The Tax Advantage of Big Business: How the Structure of Corporate Taxation Fuels Concentration and Inequality

Corporate concentration in the United States has been on the rise in recent years, sparking a heated debate about its causes, consequences, and potential remedies. In this study, we examine a facet of public policy that has been largely neglected in current debates about concentration: corporate taxation. As part of our analysis we develop the first empirical mapping of the effective tax rates (ETRs) of nonfinancial corporations disaggregated by size and broken down by jurisdiction. Our findings reveal a striking and persistent tax advantage for big business. Since the mid-1980s, large corporations have faced lower worldwide ETRs relative to their smaller counterparts. The regressive worldwide ETR is driven by persistent regressivity in the domestic ETR and a marked drop in the progressivity of the foreign ETR over the past decade. We go on to show how persistent regressivity in the worldwide tax structure is bound up with the increasing relative power of large corporations within the corporate universe, as well as a shift in firm-level power relations. As large corporations become less disposed to investments that may indirectly benefit ordinary workers, they become more disposed to shareholder value enhancement that directly benefits the asset-rich. What this means is that the corporate tax structure is connected not only to rising corporate concentration, but also to widening household inequality

CIFAR-10: KNN-based Ensemble of Classifiers

In this paper, we study the performance of different classifiers on the CIFAR-10 dataset, and build an ensemble of classifiers to reach a better performance. We show that, on CIFAR-10, K-Nearest Neighbors (KNN) and Convolutional Neural Network (CNN), on some classes, are mutually exclusive, thus yield in higher accuracy when combined. We reduce KNN overfitting using Principal Component Analysis (PCA), and ensemble it with a CNN to increase its accuracy. Our approach improves our best CNN model from 93.33% to 94.03%

America's Real 'Debt Dilemma'

In the wake of the current crisis there has been an explosive rise in the level of the US public debt. These massive levels of public indebtedness are expected to keep growing unless there are drastic changes to existing budgetary policies. According to a recent series in the Financial Times, the US now faces a ‘debt dilemma’ over whether the country should bring its fiscal house in order through tax hikes on the rich or cuts to entitlement programs. This apparent dilemma has sparked a debate over which groups should bear the burden of debt repayment and fiscal adjustment. However, one crucial question remains unasked: whose powerful interests are served by the public debt? Mapping the share of federal bonds holdings of and interest to the top 1%, my research uncovers a staggering trend towards concentration over the past three decades and shows that federal income taxes and transfer payments have done little to offset this regressive distribution. Increases to the public debt without progressive redistributive policies are likely to aggravate an already explosive situation characterized by inequality, while decreases to the privately held portion of the public debt are likely to encounter resistance from the top 1%. This is America’s real debt dilemma

Corporate ownership of the public debt: mapping the new aristocracy of finance

In various writings Karl Marx made references to an ‘aristocracy of finance’ in Western Europe and the USA that dominated ownership of the public debt. Drawing on original research, this article offers the first comprehensive analysis of public debt ownership within the US corporate sector. The research shows that over the past three decades, and especially in the context of the current crisis, a new aristocracy of finance has emerged, as holdings of the public debt have become rapidly concentrated in favour of large corporations classified within Finance, Insurance and Real Estate. Operationalizing Wolfgang Streeck's concept of the ‘debt state’, the article goes on to demonstrate how concentration in ownership of the public debt reinforces patterns of social inequality and proceeds in tandem with a shift in government policy, one that prioritizes the interests of government bondholders over the general citizenry

Imperial Intentions and Independent Interests: The Ohio Company of Virginia and its Agents, Thomas Cresap and Christopher Gist, 1748--1752

Thomas Cresap and Christopher Gist, two common men from Maryland, began working for the Ohio Company of Virginia in 1748, in an attempt to expand the British Empire\u27s claim in the Ohio River Valley by enlarging the colony of Virginia. This thesis analyses these two agents of empire and their trade and diplomacy with the Indians of the Ohio Valley, as well as their mapping and surveying. This thesis argues that these two on the ground agents were building the British Empire, through their work for the Ohio Company of Virginia. However, this was not their only imperial tie, there were many formal and informal ties that bound the Ohio Company to governmental officials. These ties often make it difficult to determine if Cresap and Gist were bring employed by the Ohio Company or the British Empire. This thesis explains the relationship between the Ohio Company, the Ohio Company employees and the British Empire and how the independent interests of the employees and the Company, made it possible for the British to expand into the Ohio River Valley, and compete in the race for empire in North America

Growing epidemic of videogame addiction

Videogames are rapidly becoming more popular with children and adults alike. Ever since the mid 1980s, videogames have been a major part of pop culture and a widely accepted form of entertainment. With more advances of technology and internet, online gaming has also evolved. Massive Multiplayer Online Role Playing Games such as Everquest and World of Warcraft have become a topic of addiction (msnbc.com, 2008). Some individuals have neglected jobs, families, and personal well-being to continue to play these games, with signs of addiction mimicking substance addiction. The American Psychiatric Association is even considering involving videogame addiction as a compulsive behavioral disorder in the DSM-V (msnbc.com, 2008)