Tag: taxes

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In the actual list of questions from the New York Times to the Democrat candidates for president* was this one: Does anyone deserve a billion dollars? If no one “deserves” a billion dollars, it means we’ll have take and redistribute the money that people have in excess of that, of course. Let’s assume that there […]

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I noticed it the first few late evenings after my move to a different town last fall. How could I not? It was a loud, wailing, siren, foreboding, and impersonal. Unlike friendly chimes of a city clock, this signal made me want to look for the nearest bomb shelter. My daughters said it went off […]

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Jim Geraghty of National Review and Greg Corombos of Radio America discuss the American Medical Association rejecting call for single-payer healthcare system. They’re also disgusted as prolific “Jeopardy!” winner James Holzhauer faces a massive tax hit courtesy of the state of California. And Jim and Greg discuss how Democratic voters in Virginia are returning a […]

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Jim Geraghty of National Review and Greg Corombos of Radio America oppose pretty much every big government plan being pushed by Bernie Sanders but they welcome his honesty that big tax hikes will be required to pay for his agenda. They also cringe as Department of Energy tarnishes a wonderful program to become a more […]

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Should We Tax Facebook and Google So They Change Their Business Models?

 

Paul Romer.
Is Big Tech today as dangerous as Big Money a decade ago? Economist and Nobel laureate Paul Romer seems to think there are disturbing similarities. In a New York Times op-ed, Romer advocates taxing revenue from the sales of targeted digital ads to check the size and power of “dominate digital platforms,” specifically Facebook and Google. “Our digital platforms may not be too big to fail,” he writes. “But they are too big to trust.” Romer’s policy goal is to nudge these companies away from the original sin of advertising-driven business models, and Romer sees a Pigovian tax as a more efficient way to reduce their size and influence than antitrust or regulation. He doesn’t like targeted ads, nor the financial power they generate.

Romer’s approach toward Big Tech might sound familiar to anyone who followed the post-Financial Crisis debate about Wall Street and “too big to fail.” Among the policy options for taming the megabanks and de-risking their business models were regulation, antitrust, or higher capital requirements. That last one, advocates argued, was the most efficient and market-friendly way of making failure less likely, potentially serving as a de facto tax on bigness, or even spurring a self-initiated breakup.

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The Democrats never met a tax they didn’t like. From the land of fruits and nuts: https://www.foxbusiness.com/technology/san-francisco-ipo-tax-tech-unicorns-uber-lyft-pinterest More

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Happy one-year anniversary of Cardi B’s-surprisingly-conservative-insights-on-government-spending Day: (warning for language, edited out only partially in this version of the clip) More

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Enter the amount from line 3 above on line 1 of the Qualified Dividends and Capital Gain Tax Worksheet or Schedule D Tax Worksheet if you use either of those worksheets to figure the tax on line 4 above. Complete the rest of that worksheet through line 6 (line 10 if you use the Schedule […]

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Jim Geraghty of National Review and Greg Corombos of Radio America congratulate Benjamin Netanyahu on winning his fifth election for Prime Minister of Israel and hope the warm relations between the country and the US will continue. They also look forward to the investigation into how the Russian probe began after Attorney General William Barr […]

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The Hottest Tax Ideas on the Left Are Really Bold. Does It Matter That They’re Also Really Bad?

 

Policy wonks have a soft spot for bold ideas. Doubly so if those ideas are new or making a comeback after years in the wilderness. The New York Times columnist David Leonhardt recently heaped much praise on presidential candidate Elizabeth Warren for her “bold” and “ambitious” agenda that’s appropriate “to the scale of our challenges.”

Voters are no different. Plenty of folks on the left seem giddy about the idea of a “Green New Deal” that would put the US economy on a war footing against climate change. And it’s not just Democrats and progressives. Many on the right fondly recall how Ronald Reagan in the 1970s said Republicans should raise ”a banner of no pale pastels, but bold colors.”

