Higher Tax Rates on Rich Won't Increase Revenues | Alan Reynolds | Cato Institute: Commentary: 'Warren Buffett is the second wealthiest person in America, but he reports surprisingly little taxable income for someone who owns more than $50 billion of Berkshire shares. Increasing the tax rate on salaries and interest income would barely affect him.
He pays himself a salary of just $100,000, which explains how he pays less than his employees do in payroll taxes. He dodged the estate tax by donating his wealth to the Bill and Melinda Gates Foundation. He doubtless reduces his taxable income with other donations to charity, which explains why he repeatedly refers to taxable income rather than adjusted gross income.'
'He says, "I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9% in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain."
Well, the Dow Jones industrial average was 831 at the end of 1977 — down from 969 at the end of 1965 — so somebody was having trouble finding investments that would still look sensible after paying a 39.9% tax.
In any case, for Buffett to focus on the act of buying stocks or property is all wrong. The capital gains tax is not a tax on buying assets. It is a tax on selling assets. If you don't sell, there is no tax. And when the capital gains tax is high, very few people are willing to sell.'
'It is easy to advocate a higher tax rate on capital gains, but it is even easier to avoid paying that higher tax rate. Simply hold onto assets that went up and sell those that went down, and never realize gains until you have offsetting losses.'
Friday, September 30, 2011
Let's Look at Romneycare | Doug Bandow | Cato Institute: Commentary
Let's Look at Romneycare | Doug Bandow | Cato Institute: Commentary: 'The best he can say is that his program was constitutional, since states, unlike Washington, possess the so-called "police power," allowing them to regulate most anything.
Alas, even the former governor's constitutional scruples are suspect. In 1994 he backed a federal mandate.
In any case, Romneycare's constitutionality does not imply that it was a wise policy.'
Alas, even the former governor's constitutional scruples are suspect. In 1994 he backed a federal mandate.
In any case, Romneycare's constitutionality does not imply that it was a wise policy.'
WORLD Magazine | 'In the balance' | Jamie Dean | Sep 29, 11
WORLD Magazine | 'In the balance' | Jamie Dean | Sep 29, 11: 'If officials found he wasn’t a practicing Muslim before becoming a Christian, the court could reverse the apostasy verdict. Officials found that Nadarkhani didn’t practice Islam before converting, but they delivered a twist: Since he has Muslim ancestry, he must still recant Christianity.'
Tuesday, September 27, 2011
Soak-the-Rich Taxes Soak Everyone | Jim Powell | Cato Institute: Commentary
Soak-the-Rich Taxes Soak Everyone | Jim Powell | Cato Institute: Commentary: 'Soak-the-rich taxes are for suckers. President Obama, like so many politicians who came before, is singing the happy song that only millionaires and billionaires will have to pay. But runaway spending — whether because of war or entitlement programs — drives government to extract revenue from people with much lower incomes, like the nearly half the population that pays no federal income tax now.'
Saturday, September 24, 2011
Soaking the Rich Is Not Fair | Jeffrey A. Miron | Cato Institute: Commentary
Soaking the Rich Is Not Fair | Jeffrey A. Miron | Cato Institute: Commentary: 'Luck undoubtedly explains some income differences, but this is not the whole story. Many trust fund babies have squandered their wealth, and inborn skill or talent means little unless combined with hard work.
But even if all income differences reflect luck, why are government-imposed "corrections" fair?'
'This claim has an element of truth: some wealth results from illegal acts, and policies that punish such acts are appropriate.
But most inappropriate wealth accumulations results from bad government policies: those that restrict competition, enable crony capitalism, and hand large tax breaks to politically connected interest groups. These differences in wealth are a social ill, but the right response is removing the policies that promote them, not targeting everyone with high income.'
But even if all income differences reflect luck, why are government-imposed "corrections" fair?'
'This claim has an element of truth: some wealth results from illegal acts, and policies that punish such acts are appropriate.
But most inappropriate wealth accumulations results from bad government policies: those that restrict competition, enable crony capitalism, and hand large tax breaks to politically connected interest groups. These differences in wealth are a social ill, but the right response is removing the policies that promote them, not targeting everyone with high income.'
Friday, September 23, 2011
The Capitalist's Conundrum - Stephen Mauzy - Mises Daily
The Capitalist's Conundrum - Stephen Mauzy - Mises Daily: 'But what business capital should you own? Amazing how this simple query is swept to the corner by college professors and economists who proselytize the need to lower interest rates to stimulate business demand. Where to invest is a trifling, if not meaningless, point. To the nincompoop any investment is a good investment.
