Daniel Bunn
@danieldbunn
President and CEO @taxfoundation.
Work hard. Work smart. Work together.
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So, real incomes up across the board, post-tax inequality basically flat since 2000, tax rates down for everyone but the top. Other than that, the “stagnation + exploding inequality + the rich don’t pay taxes” narrative is holding up great.
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Wrote this @TaxFoundation piece on how bond markets affect US tax revenues when 10-year yields were 4.72%.
Feels more relevant at 5.26%...
Advice from a former trader:
If the administration is considering imposing a diesel export ban, don’t spend a week publicly deliberating. That just gives trading houses ample time to accelerate exports of any inventory, driving up domestic prices regardless of the final decision.
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Brilliant insight from @DanNeidle: “Blackpool is not Venice."
Tourist taxes on the march - via @FT
CBO just released its latest "Distribution of Household Income" report (for year 2023), and the findings are - as usual - a narrative violation.
Real incomes up across the board.
Income inequality basically flat for decades.
Taxes falling for everyone except the rich.
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“Don't think for a second that because you are an alarmist that you are doing a social good.”
This sentence is just devastating for so many intellectuals who need everybody to presume that they’re “the good people”
Thank goodness we have Jensen!
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First international business trip for my eldest. He's heading to Spain with my wife for the International Taekwon-Do Federation world cup.
Link to the report:
No property tax revenue from that data center.
Illinois Gov. Pritzker is right about the consequences of his action: eliminating the sales tax exemption for data center equipment will make it unprofitable for many data centers to operate.
The exemption isn't a subsidy. It's ordinary sales tax treatment, and without it, effective tax rates on a highly capital-intensive industry with rapid server refresh rates can exceed 100%.
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I want you to put the word out there that we back up
The very same week I published a newsletter identifying trillions of dollars of government spending hidden in the tax code, a group of lawmakers proposes to hide a new taxpayer subsidy for Hollywood movie studios in the tax code:
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🚨Narrative violation🚨
"In 2023, average income before transfers and taxes rose for households at the bottom of the income distribution and fell for those at the top."
"Income inequality decreased in 2023, whether measured before or after transfers and taxes."
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Responding to some comments and questions on the analysis I wrote with @DiSalvoPhD on "Capital Is Not Taking Half of America’s Income, and Other Myths About the “Labor Share”"
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Absolutely pointless backsliding caused by ignorance and grifters.
Decline is a policy choice.
Some data we recently assembled on entrepreneurship/compute in Europe:
We hope that one of the useful roles that Stripe can play is in collecting and publishing empirical data pertaining to entrepreneurship and industry in Europe. There's growing appetite to get Europe on a better footing, and cross-sectional comparisons can often shine light on where opportunities lie. If you're interested in this kind of thing, we publish more at
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Sorry Chuck, Big Oil is right!
An export ban would reduce worldwide supply and drive up prices.
Still think this is more damning than staffers feeding crickets to Meatball
