I don't know which is funnier and weirder in this July 14 Investment News article about the death of George Steinbrenner and its relationship to estate taxes -- the amounts being discussed, or the panting greed of the politicians.
Here are a couple of excerpts, see what I mean:
"...The loss of tax revenue from Mr. Steinbrenner's death will no doubt have lawmakers in Washington clamoring to make the 2010 death tax retroactive to the '09 rate. Already, three other billionaires have died this year, including Houston oilman Dan L. Duncan, who left behind an estate believed to be worth nearly $10 billion. That's a lot of tax dollars being left on the table.
"In June, three U.S. senators sent a letter criticizing the lack of an estate tax, citing the deaths of Mr. Duncan and others. “At a time when we have a record-breaking $13 trillion national debt and an unsustainable federal deficit, people who inherit multimillion- and billion-dollar estates must pay their fair share in estate taxes,” said the letter, which was signed by Sens. Bernard Sanders, I-Vt., Tom Harkin, D-Iowa, and Sheldon Whitehouse, D-R.I."
OK, point 1: Private citizens have money, and we, the Congress, want some! "That's a lot of tax dollars being left on the table." Is that drooling I see? Let's disguise our bald greed with the judicious if inane use of the word "fair" as in "their fair share." A "fair" share, to a Congressman, is every nickel he can get from you. Preferably all of it. Don't waste your time trying to pin one of these jerks down to a definition of a "fair share." You got it? They want it. You big mean greedy SOB -- you just want to keep it because you earned it, you created it, you made it grow. And you can't pass it on to your heirs, like any normal human being would want to! That's "unearned income!" Which makes me wonder what the Senators who signed that letter have done to "earn" George Steinbrenner's billions?
Point 2: Look at all these billionaires getting away with their money! A couple at a billion each; one guy at ten billion! Damn! Hey wait a minute -- how much did they say that deficit was? Thirteen trillion?!?! Jesus, if you took every nickle from these billionaires you couldn't make a dent in that deficit! You couldn't add up the top 100 earners in the country to retire one of those thirteen trillion dollars in planned spending!
There's literally not enough money in the US economy to cover that deficit! And attempts like this to grab other people's money will have the consequence of depressing economic performance even further!
I have an idea! Why don't you go back and unravel some of that planned deficit spending, since we don't have the money and never will. Oh, I forgot -- no Congressman ever got elected or reelected by cutting spending.....
Wednesday, July 14, 2010
Saturday, July 10, 2010
This was in a recent issue of the Los Angeles Times:
"People in nearby earth-tone houses will ask the owner to think of them and mute her paint."
The article is typical of its kind: The house is bright green, some neighbors (identified as "the" neighbors) don't like it, and want the law to come make her change it to a color they like. They don't say they have superior aesthetic judgement -- they talk about fitting in with "the character" of the neighborhood (though a neighborhood with all 'earth-tone houses' seems to me to be pretty much without any specific character), and about property values -- the ultimate sword of the neighborhood meddler: Someone's house for sale hasn't gotten any offers since that awful paint job!
It appears that each property owner in a free society is limited in the use of their own property by the potential sale price of neighboring houses. I mean, a free society is all well and good, but my property values....!
We had an optometrist who painted her office in the middle of our small town, Castro Valley, in northern California, a shocking shade of purple -- basically the same as this house, except purple with green trim. The neighbors jumped up and down and demanded a law - since we are in an unincorporated area, there were no laws. Uproar.
Then, oddly, a backlash -- other neighbors started insisting that THEY actually LIKED the colorful business building. Like another commenter here, they were tired of beige beige beige. They eventually drowned out the complainers.
Today, a few years later, nobody notices the purple building. It's still there. We've gotten used to it; now we like it.
Your instant reaction to art isn't and shouldn't be made into the law. Stop being so bossy; relax; take a chill pill. Wait a year and see if you still hate it. If you still do -- too doggone bad.
I understand that people might not like the color of a house, or not like it to be in their neighborhood. But the strength of their aesthetic opinion gives nobody property rights in another person's property.
You don't like it -- this gives you no authority over them. You really REALLY don't like it -- this STILL gives you no authority over them.
You can even say it makes it harder to sell your house, that it depresses property values in your neighborhood. The value of your property STILL gives you no property rights over her home!
You can not like it. You can ask her to change it. You can reason with her, try to persuade her. But in the end, it's her house. You have no property rights due to your eyeballs being offended.
If property rights mean anything, they mean the right to peaceful enjoyment of your own property regardless of the artistic opinions of your neighbors -- even if they are architects -- even if they are government officials -- even if they are sacred zoning commissioners -- even if you voted for them -- even if you are firmly convinced that YOUR value judgement here is far superior to hers -- even if you and ALL YOUR NEIGHBORS hate the color of the house!
If that's not true, then the expression, "It's a free country" is not true either. We don't live in a free country; we live in a country as free as our neighbors care to let us be. Instead of the old slogan, "My freedom to swing my fist stops at your nose," the saying should now be, "My freedom to do anything stops at your opinion of what I'm doing."
In other words, finally, I am free to do anything that you don't care about. As long as it doesn't bother you, as long as you aren't offended by it, as long as you don't disapprove, I can do anything I want. But woe betide me if you don't like it -- then I have no freedoms at all. The Neighbors get to rule -- supported by local government.
This kind of thing is catnip to politicians. And that's why the Constitution attempts (too often in vain) to limit their power to help your neighbors oppress you.
Friday, July 9, 2010
Thursday, July 1, 2010
Rahn Curve& Video Shows Government Is Far Too Big
Cato 5-minute video presents a government-spending-optimization concept similar to the Laffer Curve for optimal tax rates.