In a piece on the Cato Institute website, my friend and Cato Institute director of tax policy, Chris Edwards says the president's instincts about lowering the corporate tax rate are spot on. However, noises being made in the administration, even by the president himself, about raising taxes on high income earners are not a good sign. Chris explains what could happen if high income earners are hit with even more taxation. Trump went on to say, “I have wealthy friends that say to me, ‘I don’t mind paying more tax.’” His implication is that tax hikes on high earners would not be damaging because … [Read more...]
Should You Need a Reason to Carry Concealed?
From San Diego, California to right here in little Rhode Island, laws are being challenged that force Americans to prove they "need" to have a concealed carry permit. Typical needs include carrying a lot of cash for work, or having a current restraining order against a dangerous person, or some other reason to fear for your life. But shouldn't Americans be allowed to carry concealed simply for self-defense? There are 15 states today that have "constitutional carry" laws, allowing any non-criminal adult to legally carry with certain restrictions. No license needed. Despite what anti-gun … [Read more...]
Is a Robo-Advisor Going to Answer the Phone When You Need It?
The finance industry has been fixated on the emerging robo-advisor trend. The concept sounds easy, right? You simply give your money to a robot and it takes care of the rest. Algorithms created by math geniuses do all the trading, and you reap the rewards of low fees and decent management. Then the reality check. Wouldn't you like to know what's going on with your money? What if your algorithm is losing your money? Who are you going to talk to about it? Robot-advisory firm Betterment has already been forced to add humans to the mix. Rather than robo-advice, it's offering "hybrid" advice. … [Read more...]
Can the GOP Get Tax Reform Right?
After the failure of the GOP to get a repeal of Obamacare passed, Americans must consider whether or not the party can complete other parts of its agenda. Foremost among those parts is the tax reform proposal. The Wall Street Journal's editorial board zeros in on six principles that would make the reform plan "pro-growth." These are: • The growth priority. After 12 years of a lackluster economy, or worse, tax reform’s overriding goal should be to lift annual GDP to 3% or more. The current expansion is into its ninth year and showing signs of age. Europe has grown faster than the U.S. for some … [Read more...]
The Losses at Amazon
After spending one day as the world's richest man, Amazon CEO Jeff Bezos is watching shares drop in price considerably in pre-market trading today. Last night Amazon announced its profits for the most recent quarter were a mere $628 million on revenues of $38 billion. That's a 1.7% margin. Despite generating over $900 million in profits from its Web Services segment, Amazon's international retail operations lost money, dragging profits down to $628 million for the quarter. Shira Ovide writes at Bloomberg that despite the poorer than expected performance, Jeff Bezos is doing exactly what … [Read more...]
What Does the GOP Want to Achieve with an Obamacare Repeal?
That's the question every Republican Senator and Congressman ought to be asking today. What is it that the party wants to achieve with the repeal of Obamacare. The ultimate goal should be lower cost, and more supply of care for all Americans. Any bill that doesn't provide that in a sustainable way misses the mark. Here my friend Tucker Carlson asks Vice President Mike Pence what the "primary goal" of the replacement will be. Pence seems to get it, but many of the senators and representatives don't seem to share his clarity. … [Read more...]
Is America About to Make Great Things Again?
If you have been reading the news this week you may have gotten some mixed messages on the future of American manufacturing. The big news is the announcement from Foxconn (the Taiwanese manufacturing giant that built most of your iPhone) that the company will build a $10 billion LCD display screen plant in Wisconsin. The move was touted by the president, and the factory could potentially employ 13,000 people. Reuters reported: Trump praised Foxconn chairman Terry Gou at a White House event, asserting: "If I didn't get elected, he definitely wouldn't be spending $10 billion ... This is a … [Read more...]
Can Competitors Use Robots to Beat Amazon’s Logistical Dominance?
In 2012, Amazon recognized the value of a robot producing company known as Kiva Systems. The robots became a centerpiece of Amazon's logistical system, toting shelves of goods from the warehouse floor to lines of humans who would pick out the right items and send the robots back again. Now Amazon's competitors in retail will get their chance to catch up. Some of the same team of roboticists who worked for Kiva Systems is back with a new invention known as the Chuck. The new robot cart helps warehouse workers by carrying many items, and leading the humans around the warehouse to the … [Read more...]
Are Canada’s Higher Taxes the Answer to America’s Infrastructure Problems?
In a word, no. Dan Mitchell, a senior fellow at the free market focused Cato Institute deftly shoots holes in the argument made by Canadian writer Jonathan Kay in The Atlantic. Kay makes the case that if only the U.S. would raise its overall tax burden nearer to the average for OECD nations, the Land of the Free would have plenty of money to pour into upgrading its infrastructure. On his International Liberty blog, Mitchell takes apart the case made by Kay piece by piece. He makes the case quite clear, without even employing his trove of Laffer Curve examples. Mitchell writes: Canada is … [Read more...]
Counterproductive Foreign Aid Should be Cut
Not only do foreign aid programs cost Americans billions each year, some of them are counterproductive. My friend Chris Edwards, director of tax policy studies at the Cato Institute, highlights a new study found at Downsizinggovernment.org, that says foreign aid not only costs too much, but can even be counterproductive in its results. He writes: The federal government funds an array of aid programs aimed at promoting growth in less-developed countries. Funding goes to federal agencies, such as the U.S. Agency for International Development, and it also goes to international aid groups, such … [Read more...]
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