The data-driven answer is probably the Netherlands or Canada.
By James Kwak President Obama’s 2015 budget proposes a number of tax increases that will mainly affect the rich. They include: Limiting the tax savings on deductions to 28 percent of the deduction amount (and applying this limit to exclusions as well, such as the one for employer-provided health benefits) Requiring a minimum 30% income … … Continue reading →
The following is an e-mail communication with Dr. L Brownstein of the University of Leeds in the UK. It is in reference to the post on student loans
“You never let a serious crisis go to waste… It’s an opportunity to do things you could not do before.” -Rahm Emanuel
The once unthinkable is quickly becoming probable.
Tyler Cowen thinks that we are entering an age of debates over wealth taxes. If only. It’s true, as Cowen notes, that national debt everywhere is a relatively small fraction of national wealth and that, therefore, “fiscal … Continue reading →
We were all shocked by the sudden, untimely death of James Gandolfini. Gandolfini was an immensely gifted actor who changed the face of television entertainment in the role of Anthony “Tony” Soprano, a deeply troubled gangster-in-therapy, who had to balance obligations to his family… and his Family.
By all accounts, James Gandolfini was generous and kind to family and friends alike. It has been reported that he left a large legacy, in excess of $70 million, to be divided between them. His net worth is an estimate, and his asset inventory hasn’t yet been disclosed, but he did alright for a middle class kid from North Jersey.
Sadly, however, his nearest and dearest won’t see anywhere near the full amount he left behind.
It turns out that James Gandolfini was generous – to a fault. His wish was that his legacy, in the form of real estate and other assets in the United States and Italy, be distributed in large chunks, the largest in a trust for his 13-year old son, Michael and 8-month old daughter, Liliana. His widow, Deborah Lin, is set to receive 20% of his estate. The will stipulates that the shares to be doled out after taxes.
Would the last person leaving California please turn out the lights…
By Dan Kervick People sometimes seem to suggest that the Western democracies are at the end of the road economically. They claim that these governments are spent, broke, tapped out. They insinuate that Western nations can no longer afford to … Continue reading →
This is a syndicated repost courtesy of The Baseline Scenario. To view original, click here. Reposted with permission. Follow the money. Find the profits!Liquidity is money. Regardless of where in the world that money originates, eventually it flows to and through Wall Street. So if you want to know the direction of the next big…
By James Kwak Last week I wrote a post arguing that Grover Norquist’s Taxpayer Protection Pledge is alive and well and still a binding constraint on Republican lawmakers. The media continue to push the story of Republicans renouncing the pledge, … Continue reading →