Friday, June 07, 2013

Detroiters Are Still Living in a Dream World

Virginia Postrel has an opinion piece about the possible forced sale of the Detroit Institute of Arts collection to satisfy creditors in the citys bankruptcy proceeding. Her take: It wouldn't be bad for the art or the country.

Predictably enough, Detroiters are not amused. Their comments tell me they still don't get it: For decades they have elected politicians who drove job creators and taxpayers out of the city, they racked up billions of dollars in debts they cannot pay, and not only don't want to suffer the consequences, they are outraged at the suggestion that they should.

They are also prone to tell people of differing opinions to just shut up.

Try telling that to the bankruptcy judge, Detroiters. See how far that gets you.

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Must Have Been A Damper On Local Property Values...

Tuesday, June 04, 2013

Short-Lived, But Pretty Darn Nice

Monday, June 03, 2013

I Despise Autocorrect

Here is why.

It is funny when it happens to someone else, though.

PS: More here.

PPS: Still more. OK. After this you have to find your own.


ObamaCare Tax Example

Apparently the cheapest family plan available will be $20,000 per year. I wonder how that will impact minimum wage workers. Matt Cover at CNS has more:
here is one of the actual examples the IRS gives:

“Example 3. Family without minimum essential coverage.

"(i) In 2016, Taxpayers H and J are married and file a joint return. H and J have three children: K, age 21, L, age 15, and M, age 10. No member of the family has minimum essential coverage for any month in 2016. H and J’s household income is $120,000. H and J’s applicable filing threshold is $24,000. The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000.

"(ii) For each month in 2016, under paragraphs (b)(2)(ii) and (b)(2)(iii) of this section, the applicable dollar amount is $2,780 (($695 x 3 adults) + (($695/2) x 2 children)). Under paragraph (b)(2)(i) of this section, the flat dollar amount is $2,085 (the lesser of $2,780 and $2,085 ($695 x 3)). Under paragraph (b)(3) of this section, the excess income amount is $2,400 (($120,000 - $24,000) x 0.025). Therefore, under paragraph (b)(1) of this section, the monthly penalty amount is $200 (the greater of $173.75 ($2,085/12) or $200 ($2,400/12)).

"(iii) The sum of the monthly penalty amounts is $2,400 ($200 x 12). The sum of the monthly national average bronze plan premiums is $20,000 ($20,000/12 x 12). Therefore, under paragraph (a) of this section, the shared responsibility payment imposed on H and J for 2016 is $2,400 (the lesser of $2,400 or $20,000).”
I'm glad they clarified that.

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