Ideal Taxes Association

Raymond Richman       -       Jesse Richman       -       Howard Richman

 Richmans' Trade and Taxes Blog

Don't miss Confessions of a Greenpeace Dropout on the Watt's Up with That Blog today
Howard Richman, 2/27/2014

Don't miss Confessions of a Greenpeace Dropout on the Watt's Up with That Blog today. It's got humor and wisdom.

It starts by showing how Greenpeace founder Dr. Patrick Moore has been written out of Greenpeace history -- much as Stalin wrote out his fellow Bolshevik leaders. Then it goes on to some very wise testimony by Moore to the Senate about climate change. Here's how his testimony begins:


Comments: 1

Public Citizen's Fact-Check of Obama Administration Claims about TPP
Jesse Richman, 2/21/2014

Public Citizen's Eyes on Trade blog recently posted an excellent fact-check on claims made by the Obama administration about its trade policy. It's a good read.

It begins:

Fact-checking Froman: The Top 10 Myths Used by Obama’s Top Trade Official

U.S. Trade Representative Michael Froman tried in a speech yesterday to defend the Obama administration’s beleaguered trade policy agenda: the controversial Trans-Pacific Partnership (TPP) and Trans-Atlantic Free Trade Agreement (TAFTA) pacts and an unpopular push to Fast Track those sweeping deals through Congress. The list of those publicly opposing the Fast Track push includes most House Democrats, a sizeable bloc of House Republicans, House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid, and 62% of the U.S. voting public.

In attempt to justify the administration’s polemical pacts, Froman resorted to some statements of dubious veracity, ranging from half-truths to outright mistruths. To set the record straight, here are the top 10 Froman fables...


Comments: 0

Hospital layoffs continuing
Howard Richman, 2/16/2014

Health care has been a booming field. With baby-boomers aging, the demand for health care has been increasing. Young people who wanted to find a sure-fire job have been going into nursing and other medical disciplines knowing that the market for healthcare workers was growing. But that market suddenly changed in December due to the onset of Obamacare.

In order to hold down the costs of Obamacare, government administrators are placing price ceilings on government healthcare payments. Also, some healthcare consumers, facing higher costs for insurance, are cutting back on their elective procedures.

As a result of these two factors, hospitals are being forced to cut back on the services that they offer and are laying off workers. The result will be fewer hospitals and clinics and fewer services offered by the remaining hospitals and clinics. As healthcare supply decreases, customers will increasingly encounter long waiting times and other forms of healthcare rationing.

The last two monthly employment reports from the Bureau of Labor Statistics confirm that the new trend began shortly before I first spotted it in the December 20th American Thinker (Jobless Claims Up). After going up month after month, hospital jobs started declining in December from 4,797,500 in November to 4,792,800 in December to 4,788,300 in January (on a seasonally-adjusted basis).

An article in a Nevada newspaper explains why these layoffs are occurring (Problematic hospital funding leads to layoffs, reconsiderations):...


Comments: 0

Voters not Sold on Fast Track
Jesse Richman, 2/12/2014

A new poll on trade policy preferences concerning Fast Track was recently released.  Overall these results are resoundingly consistent with previous surveys.  Public support for policies that continue to promote imbalanced "free" trade has been and remains very low.  Public support for granting the president authority to pursue a fast track to a bad deal is also very low.

There is some interesting material in the poll.  In particular, Republican rhetoric against Obama's assertion of unilateral presidential authority appears to be deepening Republican voters' opposition to granting the president Fast Track authority.  The numbers are quite striking.  Republican members of the House should clearly think twice and three times, and check if they have a primary challenger, before voting for Fast Track.

Republicans and conservatives especially believe that fast-track authority gives the president too much power. Among Republicans, 87% find the argument that fast track gives the president too much power a very or fairly convincing reason to oppose fast-track authority (85% among conservatives). Similarly, 61% of Republicans say their single greatest concern about Congress giving the president fast-track authority is that it would give the president too much power (64% among conservatives).

Overall the poll finds much more opposition than support. 62 percent of respondents oppose granting fast track authority versus 28 percent who favor granting that authority. 

Voters highest priorities for trade deals are preventing U.S. jobs from moving overseas (49 percent including 55 percent of Republicans) and preventing unfair competition that lowers workers wages....


Comments: 1

How to Reduce Inequality of Income and Wealth
Raymond Richman, 2/11/2014

The inequality of income has been raised as a political issue but neither the Democrats nor the Republicans have proposed anything resembling a reasonable policy to reduce it. The Dems would raise the rates of the personal income tax and increase entitlements while the Republicans argue that lower taxes would create more equality by helping achieving full employment. Both are partly right. But both overlook the fact that much of the income of the very wealthy is not really taxed at all. You would not suspect that the principal reason there are so many millionaires and billionaires is, believe it or not, the Corporate Income Tax.

