Links & comment: Who raised these people?
December 2, 2012 12 Comments
- Mish points to an important new legal principle that has been identified: If you claim to act in the public interest, you can break the law. However – and I’m sorry to be the one to break this to all involved – there is nothing new about that principle.
- Been seeing a lot of Laffer curve discussion pop up again recently, so it’s a good time for me to trot out my Laffer curve catechism: (1) It’s not that important ‘where we are on the curve’ because the purpose of taxation is not to maximize tax revenue in the first place. For example, even if we’re to the left of the max that doesn’t mean it’s a swell thing to raise tax rates. (2) The importance of the Laffer curve observation isn’t that there’s a maximal-revenue tax rate per se, it’s that taxes are negatively-convex i.e. tax rate increases have diminishing returns. This is an important observation no matter where we ‘are’ on the Laffer curve.
- It’s interesting that back in the halcyon Best Days Of America when little Pauly Krugman could ride his bicycle around his segregated Long Island neighborhood secure in the knowledge that the highest marginal tax rate was a comforting 91%, very few people actually paid that rate and in fact if you ask me the effective tax rate for the “1%” wasn’t even materially different from what it is now.
- Arnold Kling on the Keynesian fixation. Just RTWT.
- Sometimes I feel like I’m the only person in the world who doesn’t have an opinion one way or the other regarding how much Wal-Mart pays its employees. This is a matter between Wal-Mart and its employees, and I am neither. So, it’s literally none of my business. The same holds – I would think – for Matthew Yglesias or Megan McArdle or etc. Why is everyone discussing this? i.e. how much some strangers pay other strangers to perform services? Aren’t they embarrassed? Didn’t their parents, when raising them, teach them it’s just plain impolite to discuss the finances and financial arrangements of others? that One Doesn’t Discuss this sort of thing? Because that’s what they’re all doing. I’m kinda embarrassed just thinking about it.