What you call it can determine how it is regulated. Businesses are lobbying hard to be allowed to repatriate “$2 trillion in untaxed profits outside the United States”. Seems to me they practically have won the war by labeling this money “stranded cash” when in fact it should be called “sheltered cash”.
Thus we get stuff like this:
But this much is clear: There is a growing political consensus that the time has come for change in the tax rules to encourage repatriation of the vast troves of corporate earnings held outside the country. Companies, ordinary American taxpayers and thousands of investors have substantial and sometimes conflicting stakes in the outcome.
“Everyone agrees that something is going to be done about this,” said Edward D. Kleinbard, the former chief of staff of the congressional Joint Committee on Taxation, and now a law professor at the University of Southern California. “The question, of course, is exactly what.”
Well, I don’t agree. Let’s just close the loophole going forward as a first step, so as not to make foreign investment more profitable than domestic. Then maybe we can talk about wealth taxes?
Meanwhile, please can we call this $2 trillion what it is: tax-sheltered cash stored in offshore bank accounts.
Building Privacy into the Infrastructure: Towards a New Identity Management Architecture comes to what I fear some of my friends in the privacy community will find to be an unacceptable conclusion.
I’ll be presenting it at the Privacy Law Scholars Conference in Washington next week. Hopefully, since many attendees are in fact friends, they won’t bring brickbats.
Uber 2.0: Human Self-Driving Cars on Stratechery by Ben Thompson is the most interesting thing I’ve read about Uber in some time. Maybe ever.
Should I call this phenomenon “Uberization” or “TaskRabbitization”? The first is catchier, the second maybe more accurate. Whatever it is, it’s deeply classist and to some apparently devilishly useful.
Also, I note the existence of an AirBnB web aesthetic developing here, in which certain kinds of companies have these scary good graphics — with no visible lines separating text from the fills-most-of-your-monitor video. And the videos depict somewhat-nicer-than-normal people using the stuff they are pushing. Spooky. And runs on a pretty long loop.
Brad DeLong reprints this chart from Elise Gould, Prime-Age Employment-to-Population Ratio Remains Terribly Depressed. He also quotes the explanation,
The green circle shows the slow climb as the recovery began to take hold…. Then, early this year, the EPOP stalled out (see the red circled region)…. July’s rate of 77.1 percent is still below the last two troughs.
Isn’t this econo-speak for what someone — what was his name? — used to call the “reserve army of the unemployed”?