Bill Frezza of Adams Capital Management writes at RealClearMarkets to debunk claims that the current deficit is due to a lack of tax revenue, rather than excessive spending. Using IRS data, he shows how revenues from the rich – as well as the effective tax rate…
Daily Analysis
Letter from Cayman Finance Exposes Senator Levin’s Fallacies
Recently, I chastised Senator Levin for his assault on so-called “tax havens,” pointing out that Levin’s agenda would fail to benefit small businesses, but instead “place U.S. corporations at a competitive disadvantage in the international marketplace.” Since…
Coalition for Tax Competition Responds to the FATCA Mess
Congress wants to reduce tax evasion, but politicians are unwilling to address the underlying problem of low tax rates, so they continuously give the IRS more power and make it more difficult for law-abiding people to engage in commerce. A good example is the FATCA…
Time for Some IRS Bashing
Being a lazy procrastinator, I filed an extension April 15 and then waited until this weekend to do my tax return. This experience has reinforced my hatred and disdain for our corrupt and punitive tax system. I don’t even have a remotely complicated tax return, just a…
When Keynesians Attack, Part II
I’m still dealing with the statist echo chamber, having been hit with two additional attacks for the supposed sin of endorsing Reaganomics over Obamanomics (my responses to the other attacks can be found here and here). Some guy at the Atlantic Monthly named Steve…
When Soaking The Rich Doesn't Sell, Soak The Super-Rich Instead
With the public unconvinced of the wisdom of soaking the rich, the latest hot idea floating around in statist circles is not to soak the rich, but rather the really, super-duper, ultra rich. In a class-warfare filled screed, James Surowiecki wrote in the New Yorker on…
The Destructive Economics of Class-Warfare Taxation
Caroline Baum of Bloomberg has an excellent column explaining why soak-the-rich taxes don’t work. Simply stated, wealthy people are not like you and me. They have tremendous control over the timing, composition, and level of their income. When the rich are hit with…
Can Governor Christie Save New Jersey?
My default assumption is that all politicians will do the wrong thing when they have to choose between defending freedom and appeasing special interests. Even the ones that spout good rhetoric often do the wrong thing, particularly after a couple of years in office…
U.N. Global Taxes on You and Me Being Decided by Statists such as George Soros and France’s Finance Minister
Here’s one of those “not just no, but Hell No” issues. The United Nations has put together a group of global collectivists to concoct a plan of global taxes. These new levies, on things such as airfares and energy use, would be used to finance bribes (oops, I mean…
Reaganomics vs Obamanomics
Appearing on MSNBC, I explain why Reagan’s approach helped America. But I also warn that Obama is making America more like France. For inexplicable reasons, some people have been giving me a hard time about my very snazzy jacket.