Vanishing millionaires…and tax revenue

Earlier this month, the IRS released tax data for the 2009 calendar year. The information is far from encouraging, and, goes a long way to explaining why President Obama is now seeking to increase taxes on the thousandaires. Read more

Warren Buffett wants you to like him … really like him

I have this theory about mega-rich people being occasionally embarrassed by their own fortune. It’s only a theory, but with Warren Buffett’s recent op-ed in the New York Times I think his post is partly about wanted to be liked by people. Maybe he wants you to click on the Like button on his Facebook page.

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Repost: Federal tax figures from 2008

Jim just sent me a text asking to highlight the post I wrote in April looking at federal tax figures from 2008. Click here to read that post, and click here to read the other April post titled Go ahead, tax the rich … let’s run the numbers.

Let’s help the President

President Obama has recently taken to the air waves to ask Americans to help him with his deficit plan.  Although no one has yet seen his plan, we do know that, in his mind, unless we raise taxes immediately,  the sky will fall.  So, I say, let’s help him. Read more

Large tax hikes required to fund future state and local pension liabilities

Future funding of state and local employee pension plans is a complex subject. It’s not a sexy story, and I really don’t think people want to worry about stuff that will happen next week let alone a decade or two down the road. That said, one academic study out of Northwestern University suggests huge tax increases need to start now to ensure funding for future liabilities.

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Connecticut, what are you doing with your money? UPDATE

Yesterday, the Connecticut legislature passed a $40.1 billion dollar budget. Of course, it isn’t balanced but, Governor Malloy “hopes” to get $2 billion in concessions from the unions, after which, the budget will balance.  It includes some $2 billion in increased taxes including a “temporary” corporate tax surcharge on a 7.5% corporate tax rate. Read more

A tale of two states: Connecticut and Massachusetts

There were two articles in yesterday’s Wall Street Journal that caught my eye, one involving Connecticut and one involving Massachusetts.

On the Connecticut side, the piece is entitled “The Anti-Christe”.   Read more

Redistributing GPAs – You really don’t need a 4.0 do you?

College Republicans at the University of California Merced pulled out the video camera for a redistribution experiment. Organizers asked students with “excessive” GPAs to give up a portion of their own GPA to students having a tough time meeting graduation requirements. Guess how many were willing to help out?

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Federal tax figures from 2008 – Limbaugh, WSJ and Powerline

There has been a lot of discussion concerning where the money really is on conservative blogs, the Wall Street Journal and the Rush Limbaugh show. I heard Limbaugh discuss the subject during his first hour yesterday and I thought his presentation was a bit confusing to listeners.

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Go ahead, tax the rich … let’s run the numbers

I heard a radio ad today promoting Gov. Dannel Malloy’s (D-Conn.) budget plan which mentioned some sort of “Do the Math” website. OK, let’s do some federal math. If you confiscated every dime from US taxpayers with returns that showed an adjusted gross income (AGI) of more than $1,000,000, how many days could the federal government operate?

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