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Jim Geraghty of National Review and Greg Corombos of Radio America welcome a Politico report showing that even if liberals soaked “the rich” they wouldn’t come anywhere close to paying for single-payer health care or the Green New Deal. They also shake their heads as testimony from former FBI attorney Lisa Page suggests the FBI […]

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Jim Geraghty of National Review and Greg Corombos of Radio America applaud Oregon Senator Jeff Merkley’s decision to not run in 2020 but ask if his announcement was really necessary since very few Americans have any idea who he is. They also take a deep breath of fresh air as Texas Rep. Dan Crenshaw gives […]

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Jim Geraghty of National Review and Greg Corombos of Radio America welcome the news that tax refunds are now slightly outpacing the amounts issued last year by the IRS. They also examine the record of the latest Democrat to run for president – former Colorado Gov. John Hickenlooper – and whether he has any path […]

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Jim Geraghty of National Review and Greg Corombos of Radio America applaud the Washington Post for calling out California Sen. Kamala Harris for her absurd contention that smaller tax refunds mean you’re paying more in taxes. They also play the entire insane questioning of longtime foreign policy official Elliott Abrams by Minnesota Rep. Ilhan Omar […]

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The Toxic Warren Wealth Tax

 

In my lastcolumn, I explained how Senator Elizabeth Warren’s wealth tax violates well-established constitutional limits on income and transfer taxes. Ever since the Sixteenth Amendment legalized the income tax, all taxes on income have been based on some fraction of the amount earned within a given year. And all taxes on capital are imposed only once, namely at their transfer during life or upon death. In contrast, the Warren wealth tax would be imposed annually on all forms of wealth at rates that start at 2 percent for households whose net worth is between $50 million and $1 billion, and 3 percent for households who hold amounts of wealth in excess of $1 billion. The tax applies in both rich and lean years, whether a person makes or loses money.

To defend this dubious scheme on economic grounds, Warren, now a presidential aspirant, relies on a letter prepared by two prominent economists from Berkeley, Emmanuel Saez and Gabriel Zucman, both experts on the economics of inequality. Indeed, it is just there that the problems begin, for any fixation with equality or, as Saez and Zucman call it, equitable growth, rests on shaky premises.

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Jim Geraghty of National Review and Greg Corombos of Radio America are still shaking their heads over the political chaos in Virginia, but they are happy to see a weakened Gov. Ralph Northam give Republicans most of what they want on tax relief. They also point out some of the most insane provisions included in […]

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Looking at the Economic Risks from Much Higher Taxes

 

Nearly doubling top tax rates is hardly a risk-free policy proposal. Of course that is not the impression being given by some policymakers pushing the idea. But even a cursory survey of economic opinion reveals big tax hikes come with trade-offs, just like pretty much any other policy idea.

For instance: A recent UChicago-IGM Forum survey found that 63 percent of economists surveyed (with responses weighted by each scholars confidence level) “disagreed” (52 percent) or “strongly disagreed” (11 percent) with the notion that a 70 percent top rate “would raise substantially more revenue … without lowering economic activity.” On the other side, 17 percent “agreed” and 4 percent “disagreed.”

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Elizabeth Warren’s Unconstitutional Wealth Grab

 

As part of her populist presidential campaign, Senator Elizabeth Warren has unveiled a proposal for an annual wealth tax of 2 percent for ultra-rich families whose net worth is between $50 million and $1 billion. That tax would increase to 3 percent for families whose net worth exceeds $1 billion. The tax is on top of many other taxes to which such a family would be subject, including, presumably, the progressive ideal of a 70 percent income tax as well as state and local taxes. The wealth tax would even apply to people whose net worth has declined during the past year so long as they remain above the stated threshold. Cumulative taxes could easily exceed 100 percent of income. That result is not an unanticipated bug but rather an essential feature: Warren wants to mandate greater income equality through tax policy, even if it means leveling down, not up.

In a future column, I shall address the economic ramifications of this proposal. But for now, I turn to the question of the constitutionality of this novel wealth tax. On that topic, Senator Warren offers in support two short letters signed by sixteen prominent American constitutional law scholars that vouch for the constitutionality of her plan.

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Jim Geraghty of National Review and Greg Corombos of Radio America see a teachable moment as New York Gov. Andrew Cuomo blames President Trump and the GOP tax reform for many wealthy people leaving his state over high taxes, but the solution would seem to be pretty simple. They’re also surprised to see 50 percent […]

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