Ramesh, encouraging and helping people to provide for themselves in retirement seems not only laudable, but prudent, and the resulting increase in the pool of domestic savings ought to bring other economic benefits in its wake. That’s why I think we need to shift more [updated: previously read “some”] of the tax burden away from income (and, even more, savings) onto consumption. To the extent that long-term capital gains are to be taxed at all, it should only be after indexation for inflation. As for the sale of a long-term principal residence, that should simply be tax free (lowering the cap on mortgage interest tax relief might be a way to offset the ‘cost’ of this). It’s worth noting incidentally (and many thanks to the reader who pointed this out to me) that, as matters currently stand, a capital gain on the sale of a personal residence is taxable (albeit with certain exemptions), but a capital loss is not deductible. Odd, that.
American government is supposed to look and sound like George Washington. What it actually looks and sounds like is Henry Hill from Goodfellas: bad suit, hand out, intoning the eternal mantra: “F*** you, pay me.” American government mostly works by interposition, standing between us, the free people at ... Read More
The Russians are engaged in “information warfare” against the United States. That was the big soundbite at Deputy Attorney General Rod Rosenstein’s press conference Friday afternoon, announcing Special Counsel Robert Mueller’s election-meddling indictment against 13 Russians and three Russian ... Read More
It has become more urgent to ask: Why is there a special counsel in the Russia investigation? At this point, that question should be put to the Justice Department’s Office of Legal Counsel — in the federal government, it’s the lawyers’ lawyer. To get down to brass tacks: May the president of the United ... Read More
To understand the American gun-control debate, you have to understand the fundamentally different starting positions of the two sides. Among conservatives, there is the broad belief that the right to own a weapon for self-defense is every bit as inherent and unalienable as the right to speak freely or practice ... Read More
The Marvel Cinematic Universe (MCU) first infantilizes its audience, then banalizes it, and, finally, controls it through marketing. This commercial strategy, geared toward adolescents of all ages, resembles the Democratic party’s political manipulation of black Americans, targeting that audience through its ... Read More