To the actual investor, where to invest and what to own is the supreme question; business capital in the wrong hands is as much liability as asset.'
To the actual investor, where to invest and what to own is the supreme question; business capital in the wrong hands is as much liability as asset.'
Wednesday, September 21, 2011
Steve Jobs and the Beautification of Capitalism - Jeffrey A. Tucker - Mises Daily
Steve Jobs and the Beautification of Capitalism - Jeffrey A. Tucker - Mises Daily: Every entrepreneur in society deserves such praise, and it is also correct to single out Steve Jobs, because his company seemed to push civilization a bit further down the road to progress with mind-blowing consumer products that allow us to do everything from play musical instruments to video talk with people halfway across the world in real time. Apple has dramatically improved our lives — in the same way that all capitalistic ventures have but more conspicuously so.
Still, there's something odd here. Fast food, chain stores, and sneaker companies are usually subjected to derision and envy-ridden hate in a culture that has too little appreciation for business success. Just look at the amazing attack campaigns directed against Walmart for the crime of making all great things available to just about everyone at low prices. And don't get me started on the daily blizzard of attacks on the most loved and most hated of all hamburger joints.
Still, there's something odd here. Fast food, chain stores, and sneaker companies are usually subjected to derision and envy-ridden hate in a culture that has too little appreciation for business success. Just look at the amazing attack campaigns directed against Walmart for the crime of making all great things available to just about everyone at low prices. And don't get me started on the daily blizzard of attacks on the most loved and most hated of all hamburger joints.
Growing the Economy for Dummies | Richard W. Rahn | Cato Institute: Commentary
Growing the Economy for Dummies | Richard W. Rahn | Cato Institute: Commentary: 'Chile was the first nation in the Americas to adopt a traditional social security system, way back in 1925 — 10 years before the United States. By the late 1970s, however, the Chilean system was running out of money despite higher and higher taxes. The young labor minister, Jose Pinera, who has a doctorate in economics from Harvard, led a fundamental reform of the system from a government-defined benefit system to a private-account defined-contribution system, which is owned by the workers.
The Chilean system has been so successful during the past 30 years that it has been copied by more than 30 countries, including Sweden and Australia. Chileans retire with far more wealth than the average American, despite the fact that Chile is just a low-middle-income country. In both Chile and the United States, employers are required to set aside a little more than 12 percent for the pension program, but in Chile, someone with the same earnings as an American will be getting $55,000 as an annual pension, while the American, working the same number of years, just gets $18,000.'
The Chilean system has been so successful during the past 30 years that it has been copied by more than 30 countries, including Sweden and Australia. Chileans retire with far more wealth than the average American, despite the fact that Chile is just a low-middle-income country. In both Chile and the United States, employers are required to set aside a little more than 12 percent for the pension program, but in Chile, someone with the same earnings as an American will be getting $55,000 as an annual pension, while the American, working the same number of years, just gets $18,000.'
Yes, It Is a Ponzi Scheme | Michael D. Tanner | Cato Institute: Commentary
Yes, It Is a Ponzi Scheme | Michael D. Tanner | Cato Institute: Commentary: 'Of course, Social Security and Ponzi schemes are not perfectly analogous. Ponzi, after all, had to rely on what people were willing to voluntarily invest with him. Once he couldn't convince enough new investors to join his scheme, it collapsed. Social Security, on the other hand, can rely on the power of the government to tax. As the shrinking number of workers paying into the system makes it harder to continue to sustain benefits, the government can just force young people to pay even more into the system.
In fact, Social Security taxes have been raised some 40 times since the program began. The initial Social Security tax was 2 percent (split between the employer and employee), capped at $3,000 of earnings. That made for a maximum tax of $60. Today, the tax is 12.4 percent, capped at $106,800, for a maximum tax of $13,234. Even adjusting for inflation, that represents more than an 800 percent increase.'
In fact, Social Security taxes have been raised some 40 times since the program began. The initial Social Security tax was 2 percent (split between the employer and employee), capped at $3,000 of earnings. That made for a maximum tax of $60. Today, the tax is 12.4 percent, capped at $106,800, for a maximum tax of $13,234. Even adjusting for inflation, that represents more than an 800 percent increase.'
A World Spinning Backward | Doug Bandow | Cato Institute: Commentary
A World Spinning Backward | Doug Bandow | Cato Institute: Commentary: 'As much as Americans want to believe that everyone else would be like Americans if given a chance, the so-called Arab Spring so far has matched a desire for political liberation with a preference for religious intolerance. Tyranny may end up being transformed rather than eliminated.'
