Yesterday the "flash" estimate for GDP growth in 1st quarter 2011 was released. Not good. GDP only grew at a 1.8% annual rate, down from the 3.1% we experienced in the 4th quarter of 2010. This is very disappointing, but not really surprising. Before I comment, I'll let CalculatedRisk report and show one of his … Continue reading Downbound Again: GDP in 1st Quarter
Normally I try to keep this blog focused on explaining economic issues and concepts. But in the past few days there's a political issue has arisen that's literally very close to home for me and I feel the need to speak out. Last week, Terry Jones and his assistant Warren Sapp of Dove World Outreach … Continue reading Free Speech, Free Worship, Private Property, Facts and Terry Jones
I've commented on this before, but it's worth repeating. Millionaires, despite all their bluster and threats to move when taxes are raised, simply don't move. It's empty threats. If income tax rates are raised on millionaires, they actually stay put. This means it is indeed possible to improve state government finances by using a very … Continue reading Millionaires Don’t Move to Avoid Taxes – Empty Threats
A casual reader/listener of many economics blogs, news stories, cable shows, and political speeches (in other words, the usual sources), would be forgiven for thinking that "inflation" is some awful comic-book super-villain that constantly threatens society. It's as if they think that any momentary lapse in vigilance that allows perhaps a declining unemployment rate will … Continue reading Just What Is Inflation? Is A Monster Just Around The Corner?
After the More button is information from ReMapping Debate on how you can download (unfortunately Windows-only) a tool that let's you analyze and compare tax rates and taxes paid for any type of filer between 1945 and 2010. For example, you can see if a married filing jointly household with $75,000 in income would have … Continue reading Historical Income Tax Rates Analysis Tool
From Barry Ritholtz at Big Picture. Note the red portion is Steve's projection and not based on actual data. I think it's a reasonable projection. House prices nationwide are still too high compared to historical norms. Of course, things may be different in your neighborhood. I asked Steve to update Shiller’s NYT chart, now that … Continue reading House Prices Still Pretty High Historically
Standard and Poor's, one of the big bond rating agencies, has announced today that they are giving a "downgrade warning" on U.S. government bonds. Not a downgrade in credit rating, but just a "warning" that things could be downgraded. Ho hum. Such theatre. As if we should believe S&P. First, a sovereign currency-issuing government with … Continue reading On S&P and Government Creditworthiness
Ok, one tip on how to lower your taxes paid and then I'll let you go for today, this being tax day and all. Now for last year's taxes, the ones you're filing today, well, on that you're just screwed. But for next year, remember to hire the accountancy shanty:
Ok, just a quickie about taxes with two more startling graphs. Another proposal that's making the rounds in Washington is to cut the corporate income tax rate. This proposal is originally coming from the Republicans, but it looks like Obama has drunk the kool-aid too. The argument goes that corporations in the U.S. are taxed … Continue reading I Don’t Think Corporate Taxes Are Too Low
Another tax related post. It appears that taxes, in particular, taxes on the top income bracket will be a major topic of debate propaganda for the next year and a half until the next presidential election. Part of the reason is because the tax deal done last December (2010) between Republicans and Obama last December (2010) perpetuated the Bush-era … Continue reading Can We Afford to Raise Taxes On High Incomes? Can We Afford Not To?