OK, so I didn’t really pay 22¢ a gallon when I filled up at Costco in St. Louis Park last night. The official, nominal price was $1.359 a gallon. But, what economists call the real price, adjusted for inflation, was 22¢. That’s because $1 today, adjusted for inflation, is the same as 16¢ in 1970....Read More
Quid Pro Quo: Higher Rate for Inflation Indexing With Mitt (“Carried Interest”) Romney ascendant — and the U.S. deficit bulging — capital gains’ current, historically low tax rate (15% for long-term gains) is coming under intensifying scrutiny. Should capital gains be taxed higher — and more like earned income? Probably. But they almost certainly should be indexed...Read More
Obscene Exec Pay: Exhibit A In a year when pay for chief executives overall fell, Ray R. Irani came out on top. The longtime head of Occidental Petroleum was awarded total compensation of $52.2 million, up from $49.9 million in 2008. The oil company’s directors believe in “excellent pay for excellent performance,” and Mr. Irani’s...Read More
