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Inheritances should be taxed as income from the first dollar. For those who bleat that it’s double taxation, the answer is that all taxation is double taxation. I pay taxes on my income, then use some of the taxed remainder to pay for gas and the associated fuel tax. Every time money changes hands, it’s taxed. Why should money transferred from one generation to the next be any different? With the growing wealth inequality, there are increasing discussions about a wealth tax. But inheritance taxes *are* wealth taxes. Wealth taxes are assessed annually while inheritance taxes are assessed whenever wealth changes hands. I’ve linked to a Youtube that elaborates on this. As Gary Stevenson explains, if nothing is done to halt the concentration of wealth in the hands of billionaires, they will eventually buy up all the assets, leaving none for the middle and working classes.   https://www.youtube.com/watch?v=F8mfqPNdENw

As any pharmacologist or toxicologist will tell you, the dose makes the poison. Most rice contains arsenic. Baked goods contain acrylamide. Seafood contains methylmercury. Natural groundwater contains fluoride. But in moderation, none of those things are toxic. Thanks to RFK Jr, there’s been a lot of silly nattering about the alleged dangers of ultraprocessed foods. But there’s no evidence that, consumed in moderation, ultraprocessed foods are either dangerous or toxic. In fact, they could even promote good health. “ In the third and longest ad libitum trial, individuals with overweight or obesity in the UK consumed either a UPF-rich or a non-UPF diet, with both diets adhering to national dietary guidelines on nutritional adequacy and healthfulness. Contrary to the other two trials, the UPF-rich diet reduced energy intake and promoted modest weight loss (0.9 kg) relative to baseline. These results suggest that a UPF-rich diet designed according to established dietary principles that em...

Jonathan Last has a fairly detailed piece (with links to more details) concerning something called mBridge, which looks to be China’s ‘camel’s nose under the tent’ for dethroning the dollar as the world’s reserve currency. Read the whole thing. Here are some highlights: Currently, most of the world uses the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system for carrying out international transactions across multiple currencies. SWIFT runs mostly on the dollar. mBridge works on blockchain. • currencies never have to be converted to USD; • the costs associated with each transaction are comparatively much cheaper; • transactions clear almost in real time. Trump tried and failed to fight mBridge with massive tariffs. He then turned to stablecoins, which aren’t an alternative to mBridge, but just a grift for him and his family. “So in sum:   • mBridge is a threat to the dollar’s status as the world’s reserve currency. • Biden tried to derail it by cutting it off ...

For all his boasting about winning and a deal with Iran, all Trump has is a memorandum of understanding. It apparently includes a 60-day period when Iran won’t collect tolls in the strait, a cessation of attacks by the US and some inchoate future discussion on buried uranium. And the CIA director has cast public doubt on Iran’s willingness to make concessions on nuclear programs. Josh Marshall thinks Administration hawks are undermining Trump’s exit plan. “If you go to war to achieve a specific end you don’t end the war before negotiating over that specific end. (The US has many declared ends in its war with Iran – proxies, missiles, etc. – but the nuclear program was always the most central.) You come to an agreement when [your] hand is strongest. The whole point of pushing the negotiation over nuclear weapons to after the conflict but making it seem like an agreement is somehow contained within the ceasefire isn’t a matter of really poor negotiating skills. It’s a ruse that both side...

I rarely eat beef. Maybe once or twice a year. The closest thing I eat to beef is bison, and even that only a pound or two a year. I long ago switched to chicken, turkey and fish for animal protein. Beef prices are skyrocketing.  “Retail beef prices are hovering near a record high. Last month, consumers paid on average a little over  $7 per pound  for ground beef, up 13% from a year earlier and 50% from five years earlier, according to the Bureau of Labor Statistics — far outpacing the general inflation rate. A decent ribeye steak from the grocery store now looks like a luxury, with prime cuts typically pushing beyond $20 per pound. Even some beloved Texas barbecue joints are  shutting down  due to the skyrocketing cost of brisket.   “These are good times if you’re a rancher like Brown, who endured years of tight margins before the pandemic. But the steep prices are making shoppers wince — and creating a serious political problem for President Donald Trump ...

You may have seen that Speaker Mike Johnson wants Social Security to be “fixed” after the midterms. The fact that he wants to wait until after the midterms tells you everything you need to know. He’s using “fixed” in the sense of what you do to your dog if you don’t want puppies. Republicans know this is radioactive and don’t want to run for re-election on it. And Johnson wants a stick to beat Democrats with when he’s loses the speaker’s gavel in January. Johnson argues that SS must be cut because it’s such a large share of the federal budget and topping it off to prevent benefits cuts in the early 2030s is too expensive. Setting aside the fact that SS is separately funded and so has zero effect on the deficit, how large is SS relative to the defense spending? Paul Krugman brings the receipts: “. . .    while the cost of maintaining Social Security benefits at their promised level isn’t trivial, it is in fact affordable. According to the Trustees’ report, the   actuarial ...