WRTL Ruling Doesn't Only Affect Corporations and Unions

The Washington Post accurately describes how many people spent their day yesterday. "The political world scrambled yesterday to reckon with the Supreme Court's loosening of limits on 'soft money' expenditures and its implications for the 2008 campaign season: a potential surge in television advertisements paid for by unions and corporations that in recent years had fewer outlets for their cash."

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Shut off Funding for Private Tax Collection?

The House Appropriations Financial Services Subcommittee may try to kill the private debt collection program by shutting off its funding. Here's the story: The IRS' use of private debt collectors has retrieved millions in delinquent taxes but has raised questions about collection techniques and privacy rights. The House plans a vote this week on restricting the program's funds. Democrats critical of the program since it was approved by a GOP Congress in 2004 included only $1 million for private debt collection in the 2008 budget for Treasury Department agencies.

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Federal Regulations: The American Advantage

Two stories today illustrate a dangerous trend which will likely get worse before it gets better: the importation of dangerous products from China. Much like America during the Industrial Revolution, China's economy is making great strides and the global economy is benefiting. But, also much like America, China's economic growth is outpacing government regulation and oversight. The difference is — because rapid globalization is eroding trade barriers — dangerous products are easily spilling onto foreign shores.

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Inequality in England?

Our neighbors "across the pond" are getting concerned about inequality, too. Check out this article from the Guardian. It also makes the point that inequality might affect housing prices. So here are reasons why it does matter. For a start, house prices have gone mad, partly because too much money is chasing too little property, not just in Mayfair but in places like Doncaster, where City tycoons are buying up whole buy-to-let streets.

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Fate of Lobbying and Ethics Bill Uncertain

CQ ($$) reports that Senate Minority Leader Mitch McConnell, (R-KY) has blocked the appointment of Senate conferees on the lobbying and ethics bill. Senate Majority Leader Harry Reid (D-NV) tried to name conferees Tuesday afternoon, but Republicans objected at McConnell's request, saying they would only allow action if promised a vote on a bill to require electronic filing of campaign finance reports (S. 223).

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Means-Tested Exemption from Lobbying Ban?

True or False: Whether the laws of the United States governing the cooling-off period (currently one year) restrictions for former Congressional staffers to lobby their erstwhile offices apply depends upon the salary of these staffers. Answer: True (per Public Law 101-194). Now -- and no cheating -- staffers are exempt from these revolving door restrictions if they:
  • A. Were at no point one of the top-two paid staffers in a Congressional office
  • B. Received a total of $200,000 or more during their tenure as Congressional staffers

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Means-Tested Exemption from Lobbying Ban?

True or False: Whether the laws of the United States governing the cooling-off period (currently one year) restrictions for former Congressional staffers to lobby their erstwhile offices apply depends upon the salary of these staffers. Answer: True (per Public Law 101-194). Now -- and no cheating -- staffers are exempt from these revolving door restrictions if they:
  • A. Were at no point one of the top-two paid staffers in a Congressional office
  • B. Received a total of $200,000 or more during their tenure as Congressional staffers

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Information Quality Act

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See the entry for Data Quality Act.

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Data Quality Act

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This is Rich: Defending the 'Carried Interest' Tax Break

Generally, those enjoying the benefit of a flagrantly inequitable provision in the tax code are discreet in their defense of it. Now that legislation to end private equity and other fund managers' carried interest tax break (for an explication of the issue, click here) has been introduced in Congress, some are bravely, if not so discreetly, attempting to defend it. Some amusing examples from the last couple of days --

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