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Tuesday, March 4, 2014

Perfect!

If you're thinking about getting a tattoo, these are the most perfect places for it to go.

Maybe try a tattoo wrapped around your fingers?

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John Travolta Speaks Out

The actor's pronunciation of Idina Menzel's name went viral. Here's his response.

in his own words...

We Don’t Have To Thank The Academy

— by Ayesha Siddiqi

Elsewhere in Entertainment

ICYMI: Kevin Spacey hilariously attempted to answer the questions that female celebs get on the red carpet.

What happens when ordinary people attempt to dance like the "Newsies" on Broadway? The results are pretty funny.

Idina Menzel + Jimmy Fallon + The Roots + classroom instruments = Something truly wonderful.

These 71 famous people were once total frat boys. Who knew?
 

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The tax break everyone likes

President Obama has released his budget for the 2015 fiscal year; you can read Shane’s massive guide to that 1656-page document here. The most striking detail, Shane writes, is Obama’s proposed expansion of the Earned Income Tax Credit, which provides direct cash transfers to low and moderate-income workers; the official case for the increase is made by the chair of Obama's Council of Economic Advisors, Jason Furman, in the journal Democracy.

Tim Fernholz says that Obama is tackling income inequality “with a twist of the tax dial.” Zachary Goldfarb has the details: the proposal would effectively double EITC so that many working families would get 15.3 cents back on every dollar they earn up to $6,570, for a maximum of $1,005. The current rate is 7.65 cents, for a maximum of $503. Jackie Calmes adds that the proposal raises the annual maximum income levels to qualify for the EITC, and lowers the minimum age to 21 from 24 (though students still don’t qualify). It also makes the EITC more generous for childless workers, an idea that MIT economist David Autor told Calmes “just makes a lot of sense”.

This is all projected to cost about $60 billion, and Obama proposes to pay for it by closing the carried interest loophole and various other tax loopholes used mainly by the wealthy. David Wessel points out that many of the same loopholes are closed in David Camp’s tax reform plan.

Indeed, the EITC itself has broad bipartisan support. Jonathan Chait writes that it is a poverty-fighting method that Republicans have long favored: in fact, they have been proposing it for a while (see the AEIGlenn Hubbard, and Marco Rubio). In January, Greg Mankiw wrote that “what is most disappointing about the president’s proposal [to increase the minimum wage] is that the federal government has the option of using the much better Plan A. It is called the earned-income tax credit”.

The EITC has proved to be one of the most effective tools for both fighting poverty and encouraging work. People are only eligible for the EITC if they are employed. According to the Center for Budget and Policy Priorities, “EITC expansions between 1984 and 1996 accounted for more than half of the large increase in employment among single mothers during that period”. A paper by Molly Dahl at the CBO found that women who were encouraged to find work in order to qualify for the EITC advanced in their jobs and saw their incomes rise, at least in the few years that the researchers studied.

James Pethokoukis doesn’t have any specific arguments against the EITC increase, but is generally wary of a budget that increases the federal tax burden to 19.2%. “In the history of the American Republic, the total federal tax burden has only once topped 19% during peacetime”, he writes. -- Shane Ferro and Ryan McCarthy

On to today’s links:

The Fed
3 big questions about the Fed's ability to keep the financial system safe - David Wessel

Facebook
Facebook wants to get into the drone business - TechCrunch

Wonks
Free money for everyone: the Fed should have "the power to hand out checks to the American people" - Ryan Cooper
Economists say Paul Ryan misrepresented their research - Rob Garver

Charts
RadioShack is doomed, and so are traditional retailers - Derek Thompson

Alternative Currencies
The most dangerous man in bitcoin: US attorney Preet Bharara - Max Chafkin

Bad Data
The problem with living wills: we can't accurately forecast our own desires - Jerome Groopman and Pamela Hartzband

Oxpeckers
"Choire and Alex are tired, broken men who have taken this thing as far as it can go" - The Awl
Jonah Peretti on what BuzzFeed can learn from the history of journalism - Medium

Trends
Airlines try to make elite status mean something - Matthew Klein

Study Says
Social media activism satisfies people's need to look good in front of their friends - Org Theory

Hilarious
"Sign right here—when the flood waters hit, you’ll see how Allstate responds” - McSweeney’s

Your Dystopian Future
DRM for coffee - Robinson Meyer

Alternative Currencies
Japan is going to regulate and tax Bitcoin like shiny rocks and other commodities - Nikkei

Equals
Is there a gender gap in tech salaries? (hint: yes) - Guan Yang

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

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Can We Interest You In An $88 Performance Romper?

