taxes

Much of the commentary on the budget was shallow. What is really going on is that the changes are small but they reflect a particular political perspective. The financial threat was hardly discussed

Allow me to be irritated by the trivial discussion which surrounds the government’s annual budget. The budget is simply the government setting out its spending, revenue and borrowing plans for the year, as required by legislation and as has been a fundamental part of the constitution for three centuries.

The increase of the share of those on top incomes has not been caused by market forces but is the result of their more favourable taxation regimes they have experienced since the early 1990s. 

Policy Quarterly has just published papers from a symposium on distributional inequality held last June. There are really interesting papers by Geoff Bertram, Phillip Morrison, Bill Rosenberg and Simon Chapple et al which you may want to read for yourself.

 They involve tax rates horrendously high or the minimum incomes so low that ihe UMI is not a viable means of eliminating poverty.

The notion of a universal minimum income has had a long gestation. Some say it originated with a proposal for a ‘social dividend’ by Lady Rhys Williams as far back as 1942 but you can find precursors even to that. The American origin is Milton Friedman’s ‘negative income tax’.

Iraq could plunge into sectarian war; Chinese president Xi Jinping meets with Obama; seven Muslims sentenced to jail for killing Buddhist monk in Burma; Pakistan's new PM wants to have talks with Taliban; Ireland denies helping Apple save billions in taxes; and more

Top of the Agenda: Iraq Sectarian Violence Escalates

Mitt Romney does it again...this time writing off Democrats en masse as tax-avoiding bludgers who think the government owes them a living and who can't be taught  personal responsibility. With just seven weeks till election he's written off half the country. Way to go!!  

So there is a campaign god, and she’s not Mormon.

If ever the American electorate was in doubt about which Mitt is which, now they know, courtesy of the candidate himself and a 70-minute video of him in full, wealthy-donor loving flight.