Posts Tagged ‘Mitt Romney’

Wisconsin Policy Lab

August 20, 2012

by Chidem Kurdas

Paul Ryan is said to be influenced by Milton Friedman, Friedrich von Hayek and Ayn Rand. One might add that as the representative for Wisconsin’s first congressional district, he is from a state that has often been in the vanguard of policy thinking. Read the rest of this entry »

Mitt Romney is Not a Tax Idiot

August 6, 2012

by Mario Rizzo

Let us begin with a famous quotation from Judge Learned Hand in a decision affirmed by the Supreme Court:

Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.

Gregory v. Helvering 69 F.2d 809, 810 (2d Cir. 1934), aff’d, 293 U.S. 465, 55 S.Ct. 266, 79 L.Ed. 596 (1935)

Quite simply, I am really tired of hearing about Mitt Romney’s tax returns. Does Team Obama really want us to believe that if Mitt Romney took advantage of every legal option to lower his tax bill that he is somehow bad, out of touch with the majority of Americans, or unpatriotic (whatever that is supposed to mean)? Read the rest of this entry »

Krugman on Banks and Romney

May 23, 2012

by Chidem Kurdas

Regulation advocates seem to regard the JP Morgan loss as the best thing since sliced bread. Thus Paul Krugman gleefully bawls out Mitt Romney for refusing to see it as a sign for greater government intervention.

Krugman repeats the by now well-known argument on banks, as a riff on “It’s a Wonderful Life.” The Jimmy Stewart character makes “a risky bet on some complex financial instrument,” loses the money and causes his bank to collapse. The moral: banks should not be allowed to take on much risk because “they put the whole economy in jeopardy” and “shouldn’t be allowed to run wild, since they are in effect gambling with taxpayers’ money.”

The fact is, banks make money by taking risk. That’s always been the business model. Even Bailey Building and Loan in “It’s a Wonderful Life” makes risky home loans—one might think of them as subprime. Read the rest of this entry »

Primaries, Public Interest and Angels

February 3, 2012

by Chidem Kurdas

The Republican primaries have been all-out fights, with a series of contenders showing strength in polls and challenging the establishment favorite Mitt Romney, only to fall back after the initial success. Newt Gingrich is the latest to rise and, after his loss in the Florida primary, presumably to fall. It is not a nice process, causing complaints of mudslinging that will continue in the coming presidential election. Pundits eager to display their wisdom call on politicians to set aside the differences and do what’s best for America.

Public choice theory tells us that politicians, like most people most of the time, tend to focus on their self interest. This view has been challenged—the recent Critical Review has several articles on the topicRead the rest of this entry »

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