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Soak-the-Rich Taxes: Fail! - Robert P. Murphy - Mises Daily: "But with a progressive (or graduated) tax code, the revenues flowing into state coffers increase more than proportionally. This is because the average taxpayer is earning a higher income and is paying a higher proportion of it in taxes.
On the other hand, revenues tend to crash much harder during recessions in those states that rely on steeply graduated income taxes. Not only are taxpayers in the state earning a lower income, but many of them slip into lower brackets and hence pay a lower percentage as well.
Democratic governments are notoriously short-term in their planning. During the boom times, when state coffers are overflowing with revenues, the state legislatures ramp up spending programs. When the bottom falls out during the next slump, the legislatures are caught in a difficult position. It is no coincidence that California and New York — states with very progressive income-tax codes — also have recurring difficulties in balancing their budgets."
"Back when the federal income tax was instituted in 1913, Americans were also promised that it would forevermore remain a slight irritant to the super wealthy. Initially it imposed a mere 1 percent tax on those making under $20,000, and a top rate of 7 percent on those making more than $500,000 — a fantastic sum in those days.
Yet in 1917, a mere four years later, the bottom rate had doubled from 1 percent to 2 percent. Someone in the $500,000 bracket now faced a tax rate of 54 percent. And the highest bracket, applicable to incomes exceeding $2 million, faced a tax rate of 67 percent. (The history of federal income-tax rates is available here.) Needless to say, Americans would not have agreed to a federal income tax in 1913 had they realized what the politicians would do with it."
Tuesday, November 23, 2010
Put Department of Education in Timeout | Richard W. Rahn | Cato Institute: Commentary
Put Department of Education in Timeout | Richard W. Rahn | Cato Institute: Commentary: "Suppose Congress said to the department, 'We are going to cut your budget and payroll by 20 percent per year until test scores start improving, and if they have not substantially improved within five years, the department will be dust.' What do you think would happen to test scores?"
"Most of the increase in spending has gone to education bureaucrats — including more and more layers of 'administrators' (assistant principals, deputy assistant principals, and on and on) — and much of it is needless overhead. So, as those in Congress cut back the department's funding, they must be smart about it — both for the sake of the students and for their own political protection. They need to insist that the funds be reduced for the middlemen and not the classroom teachers."
"Most of the increase in spending has gone to education bureaucrats — including more and more layers of 'administrators' (assistant principals, deputy assistant principals, and on and on) — and much of it is needless overhead. So, as those in Congress cut back the department's funding, they must be smart about it — both for the sake of the students and for their own political protection. They need to insist that the funds be reduced for the middlemen and not the classroom teachers."
Some gov't officials to skip airport security - FoxNews.com
Some gov't officials to skip airport security - FoxNews.com: "'Government officials traveling with approved federal law enforcement security details are not required to undergo security screening,' TSA spokesman Nicholas Kimball said, speaking about checkpoint security at airports. 'TSA follows a specialized screening protocol for federal law enforcement officers and those under their control, which includes identity verification.'
The TSA would not explain why it makes these exceptions. But many of the exempted government officials have gone through several levels of security clearances, including FBI background checks, and travel with armed law enforcement, eliminating the need for an additional layer of security at airports."
"Gainer added that members 'with sworn protection' are able to avoid security because 'their secure posture is affirmed by the law enforcement process established by TSA.'"
The TSA would not explain why it makes these exceptions. But many of the exempted government officials have gone through several levels of security clearances, including FBI background checks, and travel with armed law enforcement, eliminating the need for an additional layer of security at airports."
"Gainer added that members 'with sworn protection' are able to avoid security because 'their secure posture is affirmed by the law enforcement process established by TSA.'"
Gore: U.S. corn ethanol 'was not a good policy' | Green Tech - CNET News
Gore: U.S. corn ethanol 'was not a good policy' | Green Tech - CNET News: "'First-generation ethanol, I think, was a mistake. The energy conversion ratios are at best very small,' he said 'It's hard once such a program is put in place to deal with the lobbies that keep it going.'
He explained his own support for the original program on his presidential ambitions.
'One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa because I was about to run for president.'"
He explained his own support for the original program on his presidential ambitions.
'One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa because I was about to run for president.'"
Gore: U.S. corn ethanol 'was not a good policy' | Green Tech - CNET News
Gore: U.S. corn ethanol 'was not a good policy' | Green Tech - CNET News: "'First-generation ethanol, I think, was a mistake. The energy conversion ratios are at best very small,' he said 'It's hard once such a program is put in place to deal with the lobbies that keep it going.'
He explained his own support for the original program on his presidential ambitions.
'One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa because I was about to run for president.'"
He explained his own support for the original program on his presidential ambitions.
'One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa because I was about to run for president.'"
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