Can We Afford to Raise Taxes On High Incomes? Can We Afford Not To?

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?

Taxes and Unshared Sacrifice

It's tax time so it's appropriate to look at the fairness of the tax code.  One of the greatest beneficiaries of the Bush-era tax cuts were hedge fund managers.  Hedge fund managers are people on Wall Street who manage other people's money, not primarily their own.  In return, they get paid fees for managing the … Continue reading Taxes and Unshared Sacrifice

Micro Theory vs Reality: Baseball Edition

From James Kwak at Baseline Scenario: "No, No. It's Already Priced In. " That was undoubtedly the response of theoretical law and economics devotees to the premature retirement of Kansas City Royals pitcher Gil Meche a few weeks ago, which we discussed in one of my classes last week. Meche signed a five-year, $55 million, … Continue reading Micro Theory vs Reality: Baseball Edition