Infographic by latexmattress.org.
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A more substantive CBO post here and the actual research paper is here (pdf).
Infographic by Congressional Budget Office.
Harvard Dean David Ellwood moderates a discussion with a distinguished panel on the economic policies that inform the Occupy movement. They debate the causes of growing economic inequality, why we should care and what we might do concretely about it. The power of the American dream, family structures and education are discussed at length.
Via @TheArmoTrader:
Corporations will pay a total of $247.2 billion in state, local and federal income tax this year.
Via @douglas_blake:
Apple is worth more than all the homes in Detroit, MI ($153.1 billion) and Tampa, FL ($146.3 billion) combined.
Via @JosephMosby:
3.873 billion bricks in the Great Wall of China * $.52 per brick = Apple is worth more than the Great Wall of China.
Via @csilvers416:
The economic cost of obesity in America is $300 billion.
Via @hassankhan:
Apple is worth more than 45 days of worldwide oil consumption – Roughly $7 billion per day assuming 86 million barrels a day at $83 per barrel (Nymex Crude).
Via Reuters:
The DJ STOXX euro zone banks index is valuing its 32 members at $340 billion.
In contrast, Apple’s market capitalization has soared to $340 billion on the back of the success of innovative technology products like iPods, iPhones and iPads.
Warren Buffett Talks About His New York Times Op-Ed Article «Stop Coddling The Super-Rich» On Charlie Rose.
A Passionate Ratigan Calls Out The Corrupted U.S. Political – Business Ties.
About The Discussion, Produced By Reason.com:
«Facebook’s Mark Zuckerberg recently declared that he was “cool” with the idea of paying more income taxes. On its face, this might seem like a good idea. Raising the top income tax rate seems like an effective way to make our (already progressive) federal tax system more progressive. Yet as Reason columnist and Mercatus Center economist Veronique de Rugy explains in her weekly appearance on Bloomberg TV, the rationale underlying this policy recommendation ignores the complexities of the United States federal tax system. By separating economic myth from economic truth, de Rugy provides the facts about taxes and spending.
Myth 1: Millionaires who favor of an income tax increase are fiscal heroes.
Fact 1: No, they’re not. Many of the rich get the majority of their income in the form of capital gains and dividends rather than ordinary income. They are essentially advocating a tax increase on those making much less money than they do.
Myth 2: Big government means more redistribution to the poor.
Fact 2: Large governments tend to have less progressive taxation than smaller ones.
Myth 3: The doomsday projections about unfunded Social Security and Medicare obligations are overstated.
Fact 3: The unfunded liabilities for Social Security and Medicare exceed one full year of the United States’ gross domestic product. That’s on top of the spending that’s supposedly funded.»
For Additional Info, Read The Facts About Taxes and Spending, By Veronique De Rugy’s.
«Russian tax law is so complex that Novikov Restaurant Group employs five accountants at each restaurant.»
Full story from Financial Times here [via Marginal Revolution].
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«This includes only the statewide rate. Many cities and towns impose a local rate on top of the statewide rate, which is not reflected in these numbers.»
Source: Tax Foundation.
HT: Mark J. Perry.
Google launched a competition, the Data Viz Challenge, to find out how the government spends taxpayer’s money. The host asked developers to visualize how federal income tax dollars are spent, and received more than 40 entries that – as Google described – «each take a unique approach to making this data more accessible to taxpayers». Here is an excerpt from the announcement:
«In the end, our jury selected Anil Kandangath’s “Where Did My Tax Dollars Go?” as our Grand Prize winner. As the jury noted, his entry is information-rich but elegantly designed, and at no point while interacting with the visualization do you lose the “big picture.” Anil’s entry is a great example of how data visualization can take boring, complicated, but critically important information and make it accessible to everyone. Congratulations, Anil.»
Full story from the official Google Blog.
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