Was ist der Tax Freedom Day?
Wie lange müssen die österreichischen Steuerzahler durchschnittlich arbeiten um die jährlichen Steuern und Abgaben zu decken?
Diese zentrale Frage beantwortet das Konzept des Tax Freedom Days. Der Tax Freedom Day (deutsch: Steuerzahlergedenktag oder Steuerzahlertag) bezeichnet den ersten Tag eines Jahres, an welchem die Steuerzahler ei- nes Landes durchschnittlich, das von Ihnen erwirtschaftete Einkommen nicht mehr zur Bezahlung ihrer Steuern an den Staat zahlen müssen, sondern in die eigene Tasche wirt- schaften können. Ursprünglich ist dieses Kon- zept entstanden durch die Tax Foundation in
Washington D.C., USA und wurde von mehre- ren Wirtschaftsinstituten wie dem Adam Smith Institute in Großbritannien oder dem Karl- Bräuer Institut des Bundes der Steuerzahler Deutschland aufgegriffen. Hinter diesem theo- retischen Konzept, welches zugegebenermaßen nicht frei von Kritik ist, verbirgt sich das Ziel die Steuerbelastung einer Volkswirtschaft ein- fach zu veranschaulichen und somit eine greif- bare Darstellung eines steuerrelevanten The- mas für jedermann zu erreichen. Gerade in Hinblick auf die historische Entwicklung wird somit offenbart, in welche Richtung eine Volkswirtschaft in Bezug auf ihre Steuer- und
Abgabenbelastung steuert. Continue reading
Since the economic crisis of 2008-2009, the Federal Reserve – America’s central bank – has expanded the money supply in the banking system by over $4 trillion, and has manipulated key interest rates to keep them so artificially low that when adjusted for price inflation, several of them have been actually negative. We should not be surprised if this is setting the stage for another serious economic crisis down the road.
Back on December 16, 2009, the Federal Reserve Open Market Committee announced that it was planning to maintain the Federal Funds rate – the rate of interest at which banks lend to each other for short periods of time – between zero and a quarter of a percentage point. The Committee said that it would keep interest rates “exceptionally low” for an “extended period of time, which has continued up to the present.by
by Sydney Williams
That politicians lie is to be expected; that people believe them is unfortunate, but understandable. But, that a free and independent press ignores them is reprehensible. On September 9th 2009, speaking before a joint session of Congress, newly elected President Obama laid out his healthcare plan. In doing so, he claimed that illegal immigrants would not benefit from his plan. Representative Joe Wilson (R-SC) indecorously called out: “You lie!” The media attacked him as a pariah. For his transgression, Mr. Wilson later apologized. Nevertheless, while ObamaCare theoretically disallows illegals to sign up, states have found ways, such as the DACA (Deferred Action for Childhood Arrivals) to get around the law’s supposed restrictions.by
by John E. Charalambakis
We are dreaming. We desire utopias. We treat ourselves with placebo drugs and we are hypnotized by all of the above. The symptoms started in Japan in the early 1990s. It has been called Japanese malaise and it seems that is spreading. Subpar GDP growth rate, interest rates stuck somewhere in the twilight zone of zero percent, with fixed capital investments awakening only during supper time, a banking sector with huge collateral holes, an inverted asset pyramid whose crown jewel is the derivatives market, with nations suffering from a debt hangover, and ageing populations that have no idea how unfunded liabilities will be covered. Welcome to the age of complex disequilibrium characterized by diminished expectations.by
A sensitively written op-ed by Nicholas Kristoff, in Sunday’s New York Times, had the title: Is a hard life inherited? Mr. Kristoff relates the story of a childhood friend who has had a hard life. His mother died after choking on a bit of bacon. His father left home. This all happened when he was five. With his three siblings, he was raised by a grandmother, growing up in a “ramshackle home in a mire of disadvantage.” Despite having a “first-class” mind, he was suspended for truancy in the 8th grade, drifted through life in a haze of alcohol and drugs, while fathering two illegitimate children.by
The Austrian Economics Center is happy to announce the publication of Carmelo Ferlito’s paper “The Natural Cycle: WHY Economic Fluctuations are Inevitable. A Schumpeterian Extension of the Austrian Business Cycle Theory“ in the Journal of Revies on Global Economics.
You can read this most interesting paper here: NATURAL CYCLE
For more information about the paper please visit this page.
By Dr. John E. Charalambakis
In the most recent report from the Bank of International Settlements (BIS) – the central bank of the central banks- we observed one the clearest divisions between the accommodative/coordinated policies of the most important central banks and the opinion of the BIS. The latter is warning of potential dangers in the global economy due to the over-accommodative policies, and emphasized that the central banks in their zeal to overcome the Great Recession may be ignoring the concept of financial cycles.
But first let’s review the basic concepts of business vs. financial cycles. The former is broadly defined as the ups and down of the GDP. The most important characteristics/measures of the business cycles are employment levels, inventories, profits, etc. The latter encompasses different financial measures. More specifically, the concept of a financial cycle implies a cycle where credit aggregates (as a proxy for leverage) and asset prices (or property prices as a proxy for asset-price inflation) rise rapidly. The latter then are used as an excuse for further credit increases, creating market asymmetries and dislocations.by
by Sydney Williams
It was four years ago this month, that the President signed the Wall Street Reform and Consumer Protection Act, better known as Dodd-Frank. Wall Street doesn’t appear particularly reformed and consumers remain at risk, now more from predatory politicians than overly aggressive bankers. Worse, the bill never addressed the role played by politicians, or the part played by Fannie Mae and Freddie Mac in forcing a lowering of mortgage underwriting standards, in order to meet government housing policies. It ignores the maxim that the threat of financial loss, including bankruptcy, remains the best retardant against reckless behavior.by
by John E. Charalambakis
The market turmoil last week persuaded some that a major correction is at works that will deflate the financial bubble. We would humbly disagree with that prediction. In our opinion there are five main reasons why the market blinked last week, namely: Uncertainty about Fed’s forthcoming policy of raising rates; the technical default by Argentina; some conspicuous earnings report; some kind of a catch up with geopolitical unfolding; and a rising employment cost index (ECI) that indicates that inflation might not be dead as some thought.
In the movie “A beautiful mind” John Nash and his classmates are asked by a professor: “Who among you will be the next Einstein?” In that same spirit, we want to identify and boost the careers of the possible next Hayek or the next Mises.
In the AEC we are convinced that ideas have consequences. That is why we have launched this program to engage young talented libertarians and promote their work. We want to create a hub for the talented minds of tomorrow. It is our deepest belief that the libertarian movement is always in need of new voices.
What we’ve done so far
By the end of 2013 we have started a book contest which, in fact, is much more than a book contest.
From January to December 2014 we will be posting one outstanding paper per month, chosen among the many proposals that are being written by students / young researchers. All papers will be published in a book at the end of the year. This book will have (a) foreword(s) by leading intellectual figures of the libertarian movement.
Moreover, the selected authors will be invited to Vienna to present their papers.
Last but not least, the Top 3 authors will be part of a Panel at our “Free Market Road Show”.by