AM, Jun 28, 2014 • By IRWIN M. STELZER
To meteorologists, an inversion is a deviation from the normal change of an atmospheric property. It can lead to pollution and adverse health effects. To Wall Street dealmakers, and now to most boards of directors, an inversion is a cross-border merger that allows the buyer to reincorporate in a more tax-friendly jurisdiction.
12:18 PM, Jun 3, 2014 • By IKE BRANNON
The 620,000 residents of Washington, D.C., are not exactly partisans of supply-side capitalism: In most elections the nominees of the various green/workers/socialist parties usually come close to the vote totals of whatever Republican sacrificial lamb the local party convinced to run.
Rock-star economist Thomas Piketty— tough on inequality, soft on elitism May 26, 2014, Vol. 19, No. 35 • By CHRISTOPHER CALDWELL
The New York Times columnist Paul Krugman has written that Capital in the Twenty-First Century, Thomas Piketty’s new book on inequality and wealth, “will change both the way we think about society and the way we do economics.” Clive Crook describes the raptures with which intellectuals have greeted the book as almost “erotic.” President Obama’s advisers have been buttonholed about Piketty at speaking appearances from here to Dublin. Capital has reached number one on Amazon.com.
4:54 PM, May 14, 2014 • By MICHAEL WARREN
With just days before Georgia's May 20 primary election, the leading Republican candidate has suggested he would support raising taxes as a way to fix the economy. Speaking to editorial board of the Macon Telegraph, businessman David Perdue said he supports "both" curbing government spending and increasing revenue. When a member of the board pointed out that "increasing revenue" is a euphemism for "raising taxes," Perdue reportedly "chuckled."
1:28 PM, Mar 5, 2014 • By GEOFFREY NORMAN
When you spend in the trillions and run deficits in the (many) billions, then you look for the millions where you can find them.