Preparing for the double dip recession.

[Shannow]

Originally Posted By: Cutehumor
it seems like everyone likes talking, but nobody does anything about it. Let's try to get everyone to vote these knuckleheads out of office


Good luck with that...Oz overwhelmingly rejected both flavours of koolaid last time, and ended up with an unholy alliance of nutters and "special" interests.

 

[buster]

The larger public's interests have been pushed aside. Deregulation of the financial and banking industries. Sending our brightest into the world of high finance. Poor monetary policy by two Fed Chairmen that might not have a grasp on the system. Too much government involvement in the housing market. Corporate control and dominance over our elected leaders. The country is broken and it's all by big money and private interests.

 

[buster]

Right now, I think people are ignoring the fallacy of composition. If everyone stops spending at the same time, the economy contracts.

"Saying we will run out of money or that we can't afford to spend or that we will leave a mountain of debt to the following generations or that we need to borrow the very currency that we have sovereign rights to issue is not only absurd and ignorant, but comparable to self-destrution. - SM

"If a government imposes a tax payable its own currency, it is logically absurd to not give the private sector a means of obtaining the units of currency desired to both pay the tax and net save that unit of account." ~ Warren Mosler

 

[Cutehumor]

now, S&P is saying they will downgrade the U.S credit rating. they just announced that the debt reduction from Congress didn't do enough to reduce the country's debt. oy vey

 

[Shannow]

Originally Posted By: Win
If you want to advocate reforming the tax code to simplify it and get rid of loopholes, I'm all in for that. But everybody that votes ought to pay some taxes, even the "poor".


That's why I'm an advocate of a flat debits tax on every financial transaction.

The poor pay the same fraction of a percent on every withdrawal that they make as a rich person...who also pays the same amount on his decision to shuffle money into the high interest account, family trust, out of the family trust and into stocks, back to cash etc.

Estimated to only require 0.1% flat debit's tax to replace Oz' entire tax base. This would have to rise as those who do lots of transactions start to rationalise their movements, but with simple Electronic Funds Transfer, the costs of managing payroll, income and business taxes largely disappear.

 

[rshaw125]

Originally Posted By: Cutehumor
now, S&P is saying they will downgrade the U.S credit rating. they just announced that the debt reduction from Congress didn't do enough to reduce the country's debt. oy vey

They're right. they should down grade it.

 

[greenaccord02]

Good for the folks at S&P. Somebody's got a pair.

Also, Shannow's idea is outstanding.

 

[LS2JSTS]

Originally Posted By: Shannow
Originally Posted By: Win
If you want to advocate reforming the tax code to simplify it and get rid of loopholes, I'm all in for that. But everybody that votes ought to pay some taxes, even the "poor".


That's why I'm an advocate of a flat debits tax on every financial transaction.

The poor pay the same fraction of a percent on every withdrawal that they make as a rich person...who also pays the same amount on his decision to shuffle money into the high interest account, family trust, out of the family trust and into stocks, back to cash etc.

Estimated to only require 0.1% flat debit's tax to replace Oz' entire tax base. This would have to rise as those who do lots of transactions start to rationalise their movements, but with simple Electronic Funds Transfer, the costs of managing payroll, income and business taxes largely disappear.


This is a very poor solution imo.

The blackmarket and all the cash that it represents never gets taxed fairly, either under our current system or under what you propose.

In order to get the fairest tax across all income levels and also finally start collecting revenue from the underground economy, the consumption tax should be implemented. Every purchase, every where, for every thing...and tax it...at what level would obviously need to be worked out. But it's the one way I can see to get into the pockets that have been paying nothing for years, and some of those pockets are pretty deep.

 

[PandaBear]

Originally Posted By: LS2JSTS
In order to get the fairest tax across all income levels and also finally start collecting revenue from the underground economy, the consumption tax should be implemented. Every purchase, every where, for every thing...and tax it...at what level would obviously need to be worked out. But it's the one way I can see to get into the pockets that have been paying nothing for years, and some of those pockets are pretty deep.


I can show you 1000 way to cheat consumption tax and see how you are going to catch that. Deposition tax is also easy to cheat and many American have been doing that for years (Swiss bank accounts). The fact is, you can't avoid some cheating because it is very easy to evade small transactions, but large transactions are very hard to evade (land ownerships, fuel purchases, etc).

Nice try convincing people to believe you should be paying less tax at the top and more tax at the bottom, no cigar.

 

[hr1940]

Lock time. Politics.