taxes

I appreciate all the thoughtful comments on my column on higher taxes and the economy.  There seems to be some misunderstanding of my primary point, however. My point was not to suggest that higher taxes equate to higher unemployment (though they may in specific consumer discretionary related segments of the economy such as boats and RVs that require much free cash flow to purchase), but ... read more

While campaigning, President Obama made the now-famous comment to the now-infamous plumber that he wants to "spread the wealth around" by raising taxes.   He certainly isn't alone these days in wanting to stick it to the wealthy.   Protesters at the G20 meeting, in the streets of New York City and on bus tours of AIG executives' homes are all calling for higher taxes and their populist ... read more

"You know, the yelling and screaming about the rich - we want rich from around this country to move here. We love the rich people." - New York City Mayor Mike Bloomberg speaking Friday Bloomberg has it right by refusing to play into the populist uprising against families making more than $250,000 per year.   As Mayor of a city that relies heavily on the financial sector and the wealthy (1 ... read more

We often hear about 'big government' and how it's getting bigger.   I wanted to check the data to see if it's hyperbole or reality.   Its not hyperbole.   According to official government data (ironic) it turns out that government - Federal, state, local and military - has the single highest payroll of any "industry." The table below is from the Bureau of Economic Analysis' official income ... read more

Thanks to the following from the always excellent blog by Harvard Professor and former White House Council of Economic Advisors Chairman Greg Mankiw for finding the data behind the tax debate.   Pretty clear where the "shares" truly lie. Here is a link to the official report from the Cogressional Budget Office Here are the total effective federal tax rates for 2005, the most recent year ... read more