Category Archives: Media Criticism

Business, Economics, Media Criticism, Political Commentary

A Great Idea

10 Comments

…that will never happen, at least in this administration/Congress: reduce the corporate tax rate to zero:

In addition to New Deal spending programs, a series of new taxes were introduced that crushed the innovation, risk taking, and growth plans of entrepreneurs, corporations and investors. From 1930 to 1940, the top marginal income-tax rate rose to 79% from 25% while the corporate income-tax rate doubled to 24% from 12%. In addition, Roosevelt tacked on an excess profits tax and undistributed profits tax. He imposed an excise tax on dividends. Even the new Social Security payroll tax added 2%. As a result, the New Deal forced the allocation of money away from the private sector. …

The quickest way to strengthen the credit system and begin the end of this crisis is to get money into the economy for true job creation, and not into government work programs. The way to do this is to slash taxes. The U.S. corporate tax rate, currently the highest in the world, should be cut to 0% (corporate income would still be taxed, of course, when distributed to shareholders as dividends). The capital-gains tax should be cut further.

It’s often been said that corporations don’t pay income tax — they just collect it, either from shareholders, employees, or customers. Just eliminate it, if you want to see job growth. And if you’re not going to cut capital gains, at least index the gain calculation to inflation, so that people aren’t taxed on false gains.

Media Criticism, Political Commentary, War Commentary

History Repeats

8 Comments

First time as tragedy, second time as tragedy again — Europe’s continuing estrangement from Israel:

I am standing in a queue waiting to buy a train ticket from London to Canterbury. A well-dressed lady standing behind me informs her friend that she “can’t wait till Israel disappears off the face of the earth.” What struck me was not her intense hostility to Israel but the mild-mannered, matter-of-fact tone with which she announced her wish for the annihilation of a nation. It seems that it is okay to condemn and demonize Israel. All of a sudden Israel has become an all-purpose target for a variety of disparate and confused causes. When I ask a group of Pakistani waiters sitting around a table in their restaurant why they “hate” Israel, they casually tell me that it is because Jews are their “religion’s enemy.” Those who are highly educated have their own pet prejudice. One of my young colleagues who teaches media studies in a London-based university was taken aback during a seminar discussion when some of her students insisted that since all the banks are owned by Jews, Israel was responsible for the current global financial crisis.

It’s looking like the 1930s again in more ways than one. Let’s hope it ends better this time.

General Science, History, Media Criticism, Social Commentary

Bailout Questions

15 Comments

Here are some good ones. I suspect that the socialists will have a response to this one, though:

President-elect Obama claims that spending approximately $800 billion will create 3.675 million new jobs. That comes to $217,000 per job. This doesn’t sound like a very good value, especially with the national average salary around $40,000. Wouldn’t it be cheaper to just mail each of these workers a $40,000 check?

The response will be that the jobs will last more than a year. But of course, they’d have to last at least five years to be equivalent.