Providing disaster aid to the poorest people in the world who have been devastated by natural and man-made disasters has been a staple of farm bill legislation over the past sixty years, reflecting the commitment of ordinary American citizens to … read more
The IMF is advising Washington to, among other things, kill the sequestration budget cuts in order to boost economic growth: On the fiscal front, the deficit reduction in 2013 has been excessively rapid and ill-designed. In particular, the automatic spending … read more
The House agriculture committee passed its version of the 2013 farm bill on May 15. Like the Senate agriculture committee, the House agriculture committee is selling its bill as a bipartisan deficit-reduction measure that saves taxpayer dollars on farm subsidy … read more
The chances for fundamental tax reform this year depend heavily on either a) some sort of “grand bargain” being reached on the budget or b) the endgame of a debt-ceiling fight. (Indeed, the first may well be linked to the … read more
The US faces serious long-term debt problems due to its unfunded social insurance programs. But the federal debt upgrade by credit rater S&P helps ensure a solution will come later rather than sooner. Erskine Bowles, Alan Simpson, and rest of the Washington … read more
On his New York Times blog, Paul Krugman claims that “Ben Bernanke endorses a 73 percent tax rate.” “OK, he didn’t actually say that in so many words,” Professor Krugman allows. “But if you follow through on the logic of … read more
Today’s New York Times editorial on corporate taxes pitches the old argument that the corporate income tax is basically a tax on the wealthy, with the burden falling most heavily on corporate shareholders, who tend to be rich. In particular, … read more
Economist Miles Kimball has recrunched the data from that controversial debt-to-GDP study from Ken Rogoff and Carmen Reinhart to explore the causation-correlation issue: If a country has its own currency, and borrows using appropriate long-term debt (so it only has to … read more
Washington leaves a lot of potential tax revenue on the table, and most of that dough is grabbed by wealthier Americans. Those are the main results of a new Congressional Budget Office report. It finds the ten largest tax break expenditures … read more
In a column about Apple’s tax clash with Congress, Richard Epstein quotes the famous jurist Learned Hand, who had this to say about what taxpayers owe government in his 1934 opinion in Helvering v. Gregory: Anyone may arrange his affairs so that … read more
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