The main reason for the drop in corporate tax revenue is obvious: The TCJA slashed the corporate rate by 40 percent, from 35 percent to 21 percent. But the falloff in corporate revenue has been even sharper than expected.

Several months before the TCJA was enacted, the Congressional Budget Office (CBO) projected that corporate tax revenues for fiscal years 2018 and 2019 would total $668 billion. In the forecast published soon after the TCJA was enacted, however, the CBO projected $519 billion in corporate tax revenue over those two years—a $149 billion decrease. Actual corporate tax revenue over that period came in significantly lower, at $435 billion—a $233 billion drop. Essentially, corporations have already received $233 billion in tax cuts, $84 billion more than the CBO projected. To put that in perspective, the federal government spent just $47 billion on Pell Grants over the past two years.

The CBO’s adjusted forecasts now put the 10-year cost of corporate tax cuts at roughly $750 billion, $400 billion more than the pre-TCJA projections. That figure includes the temporary revenue from the TCJA’s repatriation provision, which gave corporations steeply discounted tax rates on stockpiles of overseas profits from prior years.

Revenues from corporate taxes have generally been declining as a share of GDP, in part as a result of lower tax rates and the increase in the prevalence of pass-through businesses.

Corporate income taxes accounted for 6 percent of total U.S. tax revenue in 2021.

This is partially because more than half of business income in the United States is reported on individual tax returns. Relative to other OECD countries, the U.S. approach to taxing business income boosts the share of tax revenue from individual income taxes in the U.S. and reduces the share of corporate tax revenue.

State governments collected $52 billion in revenue from corporate income taxes in 2020, or 2 percent of state general revenue.

using 2027 estimate only, impact by tax brackets:
<$30k pay 43.5bln
$30-75k pay 17.4bln
$75-500k receive 16bln
$500k+ receive 12bln

my sheet: https://docs.google.com/spreadsheets/d/1tp_KFL0cta_iyi3MHhqoMTI-E4gaL4xfYm50wYf4n00/edit?usp=sharing

raised the 11-year projection of the cumulative primary deficit (that is, the deficit excluding the costs of servicing the debt) by $1.3 trillion and raised projected debt-service costs by roughly $600 billion. The act therefore increases the total projected deficit over the 2018–2028 period by about $1.9 trillion.

Experts say the far-right extremism among some Latino residents stems from those identifying as white and anti-Black sentiment.

Releasing 3B and 7B RedPajama-INCITE family of models including base, instruction-tuned and chat models.

biased interpretation of strangely normalized data from 2013.

"If you’re a white person in 2013, Nuzzo explained, your chances of being murdered by another white person are approximately 11 in a million, and your chances of being murdered by a black person are two in a million. Meanwhile, if you’re a black person in 2013, your chances of being murdered by another black person are 56 in a million, and your chances of being murdered by a white person are five in a million."

"Although half of the people shot and killed by police are white, black Americans are shot at a disproportionate rate,” being “killed by police at more than twice the rate of white Americans.”

{%hackmd @themes/dracula %}

who's pushing the culture wars?

“We knew we needed to find an issue that the candidates were comfortable talking about,” said Terry Schilling, the president of American Principles Project, a social conservative advocacy group. “And we threw everything at the wall.”

who is John Galt?

"Gehry responded with a public resignation from the project, and at that point, Diane Disney Miller—daughter of Lillian and Walt—intervened. “We promised Los Angeles a Frank Gehry building, and that’s what we intend to deliver,” she declared. There would be no further funding from the Disney family if Gehry was not kept on as the architect. Broad backed down, and in 1999, more than a decade after he won the commission, Gehry was finally given free rein over the project."

Ukraine’s forces have lost a large share of their most experienced soldiers, having suffered an estimated 120,000 casualties. Purportedly leaked US intelligence documents have suggested that the counteroffensive could fall “well short” of Kyiv’s goals.

Yet Ukraine’s army has been underestimated before, such as when it defied western military assessments last year and pushed back Russian forces from around the capital and then the northeastern city of Kharkiv. Russia has also lost almost twice as many men since the full-scale invasion, according to western assessments. Moreover, Ukrainian troops are better equipped and trained than their foes.

“If the Ukrainian attack is hard and fast and gets behind the Russians, the frontline will unravel and the Russians will run . . . just as they did during the counter-offensive around Kharkiv,” said Glen Grant, a former British army officer and adviser to the Ukrainian parliament’s defence committee.

Alpaca was developed on Meta AI's LLaMA 7B model and generated training data with a method known as self-instruct

I think one of the safest ways to move forward with this technology is to make sure that it is not in too few hands."

In this third article we will look at option collateralization, specifically the margin and liquidation engines of the protocols that allow leverage option trading in DeFi. We will also explore the concept...

ECP has every incentive to be totally transparent about their backers. Transparency would be more likely to bring back Visa/Mastercard, soothe regulators, and fix the business. The only reason to act against such strong incentives is if you have something to hide. To the outside observer, ECP’s operations, staffing, and funding inspire little to no confidence.

A new private equity firm based in Ottawa says it has acquired the company behind one of the world's largest pornography site, Pornhub.