When the Rich Get Richer, Taxes Go Lower
(Dylan Matthews, Washington Post)
"In a new paper with Facundo Alvaredo and Anthony Atkinson, Piketty and Saez look at how these different countries changed their tax policies as inequality grew. The answer, perhaps unsurprisingly, is that countries where inequality grew the most also saw the biggest cuts in top marginal tax rates for wealthy earners."
GREEN [WASTING] CARS
If Tesla Would Stop Selling Cars, We’d All Save Some Money
(Patrick J. Michaels, CATO Institute)
"The public is still on the hook for Tesla, and will be for the foreseeable future. First, there’s the $7500 taxback bonus that every buyer gets and every taxpayer pays. Then there are generous state subsidies ($2500 in California, $4000 in Illinois—the bluer the state, the more the taxpayers get gouged), all paid to people forking out $63K (plus taxes) for the base version, to roughly $100K for the really quick one. The latest round of Tesla wonderment came when it reported its first quarterly profit earlier this month. TSLA stock darned near doubled in a week. Musk then borrowed $150 million from Goldman Sachs (shocking!) and floated a cool billion in new stock and long-term debt. That’s how we—the taxpayers—were repaid."
SPORTS ON WELFARE
Sports Welfare Dies Hard
(Patrick Hruby, Sports on Earth)
"The NFL's non-profit status -- and Coburn's dead-in-the-water effort to nix it -- is illustrative. The league, its teams and various subsidiaries earn roughly $9 billion in revenue per season. They will collect a guaranteed $27 billion in television money over the next decade. They exist to make money. They are very, very good at their jobs. Under federal law, however, the league office is classified as a tax-exempt 501(c)6 organization - essentially, a nonprofit business league -- just like your local chamber of commerce."
The Obamacare Insurance Exchange Train Is Already Coming Off The Rails
(Sally Pipes, Forbes)
"But an Obamacare train wreck isn’t a distant possibility. It’s actively happening. Delays, wasteful spending, and cost overruns have already popped up. And it’s becoming increasingly likely that the exchanges won’t be ready by October 1, when they’re supposed to open for enrollment. Mass confusion and excessive costs will result."
(John Stossel, Townhall)
"Even if gas costs $4 per gallon, we should thank Big Oil. Think what they have to do to bring us gas. Oil must be sucked out of the ground, sometimes from war zones or deep beneath oceans. The drills now bend and dig sideways through as much as 7 miles of earth. What they discover must be pumped through billion-dollar pipelines and often put in monstrously expensive tankers to ship across the ocean. Then it's refined into several types of gasoline, transported in trucks that cost hundreds of thousands of dollars. Finally, your local gas station must spend a fortune on safety devices to make sure we don't blow ourselves up while filling the tank. And it still costs less per ounce than the bottled water sold at gas stations. If government sold gas, it would cost $40 per gallon. And there would be shortages!"
How Higher Education Can Be the Worst Investment Ever
(Tara Clarke, Money Morning)
"But nowadays, you would have to be delusional to assume that an investment in higher education will definitely pay off. After spending copious amounts of time and money on a college degree, the graduate unemployment rate is a now staggering 14%. What's more, even those who have gotten a job often settle for work that's hardly commensurate with their newly-minted education. That has helped to create a trillion dollar student loan bubble, with the average debt per student up 70% since 2004. It calls into question whether or not a college degree is worth the investment these days."
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