Hank Aaron once said, “It took me seventeen years to get 3,000 hits in baseball. It took me one afternoon on the golf course.” Remarkably, millions of Americans still manage to love it. They’ll pick out their loudest pants or skirts, head for the course, fire up their carts, and whack a little white ball across a couple hundred acres of manicured lawn for hours at a time. Remarkably, some of them will consider the whole thing fun. The rest will suffer 18 holes in silent frustration until they hit that one gloriously perfect shot that fools them into thinking maybe, someday, they’ll conquer the game.
It Could Be Worse
By all rights, this week’s Tax Day ought to be one of our favorite holidays, like “Christmas in April” without the carols, the eggnog, or the guilt over forgetting a gift for Aunt Mildred. That’s because 80% of us get refunds, averaging $3,011 so far in 2024. (When was the last time Santa Claus left three grand in your stocking?) Of course, that means 20% of us are writing checks to the IRS. And if you’re among that 20%, we sympathize. We know it hurts. But we’re confident it doesn’t hurt nearly as much for you as it does for a hedge fund manager named Ken Griffin.
But It’s April Now…
The Super Bowl may be the single most-watched sporting event in America. But for millions of rabid and casual fans alike, nothing beats March Madness. This year, Iowa’s Caitlin Clark shattered “Pistol Pete” Maravich’s 1970 record to become the top scorer in Division I college basketball history, leading her Hawkeyes to a 31-4 record and […]
Iceberg Ahead!
We’re adding a trillion dollars to the national debt every hundred days now. So this week, let’s take a look at some new ideas for bringing home some bacon without making Form 1040 even more unbearable.
Irish For a Day
Less than a century ago, alcohol was illegal. But when the Great Depression hit, Uncle Sam needed money more than morals, and in 1934, the 21st Amendment re-opened the door to federal beer taxes. The challenge back then was setting rates high enough to be worthwhile but low enough to let legal producers compete with bootleggers. Congress settled on $5 per barrel of beer – roughly $115 in today’s dollars or about 46 cents per pint.
No More Tax-Free Lunch for Billionaires
Why did Willie Sutton famously say he robbed banks? “Because that’s where the money is!” So why, then, don’t we tax the rich? Well, we do! The bottom 20% of American earners, who make less than $30,000, contribute less than 1% of the total tax bill. The top 20%, earning over $190,000, pay 67% of all individual income taxes collected. That amounts to roughly 25% of their income. And the top 1%, earning over $982,600, pay a whopping 26% of all income tax collected. That amounts to 31% of their income.
And still, last year, Uncle Sam spent $1.7 trillion more than he took in. Way to go, Washington!