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, […]

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 […]

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 […]

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 […]

“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 […]

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 Health Care Battle Begins

Sen. Edward Kennedy (D-Mass.) has begun circulating drafts of his proposed health care reform legislation. Initial reports, including an op-ed in the Boston Globe by Kennedy himself, suggest that the bill will contain every one of the bad ideas that I outlined in my recent Policy Analysis on what to expect from Obamacare. Among other things, […]

It Is a Checkpoint, After All

The Philadelphia Inquirer asks why the TSA didn’t catch Bonnie Sweeten absconding to Orlando at the airport after faking her own and her daughter’s abduction. The TSA and FBI are right: it’s not airport security’s job to look for people like Bonnie Sweeten. But they quickly agree to make it part of their mission when […]

Cheney’s Worldview

Former vice president Richard Cheney gave his big address on national security (pdf) over at AEI last week.   He covered a lot of ground, but this passage, I think, tells us quite a bit about Cheney’s worldview: If fine speech-making, appeals to reason, or pleas for compassion had the power to move [al-Qaeda], the terrorists would long ago have abandoned the field.  […]

Cato Scholar Brings Administration to Heel

Last week, I complained loudly that the “Speeches” section of the Whitehouse.gov Web site had only four speeches on it, the most recent coming at the end of February. And, voila, today the site is transformed. A new “speeches and remarks” page at that location has a 28-page list of official utterances from President Obama […]