Washington Post (November 18, 2013)
Little is definitively known about global warming, but it would be wise to take pragmatic measures. “Putting a price on carbon—through a tax on oil, coal and natural gas—that reflects global warming’s costs… would promote energy efficiency and favor renewables.” But how would one determine the size of that carbon tax? “We don’t know global warming’s full effects…. But we do know the size of the budget deficit, and we do know that revenue from a carbon tax might help finance a simplification of the income tax. By addressing multiple problems, an admittedly unpopular carbon tax might command broader support.”
Tags: Budget deficit, Carbon, Carbon tax, Energy efficiency, Global warming, Income tax, Renewables, Revenue, Support
Wall Street Journal (October 2)
The rise in Japan’s consumption tax is an unwelcome return to the old “tax and spend” playbook. Of the estimated $88 billion in revenue, over $50 billion is marked for spending as stimulus. “More rapid and durable economic growth is the only escape from Japan’s self-constructed fiscal trap. Mr. Abe still has a chance to rescue his economic program with a new reform plan, the long-awaited ‘third arrow.’ But with his tax increase he is creating another headwind to overcome.”
Tags: Abe, Consumption tax, Economic growth, Fiscal trap, Headwind, Japan, Reform, Revenue, Stimulus, Tax and spend, Tax increase, Third arrow
Institutional Investor (January 31)
“A platform war is intensifying in the global foreign exchange market, with more than half a dozen entrants jumping into the space in the past few months. It’s still too early to know which platforms will emerge as winners, but the proliferation of venues is already sparking declines in already-low trading costs, with banks earning less on each trade, in a situation similar to what’s happened in equity markets over the past decade. One banker estimates that revenue per trade has dropped by about 9 percent over the past year through a narrowing of bid-offer spreads.”
The Economist (December 8)
“After years of bad headlines the industry finally has some good news.” Over the past decade, newspapers took a terrible tumble as U.S. revenues nearly halved. But newspapers haven’t died and things may be looking up. “Revenues from advertising are still falling, but those from circulation have at last started to stabilise. At some papers, such as the New York Times, circulation revenues this year are forecast to offset the decline in advertising for the first time in at least five years.”“After years of bad headlines the industry finally has some good news.” Over the past decade, newspapers took a terrible tumble as U.S. revenues nearly halved. But newspapers haven’t died and things may be looking up. “Revenues from advertising are still falling, but those from circulation have at last started to stabilise. At some papers, such as the New York Times, circulation revenues this year are forecast to offset the decline in advertising for the first time in at least five years.”
Tags: Advertising, Circulation, Newspapers, Revenue, U.S.
Financial Times (July 2)
Prime Minister Noda took a step in the right direction by increasing the consumption tax. “It was right of Mr Noda to push for the reform, which lifts the 5 per cent consumption tax to 8 per cent, then 10 per cent by 2015.” By achieving the increase, he has defied “impressions that Japan’s politicians cannot get anything done.” The increase will help to narrow the revenue gap. It will also begin to redistribute wealth from older generations to younger generations.
Los Angeles Times (February 26, 2012)
The Parthenon, Delphi and other heritage sites will generate revenue as sets for ads, films and other promotions. Some modern Greeks find this unsavory. Yet, 2,500 years ago similar measures were taken by Greeks confronting an earlier financial crisis. “Pericles would no doubt admire modern Greeks for using cherished relics to bootstrap themselves out of crisis. So would Thucydides, Pericles’ great fan and chronicler. Both men were modernists and pragmatists, willing to regard even a sacred shrine as a revenue stream. In tough times, they understood, a brave nation does what must be done.”
The Parthenon, Delphi and other heritage sites will generate revenue as sets for ads, films and other promotions. Some modern Greeks find this unsavory. Yet, 2,500 years ago similar measures were taken by Greeks confronting an earlier financial crisis. “Pericles would no doubt admire modern Greeks for using cherished relics to bootstrap themselves out of crisis. So would Thucydides, Pericles’ great fan and chronicler. Both men were modernists and pragmatists, willing to regard even a sacred shrine as a revenue stream. In tough times, they understood, a brave nation does what must be done.”
Tags: Delphi, Financial Crisis, Greece, Parthenon, Pericles, Revenue, Thucydides
New York Times (May 4)
Harvard Professor Martin Feldstein writes that raising the income tax rate is unnecessary. Limiting tax deductions, allowances and other credits is, however, essential. Feldstein proposed capping these at 2% of each tax payer’s adjusted gross income. This alone, “would raise tax revenue by $278 billion — nearly 30 percent of total projected income tax revenue for this year.”
Tags: Deductions, Rate, Revenue, Tax, U.S.
Financial Times (April 17)
To close its budget shortfall, America needs to tackle tax reform. Tax simplification could eliminate “the lunatic complexity of the US tax code” and provide a “free lunch” to a nation stretched for dollars. “Gradually eliminating tax exemptions for mortgage interest, employer-provided healthcare, and myriad other expenditures…would raise so much money that tax rates could be deeply cut even as revenues were increased.”
Tags: Budget, Revenue, Tax reform, Taxes, U.S.
