Just as demand for both alternative energy and low-income housing is growing, is the market drying up for the tax credits that drive much of the investment in both? Evidence is that the answer is “yes.” The culprits: the crumbling economy, paralyzed bond markets, and the government itself. This may be yet another example of the always-deadly law of unintended consequences.    more »

Lots of buzz lately about sovereign wealth funds—those huge investment pools run by foreign governments that are becoming an increasingly important source of capital for U.S. companies. The Wall Street Journal’s Michael Phillips reports that foreign investors bought nearly $1 trillion in U.S. securities in 2007. And a small but growing share was acquired by sovereign wealth funds operated by dozens of countries, including China and the oil-soaked nations of the Middle East.    more »

While everyone has focused on the individual elements of the stimulus bills working their way through Congress, few have paid much attention to the business provisions. They should, because they could turn out to be an awfully big waste of money.   more »

So who does pay the corporate income tax? The question seems simple, but the answer turns out to be exceedingly complicated.    more »

There has been talk in recent days that the congressional effort to raise taxes on the earnings of private equity managers has been killed. Don’t believe it.    more »