US Tax Rates in Three Graphs. Not Boring. Really.

Tax policy is numbingly boring, of course, but in his latest JPM note Michael Cembalest sneaks up on the subject with the following three graphs. While they don’t settle the issue of marginal tax rates, they do provide a useful context for why we can’t agree on whether US marginal tax rates are too high, too low, or something else altogether. [-]

Graph 1: Historical top marginal tax rates

Top tax rates

Graph 1a: Top marginal rates, by president – The more partisan version of the above

Grund

Graph 2: Effective top marginal tax rates

Top eff rates

Graph 3: Income for top tax bracket

BRACKET THRESHOLDS

Gundlach’s Latest Musings

The latest from Jeffrey Gundlach / via ZH

12-13-11 JEG Webcast Have and Have Nots – FINAL


US Oil Independence

This is more than a little mischievous, but it’s at least worth knowing that the US is newly a net exporter in finished oil products. /via Bloomberg

Oil trade

Kyle Bass on BNN

From earlier today, Kyle Bass doing his weirdly patient Euro-apocalyptic thing:

Kyle bass

Twitter Digest: 2011-12-13

  • The fight to save Cooper Union http://t.co/k0YOEz55 #
  • JJS the new DFW http://t.co/fI354a5e #
  • Remember five years ago when I said I hated T-W Roadrunner for its absence of status, flaky service, etc? Update: Still do. #
  • New Scientist: The rise and fall and rise of peer-to-peer lending – http://t.co/HBIiLRty #
  • It's like the entire Interweb is running at 33 1/3 instead of 45 rpm this morning. You all sound funny. #thankstimewarner #
  • JP Morgan has out a crazy-long 156-page doc forecasting US markets in 2012. tl;dr: Right – 15 times; Wrong – 1 time. #
  • Pew: Extending all the tax bennies set to expire in Jan 2012 would raise budget deficit by 152b – http://t.co/oIhTRDkP #
  • Note to China bulls: Hendry's China "short fund" up 52% in 2011 – http://t.co/BJ0SOaEz #
  • Is it just me missing a teensy icon, or does @flipboard for iPhone really not support Readitlater? #
  • Drives me mad that T-W RR response to issues is always to reboot, direct connect to cable modem, etc. Drives me blinking mad #
  • Convinced that TW R-R asks people to direct connect mostly because they know people won't, and then feel guilty & won't pester further. #
  • Nice RT @fredwilson: Let Everyone In Congress Know Just How Many Of Us There Are: I Work For The Internet: http://t.co/43CYHRpc #
  • With MF Global CEO, CFO and COO now all saying they don't know where customer funds went, that leaves me and I'm not talking. #
  • The Scientist: Why People Lost Their Fur http://t.co/tZGCgGTI #
  • Fun with faux unemployment graphs: Today In Dishonest Fox News Charts – http://t.co/A1fYyEEm /via @sacca #
  • So, to summarize: the president of Microsoft Phone is still the president, but he's now been replaced & not there. Got it. #
  • Alchemy, the new alt investment magazine from SecondMarket – http://t.co/Iz4VFmRp / via @mikesimonsen #
  • Infinite stupidity, docile copiers and the trouble with innovation – http://t.co/QuPKpFrp #
  • FT: Fat-tail fever in oil markets – http://t.co/5wBGYNz0 #
  • This can't possibly work — someone report back: How to Peel a Head of Garlic in Less Than 10 Seconds http://t.co/YZeglmNc /via @nelderini #
  • Twitter consensus is that the garlic-peeled-in-10-seconds thing works. My life is turned upside-down-ish. #
  • Not to digress from garlic, but I see that Jive Software IPO priced tonight at $12, higher than expected. #
  • 2005 was the first year that US homes priced >$500K outsold homes sold for <$100k. That ended in 2008. http://t.co/iR7N2KYA #
  • Giving two talks in early January on my three best investing ideas for 2012. Long, short, whatever. Always like doing those. #
  • .@specialsin Work in progress. Have 5-6 I'm sorting through to decide what I really want to talk through publicly. #
  • Looking back at 2011 ideas, critical Sony piece on Bloomberg tonight: Sony Shopping is ‘Wrong Direction’ in Apple War http://t.co/tMaAbijC #
  • I defy you to not be blown out of your ever-loving mind by JP Auclair at 2m15s of the All.I.Can trailer – http://t.co/qDHnOTeY #
  • Nifty historical multi-currency inflation graph from DB – http://t.co/6TCrJNM7 #
  • Good point by Citi in oil market report: In contrast to every other market, higher Middle East oil prices boosts oil demand there. #

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Twitter Digest: 2011-12-12

  • Such a strange feeling in the age of twitter, email, & realtime to discover a former colleague died a month ago. #
  • It takes just one early chart of aggregate debt, money supply, etc not normalized against GDP before I exit presentations. #
  • Another life goal completed: I'm in the Aspen Times today – http://t.co/hei7lnJ6 #
  • Handy chart from UBS summarizing "at risk" IT spending in countries with debt issues – http://t.co/FnKrzTxl #
  • One more useful graphic from that new UBS report: Cloud services spending growth. Big numbers. http://t.co/tpizmfNy #
  • Word of the day: beard googles. To be convinced one's facial hair looks great, even if looks bad to everyone else. http://t.co/HkV6mWSn #
  • Coldest temperature in the world last month? A balmy -77.8 F (-61 C) in Vostok, Antarctica – http://t.co/KX4Nxuee #
  • QotD: Monocle isn’t just a read, it’s a status stmt suggesting u travel with blankets made of baby alpaca http://t.co/zowLYxGw /via @s_m_i #
  • Does @Dropbox newly hate me? Can't establish a secure connection with my Mac OSX widget. Am I the only one? #

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Twitter Digest: 2011-12-11

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Cloud Services Spending Ahead

From UBS, big numbers in cloud services spending growth ahead:

Cloud

The IT Spending Issue

I’ve been arguing that there are strong similarities on at least one level between the U.S. debt ceiling meltdown this summer and the current Eurozone mess. The level that I’m interested in is how it affects the way people think about the future and the economy. The debt ceiling debate caused delayed spending and a loss of confidence, which played out in the public markets as well. We will are in the midst of seeing a comparable effect from Europe, with the extra “benefit” of austerity kicking in and causing apparent weakness to become real, thus producing an extra kick to the economic shins.

This chart from UBS helpfully summarizes the effect in the the IT sector:

At ris k it

Lana Del Rey — Video Games

LANA DEL REY-VIDEO GAMES – YouTube.