by Linda Beale IRS proposes new innocent spouse procedures In a press release IR 2012-3 (Jan. 5, 2012), the IRS has issued Notice 2012-8 announcing a new revenue procedure updating Rev. Proc. 2003-61. The IRS describes the effect of the procedure as follows. This proposed update to Rev. Proc. 2003-61 addresses the criteria used in […]
By general consensus, Japan’s “Lost Decade” (now in its Third Decade) begins in 1989. The biggest growth difference appears to come from the U.S. period from the Second (1996) Clinton Tax Reform to the 2001 recession—a big if, I grant you, but one that the Gingrich/DeLay-led Republican Party predicted would produce mayhem, and the alternative-history […]
Neil Wilson has done yeoman’s duty to (perhaps) achieve a convergence that has been too-long delayed. A Double Entry View on the Keen Circuit Model. Steve Keen is, to my knowledge, the only person who is actually encoding a Godley-esque, MMT-style, accounting-based, stock-flow-consistent dynamic simulation model of how economies work. But many MMTers have been […]
Continuing with one of my current hobbyhorses: Ryan Avent reports on the American Economic Association meeting, with special attention to a presentation by Robert Hall: Monetary policy: The zero lower bound in our minds | The Economist. Mr Hall argued that: A little more inflation would have a hugely beneficial impact on labour markets, And […]
Update: Dan here: I am posting Jon’s reply now to comments in this post. Technical troubles continue for Jon. It is always a pleasure to find clear and concise posts from a ‘new’ econoblogger. Mike Kimel found Econographia. Hopefully more is on the way. by Jon Hammond Guest post: Does a lower corporate tax burden […]
by Linda Beale CRS reports on repatriation tax holiday impact Shortly before the Christmas holiday, CRS released a report by Donald Marples and Jane Gravelle on the possibility of a second repatriation tax holiday for multinational corporations. Download Marples and Gravelle. tax cuts on repatriation earnings as economic stimulus. an economic analysis. 122011.c The holiday […]
Matt Stoller, the former Senior Policy Advisor to Rep. Alan Grayson and a fellow at the Roosevelt Institute has a couple of very interesting articles posted at Naked Capitalism, Why Ron Paul Challenges Liberals, and the follow-up, Naked Capitalism, “A Home for All Sorts of Bircher Nonsense” These are thought-provoking, in many ways insightful, and […]
by Rebecca Wilder What is a safe asset? Last month, David Beckworth at Macro and Other Market Musings had some interesting thoughts on the global shortage of safe assets. His essay got me thinking about what is a safe asset? Beckworth alludes to three definitions of ‘safe’: (1) a credit being AAA-rated, (2) satisfying a […]
Lifted from Robert’s Stochastic Thoughts: The Presidential Campaign has Been Going on too Long I read “MIT” as “Mitt” at this article MIT’s Light Speed Camera Captures Photons Moving then I immediately thought that, maybe with this new miracle technology they can freeze Romney’s policy positions and capture him mid flip flop.
by Linda Beale Romney’s Tax Plan–good for the wealthy, not so good for everybody else The Tax Policy Center has done an analysis of Romney’s plan for US taxation. SeeThe Romney Plan. It doesn’t look bad at all for the wealthy. In adding at least $600 billion to the U.S. deficit by 2015, Romney would […]