The world’s largest medical technology company, Medtronic, has announced plans to move its corporate headquarters from Minneapolis to Dublin, Ireland. With U.S. corporate tax rate at a mighty 35 percent, one of the highest in the world, it is no wonder Medtronic would rather operate from Ireland, where the rate is only 12.5 percent.
It's easy to think of our tax system as consisting solely of federal income tax rates. There, the top marginal tax rate is 39.5% which, when we compare it to other tax rates around the world, seems low. When taking into account the entirety of our tax system, a more dangerous picture emerges.
I’m not naive enough to think that any particular study will change minds, but when the bulk of the research unambiguously tells us that lower tax rates are better for economic performance, I think (or at least hope) that it may have some impact on government officials.
No matter what the tax rates have been, in postwar America tax revenues have remained at about 19.5% of GDP.
"Why this fat cat likes Obama's tax plan" was the headline of a full-page ad La Jolla, Calif., investor Norman Lizt took out in The New York Times in August.
Here is the biggest problem with the news coverage of the Fiscal Cliff. The only message coming through was President Obama's message: that he was trying to save the middle class from a tax increase by raising taxes on the rich. On the Republican side, the message was…well…it was a muddled mess.
At the Potsdam conference with Harry Truman and Josef Stalin, Winston Churchill learned that the voters of the nation he had led for five years through World War II had just voted to throw him out of office.
President Obama will kick off the new year the same way that he kicked off the old year: by demanding that the wealthy pay their "fair share" in taxes.
As this column is being written America is preparing to head down the, theatrically styled, “Fiscal Cliff.” That “cliff” really is the chicken roost of 40 years of mostly disappointing — and more than a decade of catastrophic — economic growth. Lousy growth leads to a diminished tax base, capable of producing only anemic tax revenues.
The beginning of a new year is often a time to look forward and look back. The way the future looks, I prefer to look back -- and depend on my advanced age to spare me from having to deal with too much of the future.
NBC's David Gregory interviewed President Barack Obama on "Meet the Press" Sunday, and a conversation ensued that would have been more fitting for a show called "The President Meets One of His Many Mainstream Media Enablers."
Matt Damon, the actor who once gave $2,000 to Dennis Kucinich, is giving up on politics. He told Playboy, “It’s easier now more than ever in my life to feel the fix is in, the game is rigged and no matter how hard you work to change things, it just doesn’t matter.”
The last year has been a tough one for conservatives. The hope that four years of failed policy would be enough to repudiate the liberal/progressive ideology of the Obama administration ended when the majority of the American public voted to maintain their entitlements -- so long as someone else paid for them.
In a few days we’ll celebrate the holidays with gift exchanges, eggnog, Christmas light viewings, and perhaps a political argument with a family member or two. Given the current fiscal cliff negotiations, this argument may be more lively than normal. Don’t be unprepared when Uncle Bob says that we can fix the deficit by just raising the top tax rate or when Aunt Susan says they've already cut spending to the bone.
The dizzying, budgetary roller coaster ride careened closer to the "fiscal cliff" this week when House Speaker John Boehner tossed a new Plan B into negotiations with the White House.