Higher Tax Rates on Rich Won't Increase Revenues | Alan Reynolds | Cato Institute: Commentary

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.'

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.'

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.'