'restrictions on religion are particularly common in countries that prohibit blasphemy, apostasy or defamation of religion. While such laws are sometimes promoted as a way to protect religion, in practice they more often serve to punish religious minorities whose beliefs are deemed unorthodox or heretical.'
'restrictions on religion are particularly common in countries that prohibit blasphemy, apostasy or defamation of religion. While such laws are sometimes promoted as a way to protect religion, in practice they more often serve to punish religious minorities whose beliefs are deemed unorthodox or heretical.'
We're From the Government. We're Here to Help. by Ron Paul
We're From the Government. We're Here to Help. by Ron Paul: 'Victims of disasters should get any and all help possible, and there is virtually no limit to the generosity and compassion of good American people after devastation hits. One only need to remember the outpouring after Katrina to know this is true. FEMA, however, did more to get in the way of relief than to actually provide and facilitate it. The examples are numerous. When the call was put out for volunteer firefighters, they volunteered by the thousands. It was FEMA, for reasons of control and bureaucratic ineptitude, who made sure they were not, in fact allowed to actually help. When a group of firefighters arrived from Houston, instead of being put immediately on the job, they were told to sit around and wait. After waiting for two days doing nothing, they were simply sent home. One thousand volunteer firefighters were sent to Atlanta to undergo sexual harassment training while fires actively raged in the city. The ones that remained through this stupidity were sent to escort the president around or to distribute fliers instead of putting out fires. Computer engineer Jack Harrison was told his skills were needed to rebuild technological infrastructure. After being given the runaround for about two weeks, he was misallocated as head of security on the cruise ship FEMA had leased, when he should have been using his skills to help. All manner of help was turned away or mismanaged by FEMA while people suffered and waited. Even the Red Cross had its hands tied by FEMA.'
'Compare the stories of two flotillas – one after 9/11 and one after Katrina. Within an hour of the 9/11 attacks, the largest boatlift in history was organized spontaneously by locals who saw an immediate need and responded immediately. Over 500,000 terrified New Yorkers were taken off the island by ferries, tugboats, pleasure crafts, fishing boats and barges when all other access points had been shut down. A similar flotilla attempt was privately organized after Katrina. 500 boats caravanned to New Orleans to rescue patients from hospitals that were out of supplies and desperate. Unfortunately, FEMA had taken over by then and they were turned away, empty, while the patients languished, still stranded.'
'Compare the stories of two flotillas – one after 9/11 and one after Katrina. Within an hour of the 9/11 attacks, the largest boatlift in history was organized spontaneously by locals who saw an immediate need and responded immediately. Over 500,000 terrified New Yorkers were taken off the island by ferries, tugboats, pleasure crafts, fishing boats and barges when all other access points had been shut down. A similar flotilla attempt was privately organized after Katrina. 500 boats caravanned to New Orleans to rescue patients from hospitals that were out of supplies and desperate. Unfortunately, FEMA had taken over by then and they were turned away, empty, while the patients languished, still stranded.'
Tuesday, September 20, 2011
Back to School, Back to the Front Lines | Neal McCluskey | Cato Institute: Commentary
Back to School, Back to the Front Lines | Neal McCluskey | Cato Institute: Commentary: 'To be ground-zero in sociopolitical warfare, of course, isn't why any school district is here. Nonetheless, it is inevitably what happens when you force diverse people to support a single system of government schools.
Thankfully, there is a way out: Give parents control of education funds and let them choose options commensurate with their values offered by liberated educators. Instead of making people go to war, let them go in peace.'
Thankfully, there is a way out: Give parents control of education funds and let them choose options commensurate with their values offered by liberated educators. Instead of making people go to war, let them go in peace.'
Why Grover Norquist Is Wrong about Taxes | Jerry Taylor and Peter Van Doren | Cato Institute: Commentary
Why Grover Norquist Is Wrong about Taxes | Jerry Taylor and Peter Van Doren | Cato Institute: Commentary: 'To complain about federal handouts — as ATR tends to do — while supporting tax breaks for the ethanol production — a position initially taken by ATR this spring — is to make a fetish of form over function.'
' First, holding the line on taxes constrains only one of the four tools (taxes, tax deductions, spending without taxation, and regulation) used by government to alter economic outcomes. As long as you expand government in some other way, you live up to your pledge to Grover. Second, the charge that eliminating a tax break is the same as raising a tax (and thus, verboten) turns the alteration of economic outcomes via the tax code into an actual conservative virtue. Third, it encourages less transparent exercises of government power and, thus, makes it harder to police government action. Fourth, and perhaps most importantly, it allows politicians to falsely advertise themselves as partisans of limited government even when they are busily expanding government.'
