“Missouri could soon become the first U.S. state to eliminate capital gains tax entirely — a move that would have profound implications for crypto holders, stock investors, and real estate stakeholders alike. Missouri House Bill 594, which passed a final vote in the state legislature, now awaits Governor Mike Kehoe’s signature. If signed, it would enact a 100% income tax deduction on all capital gains, including profits from digital assets like Bitcoin and XRP. … For now, all eyes are on Governor Kehoe, who has not publicly committed to signing the bill. But if he does, Missouri could become the most tax-advantaged state in America for crypto and stock investors alike.” (05/11/25)
“Undesigned order may be the most counterintuitive idea around, but it is crucial to understanding how free societies work. Trump and his gang don’t get it. Observe that he thinks he knows when the Federal Reserve should cut interest rates or how national trade statistics should look. The price system, of which interest rates are a part, is generated, not by a central plan, but by the countless daily decisions of buyers, sellers, and abstainers acting according to their articulated, unarticulated, and even inarticulable personal information, know-how, preferences, and purposes. That ‘data’ cannot be recorded in a central and accessible place for use by anyone, bureaucrats included. So attempts at conscious government planning will only muck up the price system, along with everything else. A bull in a china shop is an apt image. If you don’t get this, you don’t get freedom.” (05/09/25)
“When news broke on Sunday that Donald Trump wanted to implement ‘100% Tariffs’ on foreign-made movies, no one was entirely sure what he meant. I mean, about any of it. Did he mean foreign movies like The 400 Blows or American movies that are made overseas like the forthcoming Avengers: Doomsday? Did he mean a tariff on the budget, on foreign subsidies, what? There are no actual ‘imports’ of goods, so how would you levy these tariffs: on ticket sales, by taxing studios, what? Wait, a tax — doesn’t that require Congress? (Hahaha, just kidding!)” (05/09/25)
“Pope Leo XIV called for a just and lasting peace in Ukraine and an immediate ceasefire in Gaza with the release of hostages and delivery of humanitarian aid in his first Sunday noon blessing as pontiff. ‘I too address the world’s great powers by repeating the ever-present call ‘never again war,” Leo said from the loggia of St. Peter’s Basilica. It was the first time that Leo had returned to the loggia since he first appeared to the world on Thursday evening following his remarkable election as pope, the first from the United States. Then too he delivered a message of peace. Leo was picking up the papal tradition of offering a blessing at noon, but with several twists.” (05/11/25)
“As my co-blogger Ilya Somin notes below, White House aide Stephen Miller commented today that the Trump Administration is ‘actively looking at’ whether it would be possible to suspend the writ of habeas corpus on the grounds that the country is suffering an ‘invasion’ by illegal immigrants. My own view is that the White House can look at this question all it wants, but it is ultimately up to Congress whether the writ should be suspended (at least during times of peace). This is clear form the Constitution’s text and structure. The suspension clause is in Article I, section 9, as among several enumerated constraints on legislative power. It is an interesting question whether Courts can review a legislative suspension of the writ, but I think it is relatively clear that the Executive cannot do so unilaterally. I also think that the Supreme Court has fairly consistently operated under this assumption.” (05/09/25)
Source: Foundation for Economic Education
by Peter Jacobsen
“Harvard is upset that the government is trying to tell them what to say, while simultaneously demanding that it continue sending them money. Of the $9 billion being threatened, not all goes immediately to Harvard. Some funding goes in grant form to students who then transmit it to the university in fees. Other grants go to researchers who share a portion (often more than half) with the university. But, regardless of the transmission mechanism, this funding is critical to Harvard’s current operations; otherwise, Trump’s threat would be inconsequential. Is Harvard entitled to receive millions of taxpayer dollars, directly or indirectly? Are the wealthy administrators and faculty the proper owners of taxes paid by Americans of all economic classes? In my view, no.” (05/09/25)
“A federal judge has issued a two-week pause on the Trump administration’s mass layoffs across the federal government, ruling that the effort to fire of thousands of workers and entirely eliminate some agencies cannot proceed for now. The plaintiffs behind the lawsuit, which include nonprofits, labor unions and multiple cities and counties, argued that the president does not have the power to ‘radically restructure and dismantle the federal government’ without congressional authorization. In a late-Friday order, Judge Susan Illston of the Northern District of California agreed. She instituted a 14-day pause on ‘reductions in force’ until May 23.” (05/10/25)