And the solution is simple, treat corporate income as we treat partnership income. Partners report their share of partnership profits as personal income. There is no separate partnership income tax as there is for corporations. Corporate shareholders should report their share of corporate profits as personal income. Small corporations, so-called S corporations are now permitted to elect to have their earnings treated as the personal income of their shareholders. What we propose is that shareholders of all corporations treat their shares of corporate income as personal income for tax purposes. ...


Comments: 0

Terrence P. Stewart calls for balanced trade in Senate testimony
Howard Richman, 2/4/2014

Terence P. Stewart of the Washington-based international law firm Stewart and Stewart called for balanced trade agreements in written testimony to the Senate Finance Committee. I have not yet read his testimony, but I did read his law firm's press release about it. 

The title of the press release cites a disturbing fact: "United States Transforms from a Nation with Balanced Trade to a Country that Imports Approximately 50 Percent More than it Exports." The press release elaborates:

“The reality is that the past 40 years have expanded trade but at the direct cost to Americans of millions of manufacturing jobs,” Stewart wrote. “Indeed, using U.S. Department of Commerce figures … the trade deficit in 2013 cost the United States over 3.75 million jobs in that year alone.”

The press release recommends the following provisions to balanced trade:...


Comments: 0

Pat Buchanan ties together GOP establishment's immigration and trade policies
Howard Richman, 2/3/2014

In a commentary last week (How the GOP Lost Middle America), Pat Buchanan ties together the Republican establishment's positions on immigration and trade. He wrote:

To understand why and how the Republican Party lost Middle America, and faces demographic death, we need to go back to Bush I.

At the Cold War’s end, the GOP reached a fork in the road. The determination of Middle Americans to preserve the country they grew up in, suddenly collided with the profit motive of Corporate America....



Comments: 0

  • Richmans' Blog    RSS
  • Our New Book - Balanced Trade
  • Buy Trading Away Our Future
  • Read Trading Away Our Future
  • Richmans' Commentaries
  • ITA Working Papers
  • ITA on Facebook
  • Contact Us

    May 2021
    Apr 2021
    Feb 2021
    Jan 2021
    Dec 2020
    Nov 2020
    Oct 2020
    Jul 2020
    Jun 2020
    May 2020
    Apr 2020
    Mar 2020
    Dec 2019
    Nov 2019
    Oct 2019
    Sep 2019
    Aug 2019
    Jun 2019
    May 2019
    Apr 2019
    Mar 2019
    Feb 2019
    Jan 2019
    Dec 2018
    Nov 2018
    Aug 2018
    Jul 2018
    Jun 2018
    May 2018
    Apr 2018
    Mar 2018
    Feb 2018
    Dec 2017
    Nov 2017
    Oct 2017
    Sep 2017
    Aug 2017
    Jul 2017
    Jun 2017
    May 2017
    Apr 2017
    Mar 2017
    Feb 2017
    Jan 2017
    Dec 2016
    Nov 2016
    Oct 2016
    Sep 2016
    Aug 2016
    Jul 2016
    Jun 2016
    May 2016
    Apr 2016
    Mar 2016
    Feb 2016
    Jan 2016
    Dec 2015
    Nov 2015
    Oct 2015
    Sep 2015
    Aug 2015
    Jul 2015
    Jun 2015
    May 2015
    Apr 2015
    Mar 2015
    Feb 2015
    Jan 2015
    Dec 2014
    Nov 2014
    Oct 2014
    Sep 2014
    Aug 2014
    Jul 2014
    Jun 2014
    May 2014
    Apr 2014
    Mar 2014
    Feb 2014

    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011
    September 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011
    January 2011
    December 2010
    November 2010
    October 2010
    September 2010
    August 2010
    July 2010
    June 2010
    May 2010
    April 2010
    March 2010
    February 2010
    January 2010

    Book Reviews
    Capital Gains Taxation
    Corporate Income Tax
    Consumption Taxes
    Economy - Long Term
    Economy - Short Term
    Environmental Regulation
    Real Estate Taxation

    Outside Links:

  • American Economic Alert
  • American Jobs Alliance
  • Angry Bear Blog
  • Economy in Crisis
  • Econbrowser
  • Emmanuel Goldstein's Blog
  • Levy Economics Institute
  • McKeever Institute
  • Michael Pettis Blog
  • Naked Capitalism
  • Natural Born Conservative
  • Science & Public Policy Inst.
  • Votersway Blog
  • Watt's Up With That


  • [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]

    Journal of Economic Literature:

  • [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....

    Atlantic Economic Journal:

  • In Trading Away Our Future   Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]