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A Stitch in Haste

A Stitch in Time Saves Nine … But Haste Makes Waste

A collection of real-world libertarian, individualist and laissez-faire rants on law, economics, politics, culture and other current events
by an average, everyday lawyer & investment banker and part-time pop scholar.


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Entries Tagged as 'Taxation & Fiscal Policy'

Another Four Years of This?

November 21st, 2008 · No Comments

I'm having trouble coming up with a non-expletive term for our infamous local megalomaniac:
After being dealt a rare public embarrassment by the City Council, which forced his administration to acknowledge on Monday that he was legally required to send out $400 rebate checks promised to hundreds of thousands of New York homeowners, a defiant Mr. [...]

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Tags: Activist Legislators & Nanny Statists · Law · New York City & State · Progressive Taxation · Property Rights · Updates

Mitt Romney Was For Detroit Before He Was Against It

November 19th, 2008 · 1 Comment

Mitt Romney, January 14, 2008:
Michigan is enduring a one-state recession, and the problem has only been exacerbated by poor choices made by some of the leaders in Lansing to raise taxes and take that course instead of cutting spending.

A lot of Washington politicians are aware of the pain, but they haven't done anything about it. [...]

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Tags: Activist Legislators & Nanny Statists · Economics & Finance · Politics · Taxation & Fiscal Policy

On "Paulson as the New Rohatyn"

November 18th, 2008 · 1 Comment

Bob Herbert is confused:
The famous Daily News headline, "Ford to City: Drop Dead," ran on Oct. 30, 1975.
New York was on the verge of bankruptcy, and President Ford (who never actually said "drop dead") had made it clear, after listening to conservative hard-liners both inside and outside of his administration, that he planned to veto [...]

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Tags: Economics & Finance · Libertarianism · Taxation & Fiscal Policy

On the Calls for an Auto Industry Bailout

November 17th, 2008 · 2 Comments

Some hasty stitches regarding calls to use TARP money to bail out the Big Three automakers:

General Motors is not "the U.S. auto industry." The Big Three are not "the U.S. auto industry." There are many different metrics (vehicle production, revenue, employment, etc.) but a good benchmark is that the Big Three represent only about one-half [...]

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Tags: Economics & Finance · Rent-Seeking · Taxation & Fiscal Policy

Corky Scalia's Inadvertent Libertarianism

November 13th, 2008 · 1 Comment

Attributed to Scalia in yesterday's oral arguments for Pleasant Grove City v. Summum:
"You can't run a museum if you have to accept everything, right?"
Right — Which is exactly why the government should not be running museums in the first place.
As for the outcome of this bizarre case, I think Chief Corky Roberts summed it [...]

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Tags: First Amendment - Religion · First Amendment - Speech · Libertarianism · Public Goods v. Private Goods · Updates

On Calls to Revoke LDS' Tax-Exempt Status

November 9th, 2008 · 8 Comments

Consider the following correction in Sunday's Washington Post:
Because of an editing error, the Nov. 7 op-ed column "Vows That Can't Be Voted Down" incorrectly suggested that the Mormon Church had contributed funds to efforts to pass Proposition 8, the constitutional amendment to ban same-sex marriage in California. The op-ed should have said "members of the [...]

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Tags: First Amendment - Religion · First Amendment - Speech · Gay Rights and Issues · Law · Society, Religion, Culture Wars · Taxation & Fiscal Policy

Will the Democrats Privatize Social Security?

November 6th, 2008 · 2 Comments

Or, perhaps better stated: Do the Democrats even understand the implications of their proposals?
Powerful House Democrats are eyeing proposals to overhaul the nation's $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-California, and Rep. [...]

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Tags: Politics · Progressive Taxation · Social Security · Taxation & Fiscal Policy

High Fuel Prices Do Not Make Amtrak a Public Good

November 3rd, 2008 · 6 Comments

There's nothing particularly noteworthy about the (freshman economics) notion that as fuel costs (or other costs, such as airport delays and security theater) rise, people will increasingly switch to substitute modes of transportation:
The high cost of fuel, along with traffic and airport congestion, is drawing travelers back to trains for commuting and for travel between [...]

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Tags: Public Goods v. Private Goods · Taxation & Fiscal Policy

HIV and the Fallacy of "Legislating Discovery"

October 30th, 2008 · 1 Comment

Scientific American recently published a collection of "special report" articles on the general topic of "HIV — 25 Years Later." From the Editor's Introduction:
In 1983 and 1984 scientists established that HIV (the human immunodeficiency virus) causes AIDS, which had recently begun cropping up in gay men in California and New York. The discovery quickly led [...]

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Tags: Activist Legislators & Nanny Statists · Gay Rights and Issues · Taxation & Fiscal Policy

Obama Continues to Ignore His Own "Donut Hole" Plan (and Its Flaws)

October 28th, 2008 · 2 Comments

Barack Obama, October 27:
No matter what Senator McCain may claim, here are the facts – if you make under $250,000, you will not see your taxes increase by a single dime – not your income taxes, not your payroll taxes, not your capital gains taxes. Nothing. Because the last thing we should do in this [...]

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Tags: Politics · Social Security