Senator Ron Johnson of Wisconsin announced last week that he couldn’t support the Senate tax reform bill because it failed to align the treatment of corporate income (which is taxed once when it’s recorded as profit and again when distributed to shareholders) with “passthrough” income, which is taxed only when it is reported on an individual taxpayer’s return. Rather than … [Read more...] about How Ron Johnson’s weird idea for corporate tax reform might work
I think that, to a degree that sometimes seems unusual in these heated times, I enjoy reading and listening to people who don't just disagree with me, but fundamentally disagree with me. This is partly because I don't even agree with the people who agree with me, so I get annoyed whenever a Democrat suggests a new means-tested tax credit and I see in my mind's eye the dozens … [Read more...] about On mutual understanding
I recently returned from a long weekend trip to my hometown (made longer by one voluntary bump and one involuntary missed connection), and have been turning over in my head something that has come to seem more and more important to me. Here it is: small-town life is so obviously superior to big-city or suburban life that the suggestion that big cities or suburbs are better … [Read more...] about An unbridgeable divide in American life
Many people are saying, "sure, I love Independently Financed, but I'm upset there's no way I can express my support in tangible terms, like a monthly contribution." Other people are saying, "Independently Financed is literally the worst blog, but I don't have any way to express my disgust with its author's constant hectoring about entrepreneurship and economic … [Read more...] about Independently Financed has a Patreon page!
There is a question which I find fascinating but which everyone else seems to treat as utterly banal: why do people operate mutual funds, hedge funds, real estate investment trusts, and other investment vehicles for the benefit of other owners and shareholders? After all, if you really believed that a long/short market-neutral trading strategy will generate returns in excess … [Read more...] about Why do people operate investment vehicles?