TAX POLITIX
The Politics of Taxes
Disparate Impact Alive and Well
I've written about disparate impact numerous time over the years, warning that this tactic would begin to be seen more frequently beyond the business world, such as in housing and labor. Thomas Perez and Loretta Lynch are two of its fiercest advocates, and a recent story in the Wall Street Journal suggests that my prediction is coming true. The idea of “disparate impact” holds that a defendant can be held liable for discrimination for a race-neutral policy that statistically disadvantages a...
The Fed and a Possible Recession? One Opinion
Ambrose Evans-Pritchard suggests that a recession might be on the horizon again and Fed decisions are critical: "The risk of a US recession next year is rising fast. The Federal Reserve has no margin for error. Liquidity is suddenly drying up. Early warning indicators from US 'flow of funds' data point to an incipent squeeze, the long-feared capitulation after five successive quarters of declining corporate profits. Yet the Fed is methodically draining money through 'reverse repos' regardless....
$587 Billion Deficit for 2016
The fiscal year for 2016 ran from October 1, 2015 - September 30, 2016. According to the Treasury Department statement of receipts and outlays, the government had: $3.267 trillion in tax revenue $3.584 trillion in outlays $587 billion deficit Receipts came from several sources: Individual Income Taxes: $1.546 trillion Social Security and Other Payroll Taxes: $1.115 trillion Other Taxes and Duties: $306 Billion Corporate Income Taxes:$300 Billion Outlays were comprised of several groups: Social...
Obamacare Enrollment Could SHRINK This Year
From Bloomberg: "A growing number of people in Obamacare are finding out their health insurance plans will disappear from the program next year, forcing them to find new coverage even as options shrink and prices rise. At least 1.4 million people in 32 states will lose the Obamacare plan they have now, according to state officials contacted by Bloomberg. That’s largely caused by Aetna Inc., UnitedHealth Group Inc. and some state or regional insurers quitting the law’s markets for individual...
Job Creation Lower, Unemployment Inches Up
Nonfarm payrolls increased 156,000 for the month and the unemployment rate ticked up to 5 percent, the Bureau of Labor Statistics reported Friday. Economists surveyed by Reuters had expected 176,000 new jobs and the jobless rate to hold at 4.9 percent. The total was a decline from the upwardly revised 167,000 jobs in August (compared with the original number of 151,000). A broad measure of unemployment and underemployment was 9.7% last month, holding steady from August and July but down from...
IRS Still Scrutinizing Certain Groups
The long-forgotten IRS scandal has continued to limp along largely unnoticed. Unfortunately, the IRS has not entirely curbed its behavior of discrimination, despite assurances. Some tea party groups still have not had their applications approved; the longest seems to be nearly seven years (Dec. 2009). And that's not all. Incredibly instead of finishing the process, more questions and information has been requested in some instances. Yet even more incredulously, the "IRS has taken the...
NYT Admits Obamacare’s Failures, Considers Options
The New York Times has admitted the failures of Obamacare: loss of insurers in many marketplaces, high premium costs, the collapse of many co-ops, overreaching federal mandates, and more. The Times suggests that change is necessary in order to ensure Obamacare's survival, but seems to endorse even more government participation, not less. There is a renewed push for a public option. One of the more ridiculous justifications from the article comes from the charge that “private insurance...
More Obamacare Woes, This Time in Minnesota
Yet another insurance regulator -- this time in Minnesota -- is sounding the alarm on the insurance market in their state, specifically describing it as "an emergency situation" with regard to rate increases next year and availability of competitive companies offering plans. "Department of Commerce Commissioner Mike Rothman said Friday that the five companies offering plans through the state's exchange or directly to consumers were prepared to leave the market for 2017. He said big rate...
New Yorkers Leaving In Droves
The New York Post had an article the other day regarding the continuous stream of New Yorkers leaving the state. An analysis found that "in 2014, 126,000 tax filers moved out of New York," more than any other state in the nation. Also significantly, "The Empire State also lost the most “high earners,” who reported making more than $200,000 a year." This particular phenomenon has been going on for years, as I have written about in previous articles. But it seems like some people are groups want...
No New Rate Hike
A couple of days ago, I wrote about my theory that as long as the interest rates stay low, the stock market will remain high -- because no one has any other place for investment. The rates have stay historically low for nearly a decade now, so investors have seen little-to-no return in many usual places. Just today, we hear the the Fed has rejected yet another rate hike, and furthermore, has "downgraded its forecast for economic growth in 2016 for the third time this year. It now projects...
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