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Thursday, February 27, 2014

These Clothing Organizations Tips Will Change Lives

You need some help with your closet. These DIY hacks are here to help.

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Quixotic Camp

House Ways and Means chairman Dave Camp, a moderate Republican from Texas, has released a 979-page tax reform bill -- and, in the journalistic parlance of the Times, it’s a “sweeping” one. The bill promises what Camp calls a “simpler, fairer tax code”, cuts middle class taxes, and eliminates some of the more common tax breaks. It also seems to have no realistic chance of passing. Senate majority leader Mitch McConnell -- also a Republican -- said, “I have no hope for that happening this year”.

However futile, Camp’s bill is notable in that it changes the economic conversation on tax reform. Reihan Salam is excited about the bill, even if it’s doomed. Jonathan Chait says the bill “may be the most impressive and ambitious domestic policy proposal crafted by a major Republican in a generation”. Instead of the standard Republican rhetoric on cutting taxes, Chait says, the Camp bill focuses on eliminating tax breaks.

MarketWatch has a list of some of the major tax breaks that would be affected: the mortgage interest deduction would be capped at $500,000, state and local income taxes wouldn't be deductible, and the bill would end breaks for sports leagues (take note, Roger Goodell). The measure would also end tax breaks for many private equity partnerships (take note, Blackstone).

Felix writes that the bill resurrects the long-dead idea of a bank tax, which was an Obama priority in 2010. “It is Pigovian tax on something (too-big-to-fail financial institutions) we don’t want, and often Pigovian taxes are more effective than regulation when it comes to minimizing such things”. The Cato Institute’s Mark Calabria worries that the 0.035% tax on assets above $500 billion would “turning the banks into a revenue stream for the federal government” -- a la Fannie and Freddie.

The Center on Budget and Policy Priorities writes that the plan relies on some budget gimmickry to be revenue neutral over the first 10 years. Perhaps more troublingly, the CBPP says that by cutting the Earned Income Tax Credit, the bill could leave a working mother with $2,000 less each year. For what it’s worth, studies have found the EITC is quite effective at alleviating poverty and promoting work.

James Pethokoukis says the bill marks the end of an era: “the Age of Tax Cuts is over. But the Age of Tax Reform has not yet arrived”. Stan Collender says the bill destroys any hope of getting tax reform done this year -- the bReill raises taxes on key Republican constituencies, he says, and Camp is on his way out as chairman of the House Ways and Means Commission.

To Joshua Green, the most surprising thing about the bill is that it was put forth at all: both parties have mostly stopped making laws for the year and are preparing for the midterm elections. -- Ryan McCarthy

On to today’s links:

Charts
Young companies create (and destroy) more jobs - Atlanta Fed

Oxpeckers
The NYO approached an ice cream shop manager about doing a hit piece on NY's AG NYT

Crisis Retro
How the Fed let the world blow up in 2008 - Matthew O’Brien

Remuneration
The rise of non-standard (and more positive) metrics in calculating executive bonuses - WSJ

Hope/Change/Etc.
Obama's infrastructure plan is a lot smaller than he said it is - Danny Vinik

Awesome
"Everything is awesome!": A (truly awesome) summary of today's markets - Josh Brown

Urban Planning
Gentrification "starts – in large part – with downzoning wealthy neighborhoods" - Daniel Hertz

Wonks
"Economic growth reduces inequality of happiness" - Chris Dillow

The Fed
Jon Hilsenrath's five takeaways from Janet Yellen's Senate testimony - WSJ

Persistent Cliches
Things we do not say - WaPo

Education
Why college supply matters - Eduardo Porter

So Hot Right Now
Corporate economists are popular again - WSJ

FWIW
Marc Andreessen has some thoughts on the future of media he'd like to share - Andreesen Horowitz

Strangely Existential
Rasheed Wallace was a philosophy major and other details of UNC's fake classes - Bloomberg Businessweek

Cosmic
“We’ve almost doubled today the number of planets known to humanity" - WaPo

Equals
A more equal marriage means more sex - Worthwhile Canadian Initiative

Follow Counterparties on Twitter. And, of course, there are many more links at Counterparties.

 

 

 

 

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How A Boston VC Firm Became A Valley Powerhouse

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The drop in sales last quarter for Abercrombie — the ninth straight quarterly plunge for the retailer.

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Business Today: S&P 500 ends at record, now positive for 2014

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02/27/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
S&P 500 ends at record, now positive for 2014
NEW YORK (Reuters) - The S&P 500 closed at a record on Thursday and ended in positive territory for the year after Federal Reserve Chair Janet Yellen said harsh weather seems to be to behind the recent softness in U.S. economic data.
Weather seems to blame for U.S. slowdown, Fed's Yellen says
(Reuters) - Unusually harsh winter weather appears to be behind recent signs of weakness in the U.S. economy, Federal Reserve Chair Janet Yellen said on Thursday, suggesting the central bank was poised to press forward in ratcheting back its stimulus.
U.S. core capital goods order up, but worries linger
WASHINGTON (Reuters) - Orders for long-lasting U.S. manufactured goods excluding transportation and a gauge of business spending unexpectedly rose in January, offering hopeful signs for factory activity which has slowed in recent months.
Credit Suisse CEO faces call for U.S. testimony apology
ZURICH (Reuters) - A group representing Swiss bank employees demanded an apology from Credit Suisse boss Brady Dougan on Thursday after he said the practice of helping Americans conceal their wealth was the work of a few dishonest employees.
No clarity from economists on clarity of BoE's new policy: Reuters poll
LONDON (Reuters) - The Bank of England's revamped forward guidance has split economists in a Reuters poll as to whether it has improved clarity about where British interest rates are headed.
Japan says any bitcoin regulation should be international
TOKYO (Reuters) - Any regulation of the bitcoin crypto-currency should involve international cooperation to avoid loopholes, Japanese vice finance minister Jiro Aichi said on Thursday.
EBay founder rejects Icahn's call for PayPal spinoff
(Reuters) - EBay Inc founder and Chairman Pierre Omidyar rejected investor Carl Icahn's call to separate the company's fast-growing PayPal payments unit, saying the businesses were better off together.
Foreign exchange dents Gap profit forecast for new fiscal year
(Reuters) - Gap Inc on Thursday reported a higher-than-expected holiday quarter profit, helped by January sales gains, but the fashion company said it expected unfavorable currency exchange rates will hit its full-year profit.
U.S. safety regulators probe GM recall linked to 13 deaths
DETROIT (Reuters) - U.S. safety regulators have opened an investigation into whether General Motors Co reacted fast enough in its recall of more than 1.6 million cars over an ignition-switch defect linked to 13 deaths in crashes.
Bright prospects? China's rooftop solar goal looks too ambitious
(Reuters) - Beijing's goal of tripling solar power from small-scale operations such as rooftop panels looks overly ambitious, risking disappointment for investors who have bid up shares in Chinese solar panel makers in the past year.
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Economic News
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