The 2001 and 2003 tax cuts are scheduled to expire at the end of this year, which means a big tax increase in 2011. Tax rates for all brackets will increase, the double tax on dividends will skyrocket from 15 percent to 39.6 percent, the child credit will shrink, the…
Daily Analysis
Another Sad Example of Mitchell’s Law
I’ve decided my one legacy to the world is the phrase, “Bad government policy begets more bad government policy.” This term, which I am modestly calling Mitchell’s Law, describes what happens when government intervention (Fannie and Freddie, for example, or Medicare…
Driving Companies from the U.S. Market with too Much Regulation and Litigation
Almost every regulation presumably produces some benefit. The real issue is whether the benefits are significant and – even more important – whether they exceed the costs. Unfortunately, most regulations fail this common-sense test. A German magazine provides some…
Great Moments in Government Waste, the European Version
It’s aggravating and maddening to send tax dollars to Washington and watch them get wasted on pork-barrel projects and inefficient programs. Imagine how much worse it would be, though, to send tax dollars to an international bureaucracy and be utterly helpless to stop…
Bush, Pelosi, and Reid Deserve Scorn for Destroying Jobs for Teenagers
Anybody with an IQ above room temperature understands that companies only hire workers when they expect to generate net revenue (i.e., the total receipts associated with a new worker are expected to be higher than the total costs). That’s why it was so reprehensible…
Europe’s Dishonest “Stress Test” for Banks
The Wall Street Journal correctly pulls aside the veil and exposes the dubious gimmick that European politicians used to declare that banks are reasonably health. To put it bluntly, they assumed no government would ever default, which really means that the stress test…
The Founding Fathers Would Be Even More Horrified by Today’s Spending
The Washington Examiner explains that America’s Founders would be aghast to see how modern politicians have accumulated $trillions of debt. That may be true, but the editorial is nonetheless unsatisfactory because it’s quite likely that the founders would be even more…
Time to Shut Down the TSA?
In his Chicago Tribune column, Steve Champman suggests that the TSA’s bureaucratic inefficiency does more harm than good, especially if we place any value of liberty. Get rid of the no-fly list entirely. For that matter, get rid of the requirement that passengers…
Taxes Are for the Little People, not John Kerry
In the future, all dictionary publishers should get rid of their existing definitions for “hypocrisy” and replace them with a photo of Massachusetts Senator John Kerry. He’s just been caught committing the horrible sin of saving his family more than $500,000 by…
Democrat Tax Cutters?
The Wall Street Journal ponders the mini-tax revolt among some Democrats, ranging from Kent Conrad in the Senate to Jerrold Nadler in the House, who are suddenly making arguments that it would be a bad idea to allow higher tax rates in 2011 (because the 2001 and 2003…