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Academic Insights for the Thinking World
By Edward Zelinsky
On a personal level, I enjoyed the news reports that Governor Romney holds assets worth tens of millions of dollars in his individual retirement account (IRA). These reports confirm a central thesis of The Origins of the Ownership Society, namely, the extent to which defined contribution accounts, such as IRAs and 401(k) accounts, have become central features of American life.
By Edward Zelinsky
As every baseball fan knows, Albert Pujols has signed a ten year, $254 million contract with the Los Angeles Angels. Pujols, a three-time MVP who has hit 445 home runs so far in his major league career, deserves every penny he is paid. The competition for Pujols demonstrated meritocracy and markets at their best.
The first time I read My Antonia, I hated it. That was to be expected: It was required reading in my sophomore English course at Omaha Central High. This was during the Sixties. In the Age of Aquarius, no one was supposed to like assigned reading. That’s why it had to be assigned. I next confronted My Antonia in college. Like Jim Burden, Willa Cather’s narrator, I had left Nebraska to go to east to continue my education.
By Edward Zelinsky
Media reports have indicated that New York Governor Andrew Cuomo has been considering the use of public pension funds to finance the replacement of the Tappan Zee Bridge and to underwrite other infrastructure investments in the Empire State. This is a bad idea, harmful both to the governmental employees of the Empire State and to New York’s taxpayers. Using public pension monies in this fashion trades the immediate benefits of public construction for the long-term cost of underfunded public retirement plans.
By Edward Zelinsky
Although he had said it before, Warren Buffett struck a nerve with his most recent observation that his effective federal tax rate is lower than or equal to the effective federal tax rates of the other employees who work at Berkshire Hathaway’s Omaha office. Mr. Buffett’s observations have provoked extensive comments both from those supporting his position (e.g., President Obama) and those critical (e.g., the editorial writers of the Wall Street Journal). In response to Mr. Buffett’s remarks, President Obama has promulgated what he calls “the Buffett Rule,” namely, that those making
By Edward Zelinsky
In presidential elections, Nebraska and Maine today allocate one elector to the candidate who prevails in each congressional district in the state and award the remaining two electors (corresponding to the states’ U.S. Senators) to the statewide popular vote winner. All other states bestow their electoral votes as a bloc on a winner-take-all basis. In Pennsylvania, the Republican governor, senate majority leader, and speaker of the state house of representatives propose that, starting in 2012, the Keystone State emulate Nebraska and Maine and apportion one electoral vote to each of
By Edward Zelinsky
Warren Buffett has again called on Congress to raise federal taxes on affluent taxpayers. In an opinion piece in the New York Times, Mr. Buffett urged Congress to increase federal taxes on taxpayers with annual incomes greater than $1,000,000. As he has in the past, Mr. Buffett contrasted his effective tax rate with
By Edward Zelinsky
The world watches events in Libya, Egypt, Syria and other parts of the Arab world with a mixture of hope and trepidation. Slogans promising the quick and easy reform of an Arab Spring have given way to the harsh reality that violent autocracies are not easily overthrown. A fundamental, but politically incorrect, truth of this combustible situation is that only one Middle Eastern nation has created a functioning democratic society: Israel. Arab reformers, if they wish to create free, modern states, must terminate the Arab boycott of Israel and must instead emulate Israel.
By Edward Zelinsky
Receiving my AARP membership card was one of the truly traumatic events of my life. I had marched for civil rights. I had protested the war in Vietnam. I walked the streets for Gene McCarthy. I was a legitimate Baby Boomer. How could this have happened to me?
My wiser and more self-confident spouse took it in better stride. Doris quickly became adept at pulling out her AARP card and demanding old-age discounts, as I stood sheepishly aside.
By Edward Zelinsky
I may be losing my status as the poster boy for New York’s irrational income taxation of nonresidents. The recent decision of New York’s Tax Appeals Tribunal threatens to bestow this dubious honor upon Mr. John J. Barker.
By Edward Zelinsky
It hasn’t been fun being a health care Grinch. Until recently, we health care Grinches have been the objects of bi-partisan scorn.
We have been warning that health care cost control will be painful and will entail reduced medical services and lower payments to health care providers. “Nonsense,” retorted President Obama. Taking a page from the Republican book of bromides as he plugged his health care reforms, Mr. Obama assured the nation that health care costs can be controlled painlessly, by purging “waste” and “fraud.”
By Edward Zelinsky
It is noteworthy when eight ideologically diverse justices of the U.S. Supreme Court all decide a First Amendment case the same way. Thus, Snyder v. Phelps is a noteworthy decision. The Westboro Baptist Church is well-known for its demonstrations at military funerals. Indeed, the Westboro Church, led by (and, some say, principally consisting of) the Phelps family, has the rare distinction of having been denounced by both Jon Stewart and Mike Huckabee.
By Edward Zelinsky
As they scramble for tax revenue in a challenging environment, the states increasingly turn to so-called “Amazon” laws to force out-of-state internet and mail order retailers to collect tax on their sales. The Illinois General Assembly is the most recent state legislature to pass an Amazon statute. New York, Colorado, Rhode Island, North Carolina and Oklahoma have already enacted such laws while Amazon acts are pending in other state legislatures.
While they differ in important respects, all of these proposed and enacted laws share the premise that goods which are taxed when purchased in a conventional, bricks-and-mortar store should also be taxed when bought from an online or mail order retailer. This premise is compelling.
By Edward Zelinsky
Connecticut’s new governor, Dannel P. Malloy, has appointed six sitting members of the Nutmeg State’s General Assembly to positions in the executive branch. These gubernatorial appointments have engendered a fair amount of discussion since special elections will be required to fill the legislative vacancies resulting from these appointments.
There has, however, been no public discussion of the pension implications of these appointments. Under Connecticut’s retirement plans for government employees, relatively brief service in executive positions results in significant spikes in legislators’ state pensions.
By Edward Zelinsky
Sixteen more billionaires have signed the “Giving Pledge” sponsored by Warren Buffett and Bill Gates. Signers of the Pledge commit to donating to philanthropy a majority of their wealth. New signers of the Pledge include the founders of Facebook, Mark Zuckerberg and Dustin Moskovitz.
Critics of the Giving Pledge denounce it as a public relations gimmick. Even if each Pledge signer donates a majority of his fortune to charity, his heirs will still inherent substantial wealth from what remains.
I am not one of these critics. I take Mr. Buffett, Mr. Gates and the other signers at face value and applaud their charitable intentions. I do find it interesting that certain names are absent from the Pledge. For example, despite their
Tweet As the year draws to a close, we’ve been reflecting on all the wonderful books published in 2010, and in doing so, we’ve also realized there are some classics worth revisiting. The authors and friends of Oxford University Press are proud to present this series of essays, which will appear regularly until the New […]