Please, please, get rid of the “carried interest” tax loophole

• It’s really, really, time to get rid of the rather ridiculous carried interest tax loophole used/abused by private equity. If the Senate can manage to pass the Inflation Reduction Act, it’s at least a start. Farhad Manjoo discusses in the NYT, and he includes this priceless quote from Tim Murphy:

“Despite widespread opposition, though, the tax break has somehow endured — as Tim Murphy wrote recently in Mother Jones, it has been “the most unkillable bad idea in a town with no shortage of them, a testament to the unstoppable combination of money and inertia.” (Murphy’s piece was part of an excellent, multipart investigation of the private equity industry published by the magazine.)”

Update:  Bummer, Sinema strikes again and the loophole lives on.  But at least the Inflation Reduction Act has made it through Congress (with no help from Republicans).  From PBS via AP:

“Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party’s longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes would have increased under the plan.”

2022-08-15T12:56:25-05:00August 4th, 2022|HomeRecommended|

The problem with Republicans

Peter Wehner puts the problem of Congressional Republican self interest vs. that of the the common good very well in his NYT opinion piece What in the World Happened to Elise Stefanik?:

“Ms. Stefanik’s story is important in part because it mirrors that of so many other Republicans. They, like Ms. Stefanik, are opportunists, living completely in the moment, shifting their personas to advance their immediate political self-interests. A commitment to ethical conduct, a devotion to the common good and fidelity to truth appear to have no intrinsic worth to them. These qualities are mere instrumentalities, used when helpful but discarded when inconvenient.”

2022-07-27T11:52:38-05:00July 27th, 2022|Home, Musings|

Remember

Remember the following when it comes time to vote.  Well summarized by Heather Cox Richardson in her July 23 Letters from an American:

“In the House, Republicans voted against federal protection of an individual’s right to choose whether to continue or end a pregnancy and to protect a health care provider’s ability to provide abortion services: 209 Republicans voted no; 2 didn’t vote. That’s 99% of House Republicans.

They voted against the right to use contraception: 195 out of 209 Republicans voted no; 2 didn’t vote. That’s 96% of House Republicans.

They voted against marriage equality: 157 out of 204 Republicans voted no; 7 didn’t vote. That’s 77% of House Republicans.

They voted against a bill guaranteeing a woman’s right to travel across state lines to obtain abortion services: 205 out of 208 Republicans voted no; 3 didn’t vote. That’s 97% of House Republicans.”

2022-07-24T14:16:55-05:00July 24th, 2022|Home, Musings|

Yes, we really need to improve domestic semiconductor manufacturing

• Congress really does need to get its act together and pass something that will improve latest-generation 5nm domestic semiconductor manufacturing.  I didn’t realize this bill was still stuck in reconciliation (H.R. 6359 and S. 3331), as David Leonhardt reports in his NYT The Morning newsletter.  This is an extremely important measure for domestic security, as we currently have zero domestic latest-gen chip manufacturing facilities. Haven’t we just learned the perils of the over-extended supply chain?

2022-07-14T11:05:39-05:00July 14th, 2022|HomeRecommended|

Yikes…but I guess not unexpected

Eugene Robinson, writing in the Washington Post, quotes the  Atlanta Journal-Constitution in describing how Georgia US Senate candidate Herschel Walker (supported, natch, by DJT) explained his views on the mechanics of climate change to a group of Republican activists:

“We don’t control the air. Our good air decided to float over to China’s bad air. So when China gets our good air, their bad air has got to move. So it moves over to our good air space. Then, now, we’ve got we to clean that back up.”

Enough said.

2022-07-12T16:47:48-05:00July 12th, 2022|Home, Musings|

Time to review the current incarnation of the Supreme Court

Well, with the release of the latest West Virginia v. EPA decision (details here), it seems to me that once the rulings have begun to demonstrate clearly appalling consequences for the safety of US citizens and for the planet, as well as send an overt signal that may prevent federal agencies from properly regulating their charged duties, it’s time to consider reining in this court to prevent future erroneous actions.    See Ezra Klein’s excellent podcast interview with Columbia Law professor Jamal Greene for a wonderful discussion on the subject of improving the court – and not just changing it for reasons of partisanship.

2022-06-30T10:41:48-05:00June 30th, 2022|Home, Musings|

Addled Alito

From the Dobbs v. Jackson majority opinion overturning Roe v Wade:

“Held: The Constitution does not confer a right to abortion; Roe and Casey are overruled; and the authority to regulate abortion is returned to the people and their elected representatives.”

From the Ninth Amendment to the U.S. Constitution:

“The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.”

Seems contradictory, no? Consider that the mortality rate for a term pregnancy of a black woman in Mississippi is more than 100 times the mortality rate for a first term abortion. Shouldn’t the right to life be retained by the people who are living? How ironic.

The NEJM editors have published a relevant editorial dated June 26, 2022: Lawmakers v. The Scientific Realities of Human Reproduction

2022-06-26T11:06:37-05:00June 26th, 2022|Home, Musings|
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