' First, holding the line on taxes constrains only one of the four tools (taxes, tax deductions, spending without taxation, and regulation) used by government to alter economic outcomes. As long as you expand government in some other way, you live up to your pledge to Grover. Second, the charge that eliminating a tax break is the same as raising a tax (and thus, verboten) turns the alteration of economic outcomes via the tax code into an actual conservative virtue. Third, it encourages less transparent exercises of government power and, thus, makes it harder to police government action. Fourth, and perhaps most importantly, it allows politicians to falsely advertise themselves as partisans of limited government even when they are busily expanding government.'
Monday, September 19, 2011
The Rise of Capitalism - Ludwig von Mises - Mises Daily
The Rise of Capitalism - Ludwig von Mises - Mises Daily: 'Capitalism is not simply mass production, but mass production to satisfy the needs of the masses. The arts and crafts of the good old days had catered almost exclusively to the wants of the well-to-do. But the factories produced cheap goods for the many.'
'In order to be rich, it is not sufficient to have once saved and accumulated capital. It is necessary to invest it again and again in those lines in which it best fills the wants of the consumers. The market process is a daily repeated plebiscite, and it ejects inevitably from the ranks of profitable people those who do not employ their property according to the orders given by the public.'
'Adult franchise followed in the wake of industrial enfranchisement. The common man, to whom the market process had given the power to choose the entrepreneur and capitalists, acquired the analogous power in the field of government. He became a voter.'
'In order to be rich, it is not sufficient to have once saved and accumulated capital. It is necessary to invest it again and again in those lines in which it best fills the wants of the consumers. The market process is a daily repeated plebiscite, and it ejects inevitably from the ranks of profitable people those who do not employ their property according to the orders given by the public.'
'Adult franchise followed in the wake of industrial enfranchisement. The common man, to whom the market process had given the power to choose the entrepreneur and capitalists, acquired the analogous power in the field of government. He became a voter.'
Saturday, September 17, 2011
Controlling Prices to Our Detriment | Foundation for Economic Education
Controlling Prices to Our Detriment | Foundation for Economic Education: 'As the hurricane approaches individuals’ demand for certain commodities, such as water, batteries, canned food, etc. increases, meaning they would like to buy more of these goods. This gives sellers an incentive to raise the price, as the goods began to fly off the shelves much faster than usual. While the motivation to raise the price might be purely greed-based, it actually benefits consumers and society as whole. The increased price has two important functions. First, it induces sellers to supply more of the good. At the higher price sellers will increase the quantity of the good, thus providing more of the good for individuals to buy (satisfying the increased demand). Second, it discourages other consumers from buying too much of the good. In other words, the higher price helps ration the good amongst more individuals. Demand curves slope downward, meaning the lower the price the higher the quantity each individual will buy. By raising the price each individual will by less of the good than if the price were to remain at the pre-storm level, leaving more for others. Thus, in an unhampered market, the price rises and more consumers get what they need.
If the government stops sellers from increasing the price then a shortage will ensue. Why? Well first, demand has risen but sellers are still only willing to supply the same amount as the pre-storm level. Thus eliminating the advantage of the increased quantity supplied mentioned above. Second, with the increased demand consumers see the lower price as an incentive to take more for themselves. Their motivation to conserve and take less (leaving more for others) is eliminated. This creates the shortage. Meaning many individuals will find the shelves completely empty when they arrive at the stores. The result is that more individuals will go without the very necessities the government, in enacting the price control, is trying to make sure they can get.'
If the government stops sellers from increasing the price then a shortage will ensue. Why? Well first, demand has risen but sellers are still only willing to supply the same amount as the pre-storm level. Thus eliminating the advantage of the increased quantity supplied mentioned above. Second, with the increased demand consumers see the lower price as an incentive to take more for themselves. Their motivation to conserve and take less (leaving more for others) is eliminated. This creates the shortage. Meaning many individuals will find the shelves completely empty when they arrive at the stores. The result is that more individuals will go without the very necessities the government, in enacting the price control, is trying to make sure they can get.'
Friday, September 16, 2011
Can Mitt Romney Escape His Romneycare Albatross? | Doug Bandow | Cato Institute: Commentary
Can Mitt Romney Escape His Romneycare Albatross? | Doug Bandow | Cato Institute: Commentary: 'In 1994 [Romney] backed a federal mandate. His concern about the overweening federal government apparently was not so finely developed then.
In any case, the fact that RomneyCare is constitutional does not mean that it is wise. Americans want their president to exercise good judgment and common sense, as well as respect the office's constitutional limits. RomneyCare fails the first two standards.'
