Economic View: How to Think About Corporate Tax Cuts

Supported by Business Day How to Think About Corporate Tax Cuts Photo Credit Andrew Roberts Corporate tax cuts will put billions of dollars back in the hands of businesses this year. Naturally, people want to know how those businesses will spend it. But the answer doesn’t really matter, at least not for understanding whether the tax cuts were a good idea.
That’s because the economic case for corporate tax cuts has almost nothing to do with what corporations do with the extra cash.
Economists generally recognize that corporate tax cuts have two quite distinct effects.
First, a tax cut increases the incentive to invest. A lower corporate tax rate gives investors in a new factory a larger share of the income that factory generates. And that in turn leads more investment projects to pass the cost-benefit test that tells a company whether it’s worth building the factory in the first place.
This incentive effect drives most economic models of investment, and few economists debate its un..

The Saturday Profile: Being Dead, He Learned, Is Hard to Overcome

Being Dead, He Learned, Is Hard to Overcome Photo Constantin Reliu, who was declared dead by a Romanian court, in the apartment in Barlad, Romania, that he used to share with his wife. Credit Andrei Pungovschi for The New York Times BARLAD, Romania — Reliu Constantin hadn’t been home in almost 20 years. His family had not heard from him in all that time, and he hadn’t sent any money back. All efforts to locate him in Turkey, where he had gone for work, had been fruitless.
Under the circumstances, it seemed entirely reasonable that his estranged wife asked a Romanian court to declare him legally dead. A death certificate was issued in 2016. The only problem was that Mr. Constantin was very much alive.
But that was just the beginning of Mr. Constantin’s troubles, as he discovered when he finally returned home in January. In a plot twist straight out of a Kafka novel, a different Romanian court this month refused to overturn his death certificate, leaving him in legal limbo, between life ..

Wealth Matters: Want to Keep Your Wine Collection Safe? Store It in a Bomb Shelter

Supported by Your Money Want to Keep Your Wine Collection Safe? Store It in a Bomb Shelter James D. Wallick has thousands of bottles of wine spread over several locations.
He keeps about 400 bottles in his apartment on the Upper West Side of New York. Most are ready to drink, but some are waiting to be transported by climate-controlled van to a storage facility in Jersey City, where they’ll age in a temperature-controlled environment.
The storage facility, Mana Wine Storage, keeps 2,000 to 3,000 of bottles of wines for Mr. Wallick at any one time. These include bottles he stores for the New York chapter of the Chaîne des Rôtisseurs, an international food and wine club. He is the chapter’s president.
Mr. Wallick has a third storage spot: a wine cellar in his weekend home in Bridgehampton, on Long Island, that holds 5,000 bottles. It is more or less full, he said.
Why does he spread his wine out in so many places? Logistics, primarily, but also convenience, he said.
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Bar American Writers From Man Booker Prize, British Authors Urge

Bar American Writers From Man Booker Prize, British Authors Urge Photo George Saunders, who won the 2017 Man Booker Prize for “Lincoln in the Bardo,” was the second consecutive American to receive the award. The eligibility rules were changed in 2014. Credit Chris Jackson/Agence France-Presse — Getty Images LONDON — The Man Booker Prize is Britain’s most prestigious literary award. But for the past two years, American writers have dominated the competition — and authors from Britain and the Commonwealth countries are none too pleased.
The crescendo of frustration may have reached a peak. A group that counts the literary heavyweights Margaret Atwood, Ian McEwan and Zadie Smith among its members has fired a shot across the bow, demanding that the Man Booker Foundation reverse a 2014 decision making any novel written in English and published in Britain eligible for the prize.
Leading authors and critics from the group, the Rathbones Folio Academy, bashed the Booker’s policy anew this week..