I’ve been saying this for years as well:
corporations don’t pay taxes — they collect them. Any taxes are actually paid by customers (higher prices), employees (lower wages), shareholders (smaller returns), etc. The ideal corporate tax rate is therefore zero, but politically that would never fly. Instead we have a tangled mess of corporate tax law, which benefits large corporations with their armies of lawyers and lobbyists. Small corporations which can’t afford all that are put at a competitive disadvantage, not to mention sole proprietorships which pay through the nose on everything.
But since we can’t get an ideal corporate tax rate, a flat and transparent corporate tax would be the next best thing. Our current system is the worst of all possible worlds: It diverts resources and manpower away from investment and innovation, and stifles entrepreneurs to the benefit of established interests.
On the other hand, our system creates endless possibilities for corruption and graft. So it has that going for it. Which is nice for Washington.
One other point: People are saying that most of the benefits of the tax bill go to the upper percentage. Ignoring the fact that you can’t cut taxes without cutting them on the people who pay the most taxes, cutting corporate taxes in fact effectively reduces indirect tax costs for all the people above, who are in all income brackets (particularly the employees and customers). As I wrote years ago, we can’t cut taxes, we can only cut (or increase) tax rates.
Nothing really new here for people who follow this sort of thing, but here’s as good an overview of Pentagon plans as you can get without a clearance. I think that if BFR and Blue Origin’s vehicles come to be, they’ll dramatically open new capablities and change a lot of doctrine and strategy.
[Update a few minutes later]
This seems related. A new report, titled Escalation and Deterrence in the Second Space Age. Looks interesting.
[Via Leonard David]
Not content to rest on his laurels, Barack Obama tries to sell even more.
It’s “the usual mix of half truths, exaggerations, omissions and outright lies.”
In other words, what we’ve come to expect from government climate reports.
Oops, Naomi Oreske caught with biased numbers on “Exxon knew.”
Gee, it’s almost as thought they have a political agenda.
Lee Billings has an interview with him. This is Scott’s (whom I’ve know well for 35 years) standard response when asked about SLS:
Heavy-lift rockets are strategic national assets, like aircraft carriers. There are some people who have talked about buying heavy-lift as a service as opposed to owning and operating, in which case the government would, of course, have to continue to own the intellectual properties so it wasn’t hostage to any one contractor. One could imagine this but, in general, building a heavy-lift rocket is no more “commercial” than building an aircraft carrier with private contractors would be.
He never explains how a rocket that almost never flies, and costs billions per flight, if and when it does, is a “strategic national asset.” It seems more like a liability to me, in the modern age of commercial spaceflight.
[Update Tuesday morning]
More thoughts from Eric Berger.
NASA’s safety Kobayashi Maru.
This is insanity.
Bob Zimmerman righteously rants. I really find it hard to believe that this thing will ever fly with crew.
Things are heating up there, and I don’t think it’s being covered much, particularly given all the coverage of the Texas shooting. First, the Huthis fired a Scud missile at Saudi Arabia from Yemen, which the Saudis shot down, and are blaming on their puppetmasters in Iran, declaring that it may be an act of war.
Meanwhile, the Lebanese Prime Minister has resigned. In Riyadh. Because he fears for his life and that Iran is now effectively in control there. And there’s a huge shakeup going on in the House of Saud. The ancient rivalry between the Arabs and the Persians may be reaching a boiling point.
All this as Israel has been engaging in the biggest war games in almost two decades.
But nothing to worry about. No more peaceful, stable region in the world, historically, than the Middle East.
[Update a few minutes later]
And the deputy governor of Asir province was killed in a helicopter crash. Could be a coincidence, but there’s a lot going on over there.
Steve Hayward writes that the Trump administration is arguably more conservative than Ronald Reagan’s. But to be fair, Reagan never had control of the House.
Watching football while replacing all the plumbing under the kitchen sink. Trap is clogged, and while we were renting it a decade ago, some idiot glued in two-inch ABS down there that’s impossible to get apart without cutting it off. It will give me a chance to get the disposal off to replace the old web in its throat, and put in separate traps for each sink, plus make it much easier to work on in the future.
Well, that turned into an adventure. Ended up replacing everything under the sink, including disposal, and still not sure I solved the drain problem, and won’t know until I go get an extension for the dishwasher drain hose.
Got all the plumbing put together, and determined that the drain problem was indeed downstream. Just paid a plumber $160 to snake it, and now it’s running clear. All in all, job cost about $450, but that included a powerful quiet new disposal. Hate to think what a plumber would have charged to do everything I did.
There’s still no evidence of any crime, but there is for Hillary’s campaign.
Cathy Young writes that sex is a lot more complicated than the gender feminists want to pretend.