In any case, the fact that RomneyCare is constitutional does not mean that it is wise. Americans want their president to exercise good judgment and common sense, as well as respect the office's constitutional limits. RomneyCare fails the first two standards.'
NATO Is a Farce | Justin Logan | Cato Institute: Commentary
NATO Is a Farce | Justin Logan | Cato Institute: Commentary: 'NATO's recent travails in Libya illustrate the trouble with permanent alliances. That alliance now constitutes a transfer payment from U.S. taxpayers (and their Chinese creditors) to bloated European welfare states.'
'The post-Cold War NATO rationale is that we agree to spend and fight and the Europeans agree to support us — sometimes.'
'As NATO Secretary-General Anders Fogh Rasmussen observed, "The fact is that Europe couldn't have [mounted the Libya campaign] on its own." Consider that for a moment: Europe, with an economy and population greater than those of the United States, could not beat up on a third-rate military just across the Mediterranean Sea on its own.'
'The post-Cold War NATO rationale is that we agree to spend and fight and the Europeans agree to support us — sometimes.'
'As NATO Secretary-General Anders Fogh Rasmussen observed, "The fact is that Europe couldn't have [mounted the Libya campaign] on its own." Consider that for a moment: Europe, with an economy and population greater than those of the United States, could not beat up on a third-rate military just across the Mediterranean Sea on its own.'
Free Trade 101 for Members of Congress | Daniel Griswold | Cato Institute: Commentary
Free Trade 101 for Members of Congress | Daniel Griswold | Cato Institute: Commentary: 'Free trade empowers the individual and limits the state. The government should not be telling us where we can and can't spend our money. We don't need big government rigging markets to favor one producer over another at the expense of competition and the little guy.
Free trade helps American families balance their budgets. Import competition means lower prices, more choice, and better quality — for shoes, clothing, cars, computers and smartphones. Lower prices for consumer goods mean higher real wages for workers.
Protectionism is really a tax on the poor. Our highest remaining trade barriers unfairly tax products made and grown by poor people abroad and consumed disproportionately by poor families at home. We still impose unconscionably high tariffs on imported food, clothing, and shoes — the basics of a poor family's budget. The $26 billion we collect each year from duties on imports represent the federal government's most regressive tax. Free trade is a tax cut for the poor.'
Free trade helps American families balance their budgets. Import competition means lower prices, more choice, and better quality — for shoes, clothing, cars, computers and smartphones. Lower prices for consumer goods mean higher real wages for workers.
Protectionism is really a tax on the poor. Our highest remaining trade barriers unfairly tax products made and grown by poor people abroad and consumed disproportionately by poor families at home. We still impose unconscionably high tariffs on imported food, clothing, and shoes — the basics of a poor family's budget. The $26 billion we collect each year from duties on imports represent the federal government's most regressive tax. Free trade is a tax cut for the poor.'
Stay on Vacation | Michael D. Tanner | Cato Institute: Commentary
Stay on Vacation | Michael D. Tanner | Cato Institute: Commentary: 'In fact, we have now had at least five — or is it six? — stimulus plans since this recession started.
The first of these came back in February 2008 under the Bush administration: a $152 billion measure, featuring a $600 tax rebate, several incentives for businesses, and loan guarantees for the housing industry. Then, as the recession picked up steam in September 2008, Congress passed the $61 billion Job Creation and Unemployment Relief Act of 2008. This bill pumped money into federal "infrastructure projects" and extended unemployment insurance.
And of course, immediately after taking office, President Obama pushed through the giant $787 billion stimulus. He followed that up with an additional $26 billion bill in August of 2010, aimed at helping states retain teachers and make Medicaid payments. On top of that, in September 2010, Congress created a $30 billion fund to provide small businesses with low-interest loans. Finally, the December compromise that extended the Bush tax cuts included another extension of unemployment benefits and a reduction in the Social Security payroll tax, both heralded at the time as stimulus measures.'
'government at all levels is spending around 40 percent of GDP. If government spending brought about prosperity, we should be experiencing a golden age.'
The first of these came back in February 2008 under the Bush administration: a $152 billion measure, featuring a $600 tax rebate, several incentives for businesses, and loan guarantees for the housing industry. Then, as the recession picked up steam in September 2008, Congress passed the $61 billion Job Creation and Unemployment Relief Act of 2008. This bill pumped money into federal "infrastructure projects" and extended unemployment insurance.
