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change [16] |||ange is the greatest threat to global equality, Foreign Secretary David Miliband

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HSBC steps into climate change index arena

Thu, 27 Sep 2007 11:33:45 CDT | Environmental Finance

HSBC has launched a family of indexes, designed to give investors exposure to companies likely to benefit from climate change.


Climate change 'hits poor hardest'

Fri, 28 Sep 2007 00:56:23 GMT | BBC News

Climate change is the greatest threat to global equality, Foreign Secretary David Miliband tells the UN.


Domicile change soon?

Sun, 30 Sep 2007 15:35:43 +0000 | Tax Research UK

The Scotsman has reported that UK cabinet minster Tessa Jowell said at a Labour conference fringe meeting: Over the past 10 years, as part of this process of global change, we have seen the arrival of the super-rich. And rich to a degree that would have been unimaginable 10 years ago. And I think that in [...]


CEOs call for action on climate change, but cool to carbon tax

Mon, 1 Oct 2007 03:21:00 -0400 | canoe CNEWS

OTTAWA - Canada's top business leaders have endorsed a plan to combat global climate change that calls for government intervention and acknowledges that business, as well as the public, will have to pay a stiff price.


CEOs call for action on climate change, but cool to carbon tax

Mon, 1 Oct 2007 03:22:00 -0400 | CANOE Money

OTTAWA - Canada's top business leaders have endorsed a plan to combat global climate change that calls for government intervention and acknowledges that business, as well as the public, will have to pay a stiff price.


Is a Sex Change Tax Deductible?

October 1, 2007, 3:51 pm | WSJ.com: Law Tax Attorney

Is a sex change tax deductible? That’s the burning question the U.S. Tax Court is currently wrestling with. In 2001, a male construction worker from Beantown named Rhiannon O’Donnabhain had a sex-change operation. It ran her $25,000. She put in for a $5,000 tax deduction. The IRS issued her a refund check, but then ordered [...]


War Tax Bill Proposed by Congressman Obey

Tue, 02 Oct 2007 00:00:00 CDT | Tax Foundation's Tax Policy Blog

Today, Congressman David Obey (D-WI), Chairman of the House Appropriations Committee and a vocal critic of the current war in Iraq, has put forth a proposal to impose a war tax on the American people. From Fox News:

A top Democratic congressman, saying Democrats "have had it with being maneuvered and jerked around" on the war in Iraq, offered another approach Tuesday to change the course of funding for the ongoing war: A war tax.

Rep. David Obey of Wisconsin, chairman of the House Appropriations Committee, said he will not allow a bill to come for debate to provide emergency supplemental funds for the war and suggested Americans should be compelled to pay for it through a "surtax."

"The president isn't going to get a supplemental this year. I am not going to report a supplemental out" if it simply is a request for funds and not a change in direction for troops in Iraq," Obey said.

He suggested he is flexible as to what the change in policy proposes "so long as it represents real change and not camouflage."

Obey said the annual cost for the war could be paid by a tax that would range from 2 percent for low and middle income folks to 12-15 percent for higher income households.

It is true that one way or another, the war must be paid for. The question is: Who should pay for it? A deficit today to fight the war in Iraq means higher taxes tomorrow. However, assuming there is some net benefit from continuing the war in Iraq (outside of the direct financial costs), one could argue that the current generation of taxpayers should not have to assume the entire cost as the benefit would theoretically be received by future generations as well.

On the other hand, if the current generation cares about its offspring in the same way it cares about itself, then Richardian/Barro equivalency would merely say that the method of paying for it today--through either higher taxes or higher deficits--is irrelevant as the two are equivalent.

Finally, it is worth noting that if Obey were to be successful at imposing a 15 percent surtax on income earned by high-income individuals, the top statutory marginal tax rate would be 50 percent.


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