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Who Would Gain in a Romney Tax Overhaul (NYT)
Catherine Rampell highlights a new study that shows Mitt Romney’s tax plan would close loopholes but cut taxes for anyone making over $200,000 while asking more from the 95 percent of us who have never written off a dressage horse on our 1040.
Top two percenters to Congress: Raise our taxes. Please. (WaPo)
Greg Sargent notes that a group of about 100 wealthy Americans have written to congressional leaders to demand fiscal sanity and a fairer tax deal, but since they’re progressives, they’re not trying to invent creative new definitions for “sane” and “fair.”
The Federal Reserve Doesn’t Want the Economy to Grow Faster (Slate)
Matthew Yglesias recaps the report from the latest FOMC meeting: Everything is terrible, worse than expected even, and their current policy response is failing even by their own criteria, so they’re going to stick with it and see what happens. The end.
The Dinged-Up, Broken Down, Fender-Bended Economic Recovery Plan (NYT)
Adam Davidson notes that the nature of the auto industry means it has to base its current plans on its expectations for 2015, and the bet it’s making is that the recovery won’t stall by then, but the clunker you’ve been driving for the last 11 years will.
Memo to Corporate America: More Women Leaders Means a Better Bottom Line (Forbes)
NND Editor Bryce Covert writes that research shows that letting more women into the clubhouse improves corporate performance, but we should remember that’s because it helps to have a deeper pool of talent, not because they have magic lady powers.
Flood of Errant Trades Is a Black Eye for Wall Street (NYT)
Nathaniel Popper notes that a rogue stock trading program sent a shock through the market yesterday morning by making millions of trades, renewing fears that existing regulations may not cut it when HAL 9000 snaps and starts singing “Daisy Bell.”
Underwater homeowners face a tax time bomb (Salon)
David Dayen warns that if the Mortgage Forgiveness Debt Relief Act is allowed to expire on December 31st, it will leave struggling homeowners owing billions to the IRS and bring principal reductions and other relief to a screeching halt. Happy New Year.
Jobless generation puts brakes on US (FT)
Shannon Bond writes that the future of the economy depends on a generation of young Americans who have been taught that if you work hard and get good grades, one day you can have hundreds of thousands of dollars in debt and no way to pay it off.
Goldman to Invest in City Jail Program, Profiting if Recidivism Falls Sharply (NYT)
David Chen reports that Goldman Sachs is contributing $10 million to New York’s new test case for social impact bonds, which will pay out if Rikers Island produces fewer repeat offenders. Why not volunteer some colleagues as test subjects while they’re at it?
Paul Krugman, Ted Cruz, and the Rage of the Golfing Class (TNR)
It might seem a little crazy that the Texas GOP has a Senate candidate who thinks the UN and George Soros are plotting to destroy golf courses, but Timothy Noah notes that it’s a hot-button issue among those who have nothing better to worry about.