Bachmann-Perry Overdrive, the Snag, and Other Notes
The real story of Michelle Bachmann’s “win” in the Iowa straw poll (not to be confused with the Iowa primary) isn’t that she got just over 4,800 votes—it’s that she paid for 6,000, proving at least 1,200 Iowa straw pollers are smarter than most of the reporters covering her “win.”
Late to the party mention: The Kauffman Institute’s Blogger Survey results are here (I hope).
The people who rant about 51% of Americans “paying no income taxes” are strangely silent about the fact that more than two-thirds of corporations don’t pay any—and they aren’t subject to Social Security or Medicare/Medicaid taxes either.
More Dr. Seuss is good, though “newly enhanced Seuss illustrations” sounds suspiciously like a step beyond even the later collaborations, such as The Butter Battle Book.
Robert (at least on his FB feed) is trying desperately to be nice to Matt Yglesias. I’m not, since Matt “I’ve never attended a public school so I know what’s wrong with them” Y. continues to fool himself about “the need for education reform” and refuses to pay attention to the research that shows most of those “reforms” his hedge-fund buddies are championing have been tried and failed. Jersey Jazzman does the heavy lifting here and (especially) here, while Bruce Baker notes the core of the Charterist argument.
Want a clear explanation for why people become writers or, if they don’t write well enough, bloggers? Jason Albert in, of course, Slate explains his own ego.
(The idea that maybe we need a third category of uncreative typist—Slate columnists—rises up when they try to make an economic argument without understanding sunk costs. But giving them any more pageviews would be a violation of the Douthat Rule.)
“they aren’t subject to Social Security or Medicare/Medicaid taxes either.”
Businesses do pay matching taxes on both.
Many C corps, particularly professional service corps, pay most of the “profits” out in salary to avoid double taxation (newer groups are loving to LLC models when possible).
A lot more detail would be useful in parsing this story.
My reaction to this post was “what the hell is my FB feed.” I have found my facebook feed. For some reason ThinkProgress puts my comments on facebook. I didn’t know about that.
I feel very old and techoilliterate.
Save the rustbelt:
It is certainly true that employers pay matching taxes on both. If I’m not mistaken, it is a deduction against earnings, lowiering the tax owed. Not so for the employee.
there’s a little box under their comment form you have to uncheck to stop that….
Caption This Photo
more than two-thirds of corporations don’t pay any—”
Oh come on Ken, you’re better than this.
Some two thirds of US corporations are S Corporations who aren’t actually subject to the corporate income tax. Shareholders are taxed straight income tax on the profits of the company.
You know this very well so why aren’t you explaining this rather than throwing around such a suspect talking point?
Could well be that report.
And here’s why it’s so terribly misleading.
http://www.forbes.com/sites/timworstall/2011/08/16/two-thirds-of-us-corporations-dont-pay-federal-income-tax-true-but-horribly-misleading/
Essentially, because two thirds of US companies are taxed as if they are partnerships, not companies.
But my real point is that Ken knows this, knows how misleading the statement is yet still uses it.