Start Making Sense

Yesterday’s discussion returned to more traditional legislation school tax plan fare, concerning corporate and business integration and the Bush Administration’s partly failed 2003 attempt to accomplish it via dividend exemption. Michael’s thesis in his paper is that the political economy story developed in previous work, like the well-known article by Jennifer Arlen and Deborah Weiss, must be modified. But this is not a large disagreement, only a difference in shading or emphasis.

Lots of different players are affected by corporate integration in various ways. Further dialogue forced us (or at least me) for the view that the 2003 concern is a bit of a simpler story (and less of a big change to Arlen-Weiss) than generalized heterogeneity. The 2003 dividend exemption would have been a significant blow to the worthiness of corporate tax preferences since it only offered dividend exemption to previously taxed corporate and business income. This designed that, if you used taxes choices to avoid corporate-level tax, you would get hit at the shareholder level by distributions.

Companies that use lots of tax preferences (like the low-income casing credit) screamed bloody murder and got House Ways and Means Chair Thomas on the part, whereupon it was game over. The proposal visited a 15% rather than 0% dividend rate, and the feature needing previous corporate-level taxes payment on the distributed income vanished.

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As an over-all matter, I happen to like reducing the worthiness of corporate-level tax preferences. Nonetheless it seems clear that, due to this feature, the 2003 dividend exemption had not been pure corporate and business integration. It had been corporate and business integration PLUS corporate-level base-broadening. A real corporate integration strategy could have been “ceasefire in place” regarding the value and usefulness to taxpayers of corporate-level preferences. It’s no big shock that base-broadening faces heavy political obstructions, just what exactly we really got in 2003 was a standard interest group story, much more when compared to a broader heterogeneity story about corporate and business integration or dividend exemption in general.

One further interesting point that came up in the conversation concerned the reasons for U.S. People in the audience observed that U.S. Europe, where family corporations play a much bigger role. So the publicly exchanged sector in the U.S. If this view is appropriate, we have simply allow closely held companies opt from the double tax on the side and hence encountered less politics pressure to discrete the others.

And therefore i decided to make an effort to design a test to see if they do actually help. The strategy was defensible, if not scientific entirely. A close friend of mine, David Greenberg, took photographs of roughly 150 runners as they passed through the Bronx late in the race. He had no basic idea that I would use these photos, but he stood at an angle that usually made the shoes visible, and all the pictures had been taken of individuals running fast reasonably. They’re in a combined group of individuals who, I assume, all knew about marathoning to want negative splits enough.

My research assistant and I removed the elites and just centered on the civilians. From the 92 photos Greenberg got, 138 joggers have both shoes and bibs noticeable. 150 Zoom Fly-and 117 are not.1 We looked up the info for each of the 138 joggers, and, interestingly, the Vaporfly athletes finished far better. Of that combined group, seven, or 33 percent, ran negative splits. Of others, 17, or only 15 percent, ran negative splits.

The average Vaporfly runner ran the next half of the marathon one minute and forty secs slower than the first. However the average non-Vaporfly runner ran the second half five and a half minutes slower. Both combined sets of runners got faded, however the people in the new shoes got faded less.

These results couldn’t remotely be published in a scientific paper. The test size is too small, and the typical deviations are much too high. There may be alternate explanations also. It’s possible that runners who pay exorbitant prices for awkwardly shaped shoes are the kind of individuals who plan their races well. The shoes may, for some reason, work particularly well on moist streets or in humid weather or on the course with punishing descents down a series of bridges. There could be a placebo effect.