With the 16th Amendment solidifying the federal government’s ability to withhold taxation revenues, the income tax was here to stay. It was re-issued in 1894 as a one percent tax on incomes greater than $3,000, and a six percent surtax on incomes greater than $500,000. From this year forward, the top bracket income tax bracket has never been that low again: Continue reading →

Due to the fiscal situation in the country, I’ve decided to start a new series of blogs. I’ve had one related to China’s financial situation and I’ve written another series based on the trade off between the economy and the environment. This blog series, however, will focus on taxation: different tax systems, how taxes affect society, proposed reforms to the tax system, and perhaps most importantly, the history of taxation in the US. Continue reading →

Greece could be a lesson for all of us in America. Continue reading →

The European region and the Euro are both tanking as a result of the unexpected in Greece. This has prompted a severe tank in the stock market. Continue reading →

A few weeks ago, Congress passed the health care reform. This issue has been discussed at length, and the main argument boils down to whether or not our government, already with a staggering national debt, can afford this kind of bill. Continue reading →

Can an entire government go bankrupt and be bailed out? As Greece is currently showing us, fiscal and monetary policies are no laughing matter. If government spending does not get reigned in, national debts can cripple more than the governments that cause them. Continue reading →