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Tag Archives: Elizabeth Warren

Profligacy for Austerity?

Suppose you strongly desire to drastically increase the amount of education that people consume.  What should you do? The obvious answer: Make education completely free of charge – and have the government pay the the entire cost. I say this obvious answer is obviously right.  As I explain in The Case Against Education, I favor extreme educational austerity, because I think the education system is a waste of time and money.  Nevertheless, given the goal of drastically...

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Indian Health Service For All?

EAGLE BUTTE, S.D.— Kate Miner walked into the Indian Health Service hospital, seeking help for a cough that wouldn’t quit. An X-ray taken of Ms. Miner’s lungs that day, Oct. 19, 2016, found signs of cancer. What exactly the IHS doctor said to Ms. Miner about her exam remains in dispute. Notations in her medical file indicate the doctor told her to come back for a lung scan the next day. Her family says they never were given such instructions and weren’t told of the...

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Elizabeth Warren’s 68.7 Percent Tax on Capital Income

An individual with this year’s stock of wealth W earning the return of r could be next year (assuming away any consumption) subject to a tax that is imposed on either (1+r)W or rW — a wealth or a capital income tax. It is immediate to see that absent any other considerations, a tax of t on wealth is revenue-equivalent to a tax of τ=(1+r)t/r imposed on capital income rW. This links the two bases and provides a straightforward comparison of the burden that a wealth tax would impose on capital...

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Income tax rates are a misleading indicator

The Wall Street Journal discusses Elizabeth Warren’s tax plan: Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend or interest. If all of Ms. Warren’s taxes are implemented, he could owe 58.2% of that, or $35 in federal tax. Plus, his entire investment would incur a 6% wealth tax, i.e., at least $60. The result: taxes as high as $95 on income of $60 for a combined tax rate of 158%. The rate would vary...

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Banning E-Cigarette Flavors

The state (the whole apparatus of sovereign government) does not reach decisions randomly at some sort of ritual coin-throwing ceremony. Given its claim as an ultimate monopoly of violence and its decision-making technology—in the cases of interest here: majoritarian democracy with its problems of collective action and voters’ rational ignorance—the state will be led, as by an invisible hand, to reach certain decisions and to avoid others. Resisting these built-in...

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Elizabeth Warren Is a Bad Economist!

According to Elizabeth Warren, we have a problem. And like every good central planner, she believes she can fix it.In fact, Warren has made, “I have a plan for that,” a campaign slogan.These people never learn. They try to micromanage the economy, create all kinds of unseen consequences, blame “capitalism,” and repeat the process.In his famous essay “That Which Is Seen and That What Is Not Seen,” French economist Frédéric Bastiat emphasized the importance of looking for the unseen...

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Don’t Ignore the Median Voter Theorem

Marc A. Thiessen writes: With three polls showing her in the lead, Sen. Elizabeth Warren (D-Mass.) may soon eclipse former vice president Joe Biden as the front-runner for the Democratic presidential nomination. That’s great news for Republicans, because Warren has a problem: The central message of her campaign is that the economy is working for the very wealthy but it is not working for ordinary Americans. Unfortunately for her, ordinary Americans disagree. That is...

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Henderson on Tom Woods Podcast

Tom Woods contacted me last Thursday morning to ask if he could interview me that afternoon on this 8-minute monologue from Tucker Carlson in which Tucker endorses Elizabeth Warren’s economic plan and claims that libertarians are running Washington. On this latter, who knew? So with minimal prep, I did so. That episode has now come out. It is Episode 1423. It goes a little under half an hour and I was pretty pleased with it. I did make one major factual error. I said...

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Elizabeth Warren Bet Update

Since Elizabeth Warren has announced her Presidential candidacy, my 2017 Warren bet with my friend Ben Haller has officially activated.  He’s betting $50 against my $100 that she wins the Presidency.  When we made the bet, betting markets put her odds at 7.9%, but now they’re down to a measly 3.1%. Of course, back in 2015 I probably would have given Trump about a 3.1% of winning, too…

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What Life Is Like For A Million People In Puerto Rico Who Still Don’t Have Power

Authored by Daisy Luther via The Organic Prepper blog, If you ever wondered what it would look like if the grid collapsed here on the mainland, the island of Puerto Rico is a tragic, real-life case study. These stories show us what life is like for more than a million people who STILL don’t have power and running water nearly 3 months after Hurricanes Irma and Maria devastated their communities. According to a website showing the status of utilities on the island, four months after two...

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