When Joel Slemrod of the University of Michigan won his Ig Nobel Award in 2001, part of the prize criteria was that the research involved "cannot, or should not, be reproduced". Luckily for Slemrod, that's since been changed to "first make people laugh, and then make them think".
See, Slemrod and partner Wojciech Kopczuk of Columbia University are the researchers who found evidence that the very rich die in greater numbers just before estate taxes are scheduled to increase—or just after the taxes have been reduced. Since he published, Australian and Swedish researchers have replicated his results. And now, he says, it appears the United States is about set up a grand natural experiment with elderly rich people as guinea pigs.
As of January 1 of this year, the U.S. estate tax has been abolished for the year 2010, and is scheduled to be reinstated in 2011 with rates as high as 55%. If our findings (and those of our colleagues in Australia and Sweden) are right, there some would be "moved" from the end of 2009 to the beginning of 2010, as some rich folks hold on to bequeath their assets tax-free. Of course, the really morbid stuff will happen at the end of this year, when dying in December of 2010 will incur no estate tax, but dying beginning in January 1, 2011 can trigger a tax liability equal to more than half the taxable estate. It's being called the "Throw Momma from the Train" tax provision.
Roald Dahl spent the last of his days in a special armchair that he modded to help him with back pain from a WWII injury; now, in honour of the Dinner at the Twits interactive theatre events, the craft 40FT Brewery has swabbed some yeast from Dahl’s chair and cultured it to brew Mr. Twit’s […]
A Mars science news update from NASA’s Jet Propulsion Laboratory, in Pasadena, California.
Graduate student Jason Ahrns captured a stunning image of red sprites over Nebraska while aboard a plane chartered by the National Center for Atmospheric Research. And behold Scott McPartland’s rare video of the phenomenon in May.
To be a Pokémon master, you’ll need a phone that won’t constantly die on you. Because nothing is worse than seeing the screen go black right as you’ve finally found the Charizard of your dreams.That’s why we’re so excited about the LinearFlux PokeCharger Portable Battery ($39.99). With its 3.0 Amp HyperCharging technology, this slim battery will […]
The tech industry is constantly innovating, and in order to stay competitive, you’ll need to keep up. The Programming Into the Future Bundle was created to teach you the skills employers are looking for at this very moment, including in-demand coding languages like Google Go.The bundle of courses includes instruction on a range of innovative tools that advanced coders […]
If you’re running low on MacBook storage, your options are pretty limited. External hard drives mean toting around another piece of bulky equipment, and you probably don’t want a USB stick constantly protruding from your laptop.That’s why the Nifty MiniDrive for MacBooks is such a desirable alternative, and one of our top tech finds this year. You can add […]