Have Tax Revenues Topped Out?

Efforts to collect more taxes fail because people adjust their behavior accordingly. Amidst all the “fiscal cliff” talk of raising tax rates, few dare to ask: have tax revenues topped out? How could tax revenues decline as rates go up?…


Darden Says “We’re Screwed”

It’s bubbling to the surface….. (Reuters) – Darden Restaurants Inc (DRI.N) warned on Tuesday that earnings for the latest quarter would miss expectations after unsuccessful promotions led to a decline in sales at its Olive Garden, Red Lobster and LongHorn Steakhouse chains. Promotions my…


The Smell of Corruption

Gee, who could have seen this coming? U.S. regulators probing potential fraud by China-based companies increased pressure on their auditors by formally accusing affiliates of Big Four firms of withholding documents from investigators. Deloitte Touche Tohmatsu CPA Ltd., Ernst & Young Hua Ming…