Getting something named after yourself usually means you’ve accomplished something, good or bad. Charles Ponzi didn’t invent fraud, but he was so good at it that his name lives on in infamy. Ernesto Miranda had no idea that confessing to kidnapping and rape would establish a new Constitutional right. Edward Murphy had no idea that his offhand remark about a technician wiring sensors incorrectly would lead to the law that if anything can go wrong, it will.
luxurytax
Taxing “Climate Criminals”
Last week, we discussed how the 2017 tax cuts are scheduled to expire at the end of 2025—and how the election results make it likelier that Washington will extend them. Here’s the problem: it won’t be cheap. The Congressional Budget Office estimates extending the current rules will blow a $4 billion hole in the budget over the next 10 years, along with an unknown amount of higher interest payments on the new debt. That’s making life difficult for a new administration that also wants to eliminate tax on tips, overtime pay, and Social Security benefits, along with other giveaways.