Marginal Tax on Corporate Profits was 74.2% in the 1st Quarter

From the Bureau of Economic Analysis news release of May 29:
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $42.6 billion in the first quarter. . . Taxes on corporate income increased $31.6 billion. . . [therefore] profits after tax . . . increased $11.1 billion.

In other words, taxes extracted […]

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Here Comes World Government

Colleague Dan Mitchell sent me this heart-warming press release from the Organization for Economic Cooperation and Development, an international government organization.
Tax collectors worldwide to co-operate in revenue-raising to offset fiscal deficits.

The sub-heading is “Tax Commissioners Worldwide Join Forces To Tackle Fiscal Challenges Posed By The Financial And Economic Crisis.”
Crazy me, but I thought the way to get out […]

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The Price of Ignorance

We here at Cato’s Center for Educational Freedom spend a lot of time just trying to help people get their facts straight. You know, providing information that clearly shows that government schools are not the foundation of American democracy, or itemizing programs to show that school choice is not a political failure. That sort of thing.
Well, a new study in the journal Education […]

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Week in Review: Sotomayor, North Korean Nukes and The Fairness Doctrine

Obama Picks Sotomayor for Supreme Court
President Obama chose federal Judge Sonia Sotomayor on Tuesday as his nominee for the U.S. Supreme Court, the first Hispanic to serve on the bench.
On Cato’s blog, constitutional law scholar Roger Pilon wrote, “President Obama chose the most radical of all the frequently mentioned candidates before him.”
Cato Supreme Court Review […]

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“We Don’t Want Venezuela to Become a Totalitarian Communist State”

“We don’t want Venezuela to become a totalitarian communist state,” declared Peruvian novelist Mario Vargas Llosa yesterday in Caracas at the opening of a major conference organized by the market-liberal think tank, CEDICE. I’m in Venezuela this week with my Cato colleagues Juan Carlos Hidalgo and Gabriela Calderon to participate in the event and to […]

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Democratic Deficit Hawks?

In a hagiographic profile of Obama budget director Peter Orszag, Ryan Lizza of the New Yorker writes of the “pressure” he might get from congressional deficit hawks:
The respective heads of the House and Senate Budget Committees, John Spratt, Jr., of South Carolina, and Kent Conrad, of North Dakota, have spent years trying to control the […]

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