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The top federal capital gains tax rate is increasing this year. A new bulletin from Cato scholar Chris Edwards describes why policymakers should keep capital gains taxes low. If the U.S. capital gains tax rate rises next year as scheduled, these higher rates will harm investment, entrepreneurship, and growth, and will raise little, if any, added federal revenue. “Advantages of Low Capital Gains Tax Rates,” by Chris Edwards “Six Reasons to Keep Capital Gains Tax Rates Low,” by Chris Edwards [...]
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With new laws legalizing marijuana use on the books in Colorado and Washington, everyone is waiting to see how the Justice Department will react. Meanwhile, House legislation has been introduced to get the feds to back off states that pass legalization measures. A new Cato study and a forum featuring the former DEA chief examine where marijuana laws are headed nationwide. “On the Limits of Federal Supremacy: When States Relax (or Abandon) Marijuana Bans,” by Robert A. Mikos “Amendment 64 Becomes Law in Colorado,” by Tim Lynch “The Law and Politics of Marijuana Legalization,” Cato Event [...]
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The deal raises tax rates on entrepreneurs, investors, small business owners, and other “rich” taxpayers, and postpones the sequester budget cuts. Cato scholar Daniel J. Mitchell comments, “This deal is not good for the economy. It doesn’t do anything to cap the burden of government spending. It doesn’t reform entitlement programs. …This is sort of like a late Christmas present, but we must have been naughty all year long and taxpayers are getting lumps of coal.” “Grading the Fiscal Cliff Deal: Terrible, but Could Be Worse,” by Daniel J. Mitchell “The Spending Cliff,” by Michael D. Tanner “A CEO’s Advice to Congress,” by John A. Allison “On to the Next Manufactured Fiscal Crisis,” by Tad DeHaven [...]
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The Cato Institute would like to wish you a happy and safe holiday season. Amidst your celebrating, please take a moment to remember the traditional American principles of limited government, individual liberty, free markets and peace. “Holiday Book Recommendations,” from Cato Scholars and Staff “Things to Be Thankful For,” by David Boaz Make a Year-End Gift to Cato [...]
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As the one hundredth birthday of the Federal Reserve System approaches, it seems appropriate to once again take stock of our monetary system. In the latest issue of Cato Policy Report, economists George Selgin, William D. Lastrapes, and Lawrence H. White survey the relevant research and conclude that the Federal Reserve System has not lived up to its original promise. Also in this issue, new president John A. Allison shares his thoughts on joining the Cato Institute. November/December 2012 Issue of Cato Policy Report [...]
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Until the last quarter of a millennium, mankind depended on living nature for all its food and clothing, most of its energy, and much of its material and medicines. Then mankind began to develop technologies to augment or displace living nature’s uncertain bounty. In a new study, author Indur Goklany shows how fossil fuels not only saved humanity from nature’s whims, but nature from humanity’s demands. “Humanity Unbound: How Fossil Fuels Saved Humanity from Nature and Nature from Humanity,” by Indur Goklany [...]
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Cato relies on tax-deductible contributions from generous Sponsors who share our commitment to a free and prosperous society. When you support the Cato Institute, you are more than a contributor—you are a valued colleague. As our colleague, you’ll be sent the latest Cato publications, reports, and invitations to special Cato events. We hope you’ll consider making a year-end gift to reinforce our mission. Thank you for your support and best wishes for a safe and happy holiday season! Support Cato Cato’s Impact The Gift of Stock [...]
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In recent days, several senior Republicans have allowed that they would be willing to compromise on a pledge they made to oppose tax increases. At least one of those lawmakers, Senator Lindsey Graham, has said that he would negotiate on “revenue generation” because he is unwilling to let sequester budget cuts “destroy the United States military.” But Cato scholars have long argued that the proposed cuts in military spending would allow the United States to maintain a substantial margin of military superiority, and would in fact pay dividends for the U.S. economy over the long run. “Budget Hawks or Military Hawks?,” Cato Video with Grover Norquist “The Bottom Line on Sequestration,” by Christopher Preble “The Pentagon Will Survive the Fiscal Cliff,” by Justin Logan [...]
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The United States faces two economic challenges: slow growth and an ever-increasing ratio of debt to GDP. Many policymakers believe they face a dilemma because the policy solutions to the two problems are opposite – lower taxes and/or Keynesian stimulus spending to spur growth only exacerbates the long-run fiscal imbalance. But in a new paper, Cato scholar Jeffrey A. Miron says that policymakers are wrong to see this as a dilemma. Argues Miron, “The United States has a simple path to a brighter economic future: slash expenditures and keep tax rates low.” “Should U.S. Fiscal Policy Address Slow Growth or the Debt? A Nondilemma,” by Jeffrey A. Miron [...]
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In his compelling new book, Ted Galen Carpenter details the growing horror overtaking Mexico and explains how the current U.S.-backed strategies for trying to stem Mexico’s drug violence have been a disaster. The only effective strategy, says Carpenter, is to defund the Mexican drug cartels by abandoning the failed drug prohibition policy, thereby eliminating the lucrative black-market premium and greatly reducing the financial resources of the drug cartels. [...]
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