If stupid is as stupid does then it's clear Forrest Gump is running France. Today the French government proposed a budget that includes a 75% tax rate on income assessed against the "super rich." Robbing Peter to pay Paul is utterly pointless and is a reminder of Margaret Thatcher's wonderful comment about Socialism. To paraphrase: [...]
Food for thought courtesy of the WSJ. Happy Labor Day!!
Whether you agree or disagree with George Will he offers some rather tasty food for thought.
Last week the FOMC released minutes from its most recent meeting. Members indicated they are ready to implement additionalQE should expected economic weakness come to fruition. Expectations for economic weakness are predicated upon expiration of the "Bush tax cuts" (due to expire 12/31/12) and the mandatory spending cuts set to kick in as a result of the "debt ceiling" [...]
Tired of high fuel prices? Lose weight! According to the U.S. Centers for Disease Control and Prevention the average American 20-74 yr old male weighs 194.7 lbs - an increase of 28.4 lbs since 1960. The average 20-74 yr old woman has packed on an extra 24.5 lbs since 1960. Since it takes more energy [...]
Last year President Obama proposed that no household earning more than $1 million per year pay a smaller share of its income in taxes than middle-class families. In support of his proposal he called for the imposition of a minimum effective tax rate of at least 30%. This year in his State of the Union [...]
In his weekly radio address President Barack Obama said vehicle fuel economy standards set under his administration and better cars built by a resurgent U.S. auto industry will save money at the gas pump. "Automakers are on track to build cars that average nearly 55 miles per gallon by 2025. That means folks will be [...]
Later today President Obama will make a speech in New Hampshire aimed squarely at voters who can't help but notice the recent rise in gasoline prices. But will his words reflect his policy (lack thereof to be precise) or his politics? President Obama is expected to call for increased domestic production. Similarly he's expected to [...]
In a move that makes eminent economic sense the Obama administration is set to ask Congress to reduce the corporate tax ratefrom 35% to 28%. In doing so a number of so-called "loopholes" will be reduced or eliminated. Reduce the rate and broaden the base? Bingo! That's how to increase revenue. That's precisely the type of [...]
The year-end battle between President Obama and Congress yielded a two month extension of the rate reduction for the employee portion of Social Security taxes. For January and February the rate remains at 4.2% instead of returning as scheduled to the traditional 6.2% rate. Under the terms negotiated by Congress, however, some employees won't fully [...]