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James Medlock Profile picture
James Medlock
@jdcmedlock
More good things for everyone.
6 subscribers
Oct 21 • 12 tweets • 5 min read
In 2022, Norway increased their wealth tax to 1.1%. In response, some high profile billionaires moved out of the country. According to a viral claim, this resulted in a net loss of revenue. Is this true?
No. Over the next two years, wealth tax revenue soared to all time highs. Image To understand how the false claim came about, here is the original source calculation. It is reasonable enough napkin math, where it went wrong was in using the Guardian's claim that the net worth of emigrants was $54B USD
Oct 10 • 4 tweets • 2 min read
This chart is based on bad data, Norway’s wealth tax increase raised revenue In general, people who think most economists are communists can be safely ignored, because they’re clearly bad at processing information about the world
Mar 31 • 11 tweets • 4 min read
This misleading talking point has been going around a lot lately, so here's a thread on all the issues with it:
1. It ignores a majority of taxes in the US
2. Doesn't take into account inequality in the distribution of income
3. Skewed by our use of tax credits instead of welfare First, there are a lot of taxes in the US. The federal personal income tax (which this stat is based on) is only half of federal revenue, and then there are state income, sales taxes etc. Cherry picking the most progressive and ignoring the rest does not paint the full picture
Nov 29, 2023 • 11 tweets • 4 min read
For every 10 likes, I'll make this image of a well funded tax collection agency more epic Image More epic Image
Jul 28, 2023 • 7 tweets • 2 min read
Scott Winship seems genuinely confused here. There is no economic opportunity cost to universal programs relative to equivalent means-tested programs. He's the one who seems to think there's a free lunch to be had by moving a tax to a different agency

https://t.co/tcYbezyJhcaei.org/economics/it-r…
Image One good point he makes, which despite an improving discourse still gets forgotten, is that universal programs have more options than to just replicate a tax identical to a means-test. There's no means-test equivilent to a VAT or a flat income tax that hits all incomes equally
Jul 18, 2023 • 5 tweets • 2 min read
I think there should be abundant access to bananas under socialism Image It's kind of funny a lot of left discourse assumes workers in the global north would necessarily be hurt by improved labor rights in the global south. That may be true in certain cases, but in the long run I actually don't think it's the case (see: Trade Wars Are Class Wars)
Jun 19, 2023 • 4 tweets • 3 min read
Went hiking in Briones Regional Park, really beautiful day Image Saw a butterfly taking off ImageImageImageImage
Jun 15, 2023 • 4 tweets • 1 min read
He continued: “…but all property superfluous to such purposes is the property of the public, who by their laws have created it, and who may therefore by other laws dispose of it, whenever the welfare of the public shall demand such disposition…” “He that does not like civil society on these terms, let him retire and live among savages. He can have no right to the benefits of society, who will not pay his club towards the support of it.” - Benjamin Franklin
Jun 7, 2023 • 4 tweets • 1 min read
Hey cons — come and take it Image Seed oils, in moderation, are perfectly fine for you
the-nutrivore.com/post/a-compreh…
Jun 6, 2023 • 6 tweets • 2 min read
In a narrow sense it's absolutely true that people making $250k in a given year would be net payers with an expanded welfare state - as OP acknowledges in the next tweet. He's also right that there are benefits beyond strict costs, like consumption smoothing and stability But I want to make a broader point about incomes. When we talk about "a person in poverty" or "a person making $250k" we tend to take a point in time measurement and act as if that is a constant state
Jun 5, 2023 • 4 tweets • 1 min read
I'm a masochist so I'm going to tune in to this RFK effusively thanking Elon for saving American democracy
May 22, 2023 • 5 tweets • 2 min read
Guess what this California state senate bill is based on the supporters and opposition ImageImage In favor: tenant groups, unions, liberal cities, and a million YIMBY groups

In opposition: real estate and business groups, and the AIDS healthcare foundation
Apr 24, 2023 • 6 tweets • 4 min read
I went to Salt Point State Park ImageImageImageImage On the second day we hiked up to Kruse Rhododendron State Nature Reserve. AllTrails didn't have preset loops, but we were able to stitch together some trails to make one. It ended up being quite an adventure, there were rough stretches, but highly recommended if you come out here Image
Mar 14, 2023 • 4 tweets • 2 min read
I look forward to reposting this meme for every state.
It's great policy:
Mar 7, 2023 • 4 tweets • 2 min read
Hot take: in a world where we (importantly) eliminate supply constraints and implement a better college financing system (like say Sweden or the UK), there's actually no problem with college costing society $1 million dollars if that's where Baumol's cost disease takes it. Supply constraints driving the price up is bad. But if productivity gains in other sectors is driving the cost of labor up in sectors that are inherently labor intensive, it doesn't actually mean it's less affordable. This from Adam Smith is relevant: Image
Feb 9, 2023 • 5 tweets • 2 min read
Twitter, meet my new cats, Poppy and Jonesy. As young kittens they were found on the street, having survived some sort of attack. But some great humans took them in and gave them care, and now they’re healthy and whole, with the exception of Jonesy’s missing ear They are very bonded siblings. Apparently they were slow to be adopted because people were wary of the ear and potential arthritis later in life. But I think they’re great, and it felt like a good way to honor Midnight’s memory.
Jan 12, 2023 • 16 tweets • 4 min read
So over the holidays I had a chance to help an uninsured family member sign up for the ACA. It was a really interesting experience - if you know anyone who is uninsured, you should offer to help if it doesn't feel intrusive Backstory: my wife's sister's husband has been dealing with health issues all last year - he didn't have insurance, and he prefers to just go to the emergency room whenever something is wrong. Multiple visits and no one was really getting to the bottom of the issue…
Jan 11, 2023 • 4 tweets • 1 min read
.@benandjerrys please produce this ice cream, America needs you Fresh mint ice cream with mini gelt-shaped chocolate chips and a tiny speck of gold leaf on top
Oct 24, 2022 • 4 tweets • 2 min read
A lot of pushback on the idea that the US is hostile to disabled people. Luckily the OECD just released a report on disability, so lets look at some charts. First, poverty rate for people with disabilities. The US is ~50%, more that double the OECD average oecd.org/social/disabil… Image How about the ratio of disposable income of people with disabilities (PWD) over people without. In Finland, PWD have 90% the income of people without. In the US, it's ~65%, by far the lowest in the OECD Image
Oct 23, 2022 • 4 tweets • 2 min read
The income tax is actually one of the greatest modern innovations, and it's no coincidence that it's rise has coincided with big increases in well being and economic development The current welfare state leaves a lot to desire, but it's an absolutely massive step up from what preceded it. Mutual aid/poor relief simply did not work very well
independent.org/pdf/tir/tir_23…

Oct 13, 2022 • 5 tweets • 1 min read
Really goes to show how harmful the slow, discretionary approval processes are for new housing production - skipping that allows a much higher share of affordable housing to be viable I think people sometimes see discretionary approval as a source of leverage to negotiate more affordability - but that comes at a real cost. I'd much rather a simple rules -based system with a higher baseline affordability requirement