Or a $699 tent? They're part of a new line that Urban Outfitters is announcing.

WHAT'S MAKING HEADLINES...

Why RadioShack Is Closing A Quarter Of Its 4,300 U.S. Stores

Hedge Funds Intensify Fight To Keep Olive Garden And Red Lobster Together

THE BIG NUMBER...

The worldwide gross for "Frozen," which is now the highest-grossing Disney animated feature of all time — even passing "The Lion King."

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Business Today: Obama budget sets up election-year clash with Republicans

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03/4/2014
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
Obama budget sets up election-year clash with Republicans
WASHINGTON (Reuters) - President Barack Obama proposed new tax credits and job-training programs for U.S. workers on Tuesday in a 2015 budget that drew instant condemnation from Republicans, who dismissed the document as an election-year campaign pitch.
S&P 500 ends at record; Ukraine-Russia tensions ease
NEW YORK (Reuters) - U.S. stocks rallied on Tuesday with the S&P 500 closing at a record high, as fears eased of a confrontation between Russia and Ukraine and Russian President Vladimir Putin said there was no need to use military force in the Crimea region for now.
Ecuador $9.5 billion ruling against Chevron was corrupt: U.S. judge
NEW YORK (Reuters) - An American lawyer used "corrupt means" to secure a multi-billion-dollar pollution judgment against Chevron Corp in Ecuador, a U.S. judge ruled on Tuesday, a major setback for Ecuadorean villagers hoping to collect on the award.
GM CEO said ignition-switch recall will take time to play out
DETROIT (Reuters) - General Motors Co Chief Executive Mary Barra said the No. 1 U.S. automaker was sorry for the recent recall of an ignition-switch linked to 13 deaths, and said the process would take time to play out but the company would work to ensure customer satisfaction.
U.S. payrolls improvement eyed, but weather still a drag
WASHINGTON (Reuters) - U.S. job growth likely picked up enough in February to encourage the Federal Reserve to continue to scale back its monetary stimulus, although the gain is likely to be tepid given the unrelentingly harsh winter weather.
U.S. appeals court says BP bound by Gulf spill accord
(Reuters) - A divided U.S. appeals court has rejected BP Plc's bid to block businesses from recovering money over the 2010 Gulf of Mexico oil spill, even if they could not trace their economic losses to the disaster.
U.S. justices extend employee whistleblower protections
WASHINGTON (Reuters) - The U.S. Supreme Court on Tuesday said whistleblower protections apply not just to publicly traded companies but also to subcontractors that do business with them.
Exclusive: Mercedes, Infiniti to pool small cars, plant - sources
GENEVA (Reuters) - Daimler's Mercedes and Nissan's Infiniti plan to pool development of compact cars to cut costs, expand the German carmaker's North American production and broaden the Infiniti lineup, people familiar with the matter said.
Japan to regulate and tax Bitcoin trades: Nikkei
(Reuters) - The Japanese government will set rules for trading bitcoin, including imposing taxes on transactions with the virtual currency, that will become the basis for guidelines applicable to similar currencies in future, the Nikkei reported.
Itaú-CorpBanca merger plan draws fire from U.S. investor
SAO PAULO/NEW YORK (Reuters) - An activist U.S. investor has asked Chilean bank CorpBanca SA to reconsider its approval of a merger with Brazil's Itaú Unibanco Holding SA and to launch a new auction, alleging CorpBanca had sold its minority investors short while benefiting its key shareholder.
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Economic News
Obama budget sets up election-year clash with Republicans
U.S. payrolls improvement eyed, but weather still a drag
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