And of course, immediately after taking office, President Obama pushed through the giant $787 billion stimulus. He followed that up with an additional $26 billion bill in August of 2010, aimed at helping states retain teachers and make Medicaid payments. On top of that, in September 2010, Congress created a $30 billion fund to provide small businesses with low-interest loans. Finally, the December compromise that extended the Bush tax cuts included another extension of unemployment benefits and a reduction in the Social Security payroll tax, both heralded at the time as stimulus measures.'
'government at all levels is spending around 40 percent of GDP. If government spending brought about prosperity, we should be experiencing a golden age.'
AlbertMohler.com – Thrown Over the Fence — Infanticide, Canadian Style
AlbertMohler.com – Thrown Over the Fence — Infanticide, Canadian Style: "So a superior court judge in a relatively civilized jurisdiction is happy to extend the principles underlying legalized abortion in order to mitigate the killing of a legal person — that’s to say, someone who has managed to make it to the post-fetus stage. How long do those mitigating factors apply? I mean, “onerous demands”-wise, the first month of a newborn’s life is no picnic for the mother. How about six months in? The terrible twos?"
Is a rebellious teenager a "mitigating factor" too?
"Katrina Effert just might actually spend time behind bars — not for killing her son but for throwing the boy’s body over the fence. For that infraction, she might serve 16 days in jail."
Is a rebellious teenager a "mitigating factor" too?
"Katrina Effert just might actually spend time behind bars — not for killing her son but for throwing the boy’s body over the fence. For that infraction, she might serve 16 days in jail."
Thursday, September 15, 2011
Well Worth the Money | David Boaz | Cato Institute: Commentary
Well Worth the Money | David Boaz | Cato Institute: Commentary: For those who benefited from it, it is indeed well worth the money. But, as with all government programs, the beneficiaries weren't paying for it.
Tax Hikes Will Only Make Us All Poorer | Jim Powell | Cato Institute: Commentary
Tax Hikes Will Only Make Us All Poorer | Jim Powell | Cato Institute: Commentary: Truth be told, Obama recognizes there aren't enough rich people to pay for everything. That's why he has expanded the number of "millionaires and billionaires" to include those who earn more than $200,000. As runaway government spending continues, soak-the-rich taxes will have to hit more people — the "millionaires and billionaires earning $100,000, then $50,000 and perhaps even less.'
'during the past six decades, tax revenues as a percentage of GDP have hovered around 19 percent, despite changes in tax rates. This was true even when the top federal income tax rate was 92 percent (1952-53).'
'during the past six decades, tax revenues as a percentage of GDP have hovered around 19 percent, despite changes in tax rates. This was true even when the top federal income tax rate was 92 percent (1952-53).'
Inequality of Wealth and Incomes - Ludwig von Mises - Mises Daily
Inequality of Wealth and Incomes - Ludwig von Mises - Mises Daily: "Inequality of wealth and incomes is an essential feature of the market economy." "He who best serves the consumers profits most and accumulates riches."
Wednesday, September 14, 2011
Terminate the Small Business Administration | Tad DeHaven | Cato Institute: Commentary
Terminate the Small Business Administration | Tad DeHaven | Cato Institute: Commentary: The SBA does this by guaranteeing loans issued by private lenders for up to 85 percent of losses in the event that loan recipients default. As a result of the guarantee, lenders are more willing to lend money to riskier applicants because the SBA -- and thus taxpayers -- is ultimately responsible for the bulk of any losses.
Never mind that surveys of small-businesses owners consistently show that taxes and regulations are their biggest problems while financing polls in the single digits.
Never mind that surveys of small-businesses owners consistently show that taxes and regulations are their biggest problems while financing polls in the single digits.
Are You Authorized to Defend Yourself? - Wendy McElroy - Mises Daily
Are You Authorized to Defend Yourself? - Wendy McElroy - Mises Daily: denying the right of self-defense to a person because he might get hurt is like denying freedom of speech because he might misspeak or denying freedom of religion because he could join the wrong church.
Tuesday, September 13, 2011
Now Answer Some Questions | Michael D. Tanner | Cato Institute: Commentary
Now Answer Some Questions | Michael D. Tanner | Cato Institute: Commentary: "Balancing the budget without raising taxes is going to require cutting specific programs, so tell us which ones you would cut."
"Do you support Paul Ryan's plan for Medicare reform? If not, what would you do? What about Social Security?"
"President Bush was all for states rights until a state did something he didn't like, such as legalize medical marijuana or physician-assisted suicide. What happens now if a state, say, chooses to permit gay marriage?"
"Under what circumstances would you commit U.S. troops to combat? It's not enough to say you would protect U.S. vital interests. What are those vital interests? Promoting democracy? Human rights? Fighting every last terrorist in any country that they pop up in? Ensuring 'stability' in every area of the globe?"
