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Some Links

Susan Dudley reflects on the late Alfred Kahn.

David Henderson praises my favorite city in the world, New York.  (David will be a guest on tonight’s Stossel.)

Here’s Steve Landsburg’s tribute to Ronald Coase on the latter’s 100th birthday.

I’m eager to read this paper by Larry Ribstein and my GMU colleague, over in the law school, Henry Butler.  Process matters.

And speaking of Coase and of Butler, here’s a short video by Henry on “the power of law and economics.”

Fortune‘s Allan Sloan argues that a significant portion of the Bush tax cuts was absorbed by the Alternative Minimum Tax.  (HT Sheldon Jacobs)  I especially like this line from Sloan’s article: “To Obama, all families with at least $250,000 of annual income and single taxpayers with $200,000 are ‘rich.’ But to the AMT, many of them are prey.”  Why?  Quoting again Sloan: “The Tax Policy Center says that three-quarters of taxpayers with incomes between $200,000 and $500,000 lost almost two-thirds of their Bush tax cut to the AMT. ‘Those people really got clobbered'” says Roberton Williams, a TPC senior fellow. ‘On average, they lost 63% of their Bush tax cut.'”

Mark Perry’s post reminds me why I tell my students that the term “tax cut” is vague, for it could mean a cut in tax rates, a decision to shrink the tax base, or a reduction in tax revenues.