So we can look forward to getting more disclosures of the sort we recently saw from Royal Caribbean, who "expect[s] the global minimum tax policy updates beginning January 1, 2026, to impact us by an incremental couple of hundred basis points," or 2% of WW income. seekingalpha.com/article/4834...

This is true even though the Trump administration has informally gotten an agreement w/ OECD that the tax won't apply to US corporations. What matters for accounting purposes is what the actual laws of these other countries say, not what's been agreed on by Trump/OECD.

Call me a romantic. But the “sad story” of CAMT is still being written, and the sentence most recently put to paper in this yarn is "and then the big bad tech corporation had $16 billion of its tax cuts taken away by Little Red Biden Hood." Not the most exciting story, but not the saddest either.

Lest we forget, here's a 1994 transcript of then Rep. Ron Wyden asking the 7 tobacco CEO's to say whether they believed tobacco was addictive: senate.ucsf.edu/tobacco-ceo-....

My son's sensible question afterwards was whether any of the 7 tobacco company CEO's who, in 1994, brazenly lied to Congress about whether nicotine was addictive ended up going to jail. And of course the answer I had to share is that none of them even got charged with perjury.

I couldn't place the actor who knocked it out of the park playing 60 Minutes' Mike Wallace and had to look it up after-- Christopher Plummer in a totally riveting performance.
But the real star is the story itself-- the mendacity of big tobacco, the gigantic tobacco settlement that resulted.

Director Michael Mann is aptly named, as his films always feel about 110% male-- this one features Pacino and a young Russell Crowe facing off all the way thru-- and the few female characters usually aren't much more than cardboard cutouts. With that caveat, Pacino & Crowe were fantastic.

Fun fact, this is *not* the largest property tax homestead exemption in human history. Wyoming now has one that's bigger for property-rich people only (25% of first $1 million of property value) and more universal (Texas exemption only applies to school prop taxes).
But it's still too much cake.

There's nothing "communist" about these ideas, as Trump has repeatedly and absurdly claimed. I think it's missing the point to even describe them as "democratic socialist" ideas. This is just common sense: a basic role of government is to provide the things we can't effectively provide ourselves.

Like Biden before him, Mamdani's promises are inherently constructive. He wants us to *collectively* build better, more liveable lives for ourselves. He's identifying things we need today and will increasingly need tomorrow. Also like Biden, he's acknowledging these things must be paid for.

Mamdani's proposals will (obv) be moderated in legislative form if they're enacted at all. The promise of "free buses" will sensibly morph into reduced-fare buses on certain routes that are vital to bringing New Yorkers into the city they work in but can't afford to live in. Etc.

The idea of Mamdani's that should absolutely be taken seriously is a broad one that should be self-evident: that we can't trust the Bezoses of the world to make sure their employees have access to affordable housing, child care, and food, & that we can provide these things collectively thru gov't.

Gov. Hochul has signaled her opposition to income tax hikes, so Mamdani has that mountain to climb. But with both the city and the state facing new (albeit possibly illegal) budget holes from federal aid being withheld by the Trump administration, now's a good time to take Mamdani's ideas seriously.

do you need the highlighter to make the machine work? What is the "skill" element?

The forms do allow for that possibility, so yeah this seems like the most plausible answer I've heard. So the implausibly high average would be the product of a handful of really big numbers.

If you mean the PTE entity credits, where it sometimes happens that the amount of refundable credit exceeds the PTE tax actually paid, I guess that could be part of it for 2022. But I'm seeing this in 2019 as well, when there really weren't any PTET regimes to speak of.