"Is it government's role to 'create jobs'? Should government enforce moral values? What things can only government do, and what should be left to civil society?"
"Do you support Paul Ryan's plan for Medicare reform? If not, what would you do? What about Social Security?"
"President Bush was all for states rights until a state did something he didn't like, such as legalize medical marijuana or physician-assisted suicide. What happens now if a state, say, chooses to permit gay marriage?"
"Under what circumstances would you commit U.S. troops to combat? It's not enough to say you would protect U.S. vital interests. What are those vital interests? Promoting democracy? Human rights? Fighting every last terrorist in any country that they pop up in? Ensuring 'stability' in every area of the globe?"
"Is it government's role to 'create jobs'? Should government enforce moral values? What things can only government do, and what should be left to civil society?"
Who Serves During Disaster? - Doug French - Mises Daily
Who Serves During Disaster? - Doug French - Mises Daily: Government monopolies have the incentive to provide the least amount of service for the highest cost. So, the government brass suspends services and tells their constituents to go away and come back when it's more convenient. Meanwhile, Waffle House fires up the generators, eager to serve their faithful customers in the worst of conditions.
Why Warren Buffett Is Wrong | Jeffrey A. Miron | Cato Institute: Commentary
Why Warren Buffett Is Wrong | Jeffrey A. Miron | Cato Institute: Commentary: "Focusing on the super-rich also fosters a counterproductive attitude toward material success. The way to promote a hard-working, entrepreneurial and innovative society is to celebrate great wealth so long as it has been earned by legitimate means. When this is not the case, policy should target the wrongdoing directly, not demonize everyone who hits it big.
Most importantly, singling out the super-rich distracts from the real problem: the myriad policies that make no sense in the first place because they inhibit economic growth and that simultaneously redistribute from low-income households to the middle and upper classes."
"taxing investment returns plays a huge role in what kinds of investments occur, and where, even if it has minor effects on the amounts. These tax-induced distortions in investment choices then reduce economic growth. High U.S. taxation on capital income drives investment overseas.
So raising capital tax rates will not make the super-rich pay their 'fair' share; it will encourage capital flight, driving factories and innovation abroad. The rich will still get their high returns, but U.S. workers will have fewer jobs and lower wages."
Most importantly, singling out the super-rich distracts from the real problem: the myriad policies that make no sense in the first place because they inhibit economic growth and that simultaneously redistribute from low-income households to the middle and upper classes."
"taxing investment returns plays a huge role in what kinds of investments occur, and where, even if it has minor effects on the amounts. These tax-induced distortions in investment choices then reduce economic growth. High U.S. taxation on capital income drives investment overseas.
So raising capital tax rates will not make the super-rich pay their 'fair' share; it will encourage capital flight, driving factories and innovation abroad. The rich will still get their high returns, but U.S. workers will have fewer jobs and lower wages."
Time for a Constitutional Fix | Richard W. Rahn | Cato Institute: Commentary
Time for a Constitutional Fix | Richard W. Rahn | Cato Institute: Commentary: "Mr. McClaughry would limit the total amount of federal debt to $20 trillion. Setting an absolute amount makes the calculation unambiguous, unlike most other proposals that refer to some percentage of gross domestic product or other less precise numbers. The United States has a gross debt of about $15 trillion, so the proposal would give Congress several years to get its house in order and give adequate time for the states to ratify it. Mr. McClaughry would allow the issuance of additional debt if, and only if, Congress formally declared war, and only while the armed forces were engaged in combat."
A specific limit would also discourage monetary inflation.
A specific limit would also discourage monetary inflation.
Marriage Equality: Religious Freedom, Federalism, and Judicial Activism | Robert A. Levy | Cato Institute: Commentary
Marriage Equality: Religious Freedom, Federalism, and Judicial Activism | Robert A. Levy | Cato Institute: Commentary: "Moreover, the right to same-sex marriage"
Is marriage a right?
http://www.jasonlewisshow.com/2011/05/oh-so-when-its-marriage-they-object/ says:
"Of course, there is no constitutional “right” to civil marriage — for heterosexuals or homosexuals. That’s why there are laws against bigamy and why some libertarians say government should get out of the marriage business entirely."
Is marriage a right?
http://www.jasonlewisshow.com/2011/05/oh-so-when-its-marriage-they-object/ says:
"Of course, there is no constitutional “right” to civil marriage — for heterosexuals or homosexuals. That’s why there are laws against bigamy and why some libertarians say government should get out of the marriage business entirely."
