Become a Patron! I've lately been researching some employer-side tax benefits and binge-listening to an organized-crime-themed comedy podcast, which I'm not going to name because it's so vulgar that I strongly discourage anyone with a weak stomach or guilty conscience from listening to it (e-mail me if you're interested), and the two eventually crystalized in my mind the … [Read more...] about What would total employer-employee collusion look like?
taxes
That’s not how any of this works, Amazon edition
The recent debacle in New York over Amazon's plan to open an office there under the hilarious marketing slogan of "HQ2" (or maybe HQ1.5, or maybe HQ2.14159?) gave finance journalists, who I've long insisted are the laziest people on earth, the opportunity to cluck their tongues about the poor state of "financial literacy," and gives me the opportunity to debunk a few of the … [Read more...] about That’s not how any of this works, Amazon edition
Let’s all go to the movies
When Ronald Reagan needed to explain to the American people the outlandish claims of his voodoo economists, he would often reach back into his remaining intact memories of his first career, as a Hollywood star. Who could forget such iconic roles as "The Gipper," "The Gipper: Tokyo Drift," and of course "2 Gipper 2 Furious?" Reagan patiently explained to his lead-damaged … [Read more...] about Let’s all go to the movies
Reminder: the buyback debate is about taxes, not corporate finance
Long-time readers know that the way to tell if a financier is lying about stock buybacks is to check if their mouth is moving. But since buybacks are back in the news, meaning lies about buybacks are back in the news, I thought I'd offer a quick refresher. If buybacks and dividends are identical, why do buybacks at all? The lie about buybacks always starts the same way: … [Read more...] about Reminder: the buyback debate is about taxes, not corporate finance
“Opportunity Zones” are a terrible idea, poorly implemented, but big ambitious policies can and do work
Over the course of 2018 we've seen increasing clarity about the so-called "Opportunity Zones" included in the Republican smash-and-grab tax heist of 2017. Over at Alpha Architect they have an excellent breakdown of the tax advantages of these investment vehicles, so I'll stick to the roughest possible outline: taxable capital gains (e.g. from the sale of an appreciated … [Read more...] about “Opportunity Zones” are a terrible idea, poorly implemented, but big ambitious policies can and do work