Tag: Taxes

The Democrats Are Losing Their Nerve on Taxes

Even if you think the spending level in the reconciliation bill should be zero, you can’t logically call yourself a fiscal conservative and oppose higher marginal tax rates for both individuals and corporations. You just can’t. In 1990 a budget deficit of $221 billion (about $476 billion in current dollars) was enough to scare the […]

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New Taxes Could Help Manage Big Tech

Historically technology has undone the economic power it creates.  IBM is a good example, still here, but living off its past and fumbling the future.  Yet for the current generation of tech giants, this time may be different.  It is hard to see what displaces the huge installed base that exists today for these companies.  […]

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Why America Needs a National Program of Paid Sick and Family Leave

Yves here. I haven’t seen much in the way of details as to how the proposed 12 week paid family leave program would work. Obviously this is subject to negotiation, but below are some main points from the initial draft, per Health Affairs: Biden’s American Families Plan proposes to phase in, over 10 years, 12 […]

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‘This Is a Battle Between What People Need & What Money Wants.’ How’s That Going to End?

Yves here. The protracted struggle over Biden’s spending plans, particularly between the business stooges moderates and progressives, is putting a spotlight on whose interests are being served by government. It’s become a little too obvious that ordinary people are getting the short end of the stick. But since there’s been no open revolt, expect the […]

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South Dakota Is a Moral Sewer and Should Be Abolished

If Janklow would abolish South Dakota’s interest-rate ceiling, Citibank promised, Citibank would create 400 jobs in his state. In 1981, Janklow delivered. “Thanks to Janklow,” Oliver Bullough wrote in The Guardian in 2019, “South Dakota has a financial services industry, and the US has a trillion-dollar credit card debt.” Delaware and Nevada followed South Dakota’s lead, creating a financial-services boom in […]

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Biden’s Plan to Tax Rich People Like Me is the Best Way to Grow the Economy

As one of those rich guys who will pay boatloads of higher taxes under President Biden’s plan I have one thing to say to Congress: Do it! Passing this legislation is the most significant step you can take toward economic prosperity. It drives me crazy when I hear Democrats say that “for the sake of […]

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Not Raising The Debt Limit Puts $90 Billion For Infrastructure And Other State Programs At Risk

WASHINGTON, DC – Congress could cut spending on schools, health care, and other services if it … [+] doesn’t raise the federal debt limit. Photo by Drew Angerer/Getty Images) Getty Images If Congress fails to suspend or raise the national debt limit, it would have a trickle-down effect that could put nearly a quarter of […]

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Michael Hudson and Thomas Piketty Debate Inequality, Debt, and Reform

Yves here. I very much hope you will enjoy this extended discussion between Thomas Piketty and Micheal Hudson, introduced by David Graeber’s widow Nika and moderated by Lynn Parramore of the Institute for New Economic Thinking. Steve Keen, who joins at the end, points out that it’s unusual for mainstream economists like Piketty, despite his […]

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