Saturday, September 10, 2011
Happy New Tax Freedom Day | Doug Bandow | Cato Institute: Commentary
Happy New Tax Freedom Day | Doug Bandow | Cato Institute: Commentary: "Taxes once reflected the cost of government. No longer. This year Uncle Sam is borrowing 40 percent of the money necessary to fund federal operations. Regulation imposes a separate quasi-tax on the American people.
As a result, Americans don't actually stop paying for government this year until today, August 12. That's 224 days representing more than 61 percent of national income."
"the average American will have to work an additional 41 days to pay off his or her share of the cost of government compared to ten years ago in 2001, when COGD was July 2."
As a result, Americans don't actually stop paying for government this year until today, August 12. That's 224 days representing more than 61 percent of national income."
"the average American will have to work an additional 41 days to pay off his or her share of the cost of government compared to ten years ago in 2001, when COGD was July 2."
Wednesday, September 07, 2011
Washington Sacrifices Its Financial Rating to Feed the Sacred Cows | Doug Bandow | Cato Institute: Commentary
Washington Sacrifices Its Financial Rating to Feed the Sacred Cows | Doug Bandow | Cato Institute: Commentary: "The biggest recipients of welfare are the middle class. Social Security and Medicare only incidentally address poverty. The biggest share of benefits goes to people who could provide for their own retirement and purchase their own health insurance.
Of course, most recipients mistakenly believe that the two programs are social insurance, paid for by the recipients' contributions. In fact, the money collected is not invested; the systems' so-called trust funds and personal accounts are accounting fictions. The Supreme Court has ruled that the government has no legal obligation to pay anyone anything.
Indeed, if the programs really were genuine social insurance, they would not threaten taxpayers with more than $100 trillion in unfunded liabilities. In truth, the two are public Ponzi schemes. Unfortunately, with America's aging population the good times are long over.
America's military budget is largely foreign welfare — a form of foreign aid, if you like. The U.S. faces no significant security threats other than terrorism, which is best met through intelligence, Special Forces, diplomacy, and international cooperation. No other nation comes close to America in military might. America alone accounts for roughly half of the world's military spending."
Of course, most recipients mistakenly believe that the two programs are social insurance, paid for by the recipients' contributions. In fact, the money collected is not invested; the systems' so-called trust funds and personal accounts are accounting fictions. The Supreme Court has ruled that the government has no legal obligation to pay anyone anything.
Indeed, if the programs really were genuine social insurance, they would not threaten taxpayers with more than $100 trillion in unfunded liabilities. In truth, the two are public Ponzi schemes. Unfortunately, with America's aging population the good times are long over.
America's military budget is largely foreign welfare — a form of foreign aid, if you like. The U.S. faces no significant security threats other than terrorism, which is best met through intelligence, Special Forces, diplomacy, and international cooperation. No other nation comes close to America in military might. America alone accounts for roughly half of the world's military spending."
Thursday, September 01, 2011
FoxNewsChannel's Channel - YouTube
FoxNewsChannel's Channel - YouTube "On September 22, the Republican primary candidates will meet in Orlando, Florida for the Fox News/Google Debate - and they’ll be answering YOUR questions. Submit your question now for the chance to have it asked live during the debate!"
Greely Gazette: Obama nominee believes judiciary can re-write Constitution, pass laws - In the News - Newsroom - Ron Johnson, United States Senator for Wisconsin
Greely Gazette: Obama nominee believes judiciary can re-write Constitution, pass laws - In the News - Newsroom - Ron Johnson, United States Senator for Wisconsin: "The professor believes that judges have the ability to create laws and that the Constitution “governs no one.”"
Appeals Court: Arresting Guy For Filming Cops Was A Clear Violation Of Both 1st & 4th Amendments | Techdirt
Appeals Court: Arresting Guy For Filming Cops Was A Clear Violation Of Both 1st & 4th Amendments | Techdirt: "Gathering information about government officials in a form that can readily be disseminated to others serves a cardinal First Amendment interest in protecting and promoting "the free discussion of governmental affairs." Mills v. Alabama, 384 U.S. 214, 218 (1966). Moreover, as the Court has noted, "[f]reedom of expression has particular significance with respect to government because '[i]t is here that the state has a special incentive to repress opposition and often wields a more effective power of suppression.'" First Nat'l Bank, 435 U.S. at 777 n.11 (alteration in original) (quoting Thomas Emerson, Toward a General Theory of the First Amendment 9 (1966)). This is particularly true of law enforcement officials, who are granted substantial discretion that may be misused to deprive individuals of their liberties...."
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