TAX POLITIX
The Politics of Taxes
Blinder’s COVID Relief Blinders
I was annoyed to read an article as ridiculous as Alan Blinder’s “Will Congress Ever Break the Covid Relief Standoff?” in which Blinder puts the blame on Senate Republicans. In fact, the entire premise of the article is that “Senate Republicans resist passing a new bill, even though it’s needed and politically expedient.” But this is simply untrue, and shows the great lengths to which Blinder omits key facts in order to advance the narrative that the Republicans are at fault. A few days ago,...
The “Biden Stock Boom” is Wishful Thinking
I was shocked to read “Get Ready for the Biden Stock Boom” in the pages of the Wall Street Journal, written by a former editor of Barron’s, no less. Ed Finn really, really wants you to support Joe Biden and his article is full of so much wishful thinking that it reads like a Disney Fairy Tale -- except in reality, there will be no happy ending. To be fair, Ed Finn does acknowledge that the stock market will certainly experience some turbulence if Joe Biden is elected -- but that’s because...
The Real Problem With the Payroll Tax
I was disappointed to read “How the Bidens Dodged the Payroll Tax” last week in the WSJ, not because Biden is a good guy, but because the author of the screed, Chris Jacobs, gets it all wrong. Those of you who read my columns regularly know that I’m no fan of Biden, but in this case, Biden is in the right. There is nothing legally wrong with how he structured and paid his taxes - to the contrary, it elucidates an ongoing tax inequity that was completely missed in the article. In order to...
No, Tariffs Are Not The Way Forward
When I read commentary by people associated with the Club for Growth -- known for promoting the rule of law, low taxes, small government, low tariffs, economic growth, etc. -- I expect to find analysis consistent with their principles. Therefore, the recent CNS News article on 8/10, “American Manufacturers Come Back, Thanks to Trump,” took me completely by surprise because it was essentially the rantings of someone who is economically ignorant. Ken Blackwell, former elected official in Ohio...
Disappointed With Dimon
I was disgusted to read Jamie Dimon’s new initiative, the “New York Jobs CEO Council,” not because I oppose gainful employment for New Yorkers, but because Dimon completely gives a free pass to the New York education system with this program. He misses an opportunity - and ignores his responsibility - to help improve a clearly broken system. Dimon spends most of his op-ed talking about “skills-based hiring and matching,” but completely ignores the elephant in the room: New York’s education...
Quickly Noted: Untangling the Media Myths of COVID-19
This article from the WSJ is a must-read reflecting how the media reported on the pandemic: "Has there been in recent history a more tendentious, hysterical, data-denying and frankly disreputable exercise in misdirection than the way in which much of America’s media has covered the Covid-19 epidemic? Perhaps we can forgive them the endless repetition of pandemic porn; the selectively culled stories of tragedy about otherwise completely healthy young people succumbing to the virus. While we...
Another Problem With Public Pensions
There’s another issue with regard to the crushing liabilities of public sector pensions. Several states, such as California and New York, have a constitutional amendment that grants pension entitlement to public sector workers. In other words, once a person is working for the government and they have a defined benefit plan, they are entitled to keep it and transfer it, even if the contract runs out. This kind of constitutional amendment says it's a constitutional requirement to pay...
What’s Really Going On With Pension Reform
Over the years, I have written numerous articles on the looming problem of funding public pensions. Many states are facing severe shortfalls and it isn’t due to the economy or the recent recession or the pandemic. The main problem is accounting gimmicks that cities and states regularly do which results in underreporting their pensions. In the private sector, if someone were to underreport a pension, they go to jail for it, but the public sector gets away with it, and the taxpayer is left...
“Notes on the News” Ineptitude
The Wall Street Journal has a feature called “Notes on the News” which is supposed to “walk you through the biggest news stories of the week.” Unfortunately, their writer, Tyler Blint-Welsh is so inept and full of bias that he misses key points in his summaries to the detriment of WSJ readers. For instance, on July 26, while writing about federal agents being sent to US cities, he describes how federal officers have been patrolling Portland, Oregon since July 2, but utterly leaves...
New York “Donor State” Sham
New York Governor Cuomo continues his crusade for a state bailout by claiming that New York is a “donor state” and therefore entitled to more federal funds. By this, he means that New York gives more in tax revenue to Washington than it gets back. However, the “donor state” mantra and his calculations making that claim are incorrect. A recent article in the Wall Street Journal, “New York is No ‘Donor’ State,” did a thorough breakdown on how to calculate and account for federal funds in order...
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United Healthcare May Withdraw From Obamacare Next Year
A few days ago, UnitedHealthcare announced that the possibility of withdrawing from the Obamacare health insurance exchanges. This is a significant announcement, as UnitedHealthcare is one of the biggest insurers in the country. The impact of...
HHS Attempting to Frame Obamacare Losses to Insurers as a Government Obligation
A must read from the Washington Examiner today on the subject of Obamacare, insurance companies, and bailouts. I republished the article in full. The Department of Health and Human Services attempted to reassure private insurers on Thursday that...
Rick Santorum’s Tax Plan
The only reason why I am mentioning this plan is the sheer ridiculousness of its foundation. In his editorial in the Wall Street Journal today, Santorum announces that he will pay for his tax plan by "repealing ObamaCare and all of its associated...
Global Economy Now Affecting US Job Market
From the AP: A sagging global economy has finally caught up with the United States. Nervous employers pulled back on hiring in August and September as China's economy slowed, global markets sank and foreigners bought fewer U.S. goods. Friday's...