Here we go!

[Ann]

2 Obama officials: No guarantee taxes won't go up

President Barack Obama's treasury secretary said Sunday he cannot rule out higher taxes to help tame an exploding budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul.

http://finance.yahoo.com/news/2-Obam...&asset=&ccode=

[Jay]

Re: Here we go!

2 Obama officials: No guarantee taxes won't go up

President Barack Obama's treasury secretary said Sunday he cannot rule out higher taxes to help tame an exploding budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul.

http://finance.yahoo.com/news/2-Obam...&asset=&ccode=

Sweet, I'm one of those saps that works for a living and will be for many years.

[LargoWinch]

Re: Here we go!

2 Obama officials: No guarantee taxes won't go up

President Barack Obama's treasury secretary said Sunday he cannot rule out higher taxes to help tame an exploding budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul.

http://finance.yahoo.com/news/2-Obam...&asset=&ccode=

If there is no wealth inequality in the Western World, then why:

... the top 1 percent of taxpayers paid over 40 percent of all federal income taxes in 2007. That is a higher share than the bottom 95 percent of taxpayers combined.

Self-serving article for the rich here.

[goadam1]

Re: Here we go!

I believe that some promise to bring down the deficit was made to the Chinese. If we are going to give out banker bonuses, free hips to boomers who didn't prepare for old age and cash for every piece of old stuff you have laying around, then we are going to see some very high taxes.

It's too bad we don't have any sensible or realistic choices available anymore.

[goadam1]

Re: Here we go!

Dude, I live in NY and work my ass off. I pay over 50% in taxes now. I'll probably have to pay around 2/3 of my money, if I manage to make it, in taxes.

[LargoWinch]

Re: Here we go!

Dude, I live in NY and work my ass off. I pay over 50% in taxes now. I'll probably have to pay around 2/3 of my money, if I manage to make it, in taxes.

goadam, I think you are getting me wrong. I am not for more taxes.

I think for one the government should be about 10% to 20% its current size and taxes should be adjusted as such.

I was simply quoting the article to point out the huge income inequalities in the