Never let it be said I back down from a fight, even when it’s the other team’s game, played by the other team’s rules, and for the benefit of the wrong person. And that definitely went through my mind when U.S. News & World Report asked me to contribute to their “Debate Club” on the […]
read more...Last night’s GOP debate did nothing to change my sour opinion of Mitt Romney. During a discussion about tax reform, he attacked Newt Gingrich for the supposed crime of not wanting to double tax capital gains. Here’s how Politico reported the exchange. Newt Gingrich joked about Romney’s 15 percent tax rate, saying: “I’m prepared to […]
read more...Since the Clinton Administration turned out to be much more market-oriented than either his GOP predecessor or successor, this isn’t quite a man-bites-dog story. Nonetheless, it is still noteworthy that Elaine Kamarck, a high-level official from the Clinton White House, has a column on a left-of-center website arguing in favor of a pro-growth, supply-side corporate […]
read more...Back in September, I posted a flowchart showing how the current tax system is biased against saving and investment. Simply stated, the federal government largely leaves you unmolested if you consume your after-tax income, but there are as many as four extra layers of tax on income that is saved and invested (a point I […]
read more...Governor Rick Perry of Texas has announced a plan, which he outlines in today’s Wall Street Journal, to replace the corrupt and inefficient internal revenue code with a flat tax. Let’s review his proposal, using the principles of good tax policy as a benchmark. 1. Does the plan have a low, flat rate to minimize […]
read more...Whether I’m criticizing Warren Buffett’s innumeracy or explaining how to identify illegitimate loopholes, I frequently write about the perverse impact of double taxation. By this, I mean the tendency of politicians to impose multiple layers of taxation on income that is saved and invested. Examples of this self-destructive practice include the death tax, the capital […]
read more...The so-called Super Committee has been tasked with finding $1.5 trillion in deficit reduction over the next ten years. Though with the President’s recent call for another half-trillion in stimulus that he claims would be payed for, they would need to find $2 trillion. In light of the committee’s upcoming work, I penned a letter […]
read more...In Canada Limited v. The Queen, Canadian Tax Court, following a policy of avoiding double taxation, just approved the use of certain tax avoidance arrangements between Canadian and U.S. businesses. The technique involved claiming Foreign Tax Credits (FTC’s) from the U.S. by creating partnerships between U.S. and Canadian citizens. As tax law expert Jerald David […]
read more...New Jersey gets abused by comedians as being some sort of dump, but there are some scenic parts of the state. So it actually can be a nice place to live. That being said, it’s not a good place to die. Here’s a chart from the American Family Business Foundation that was featured in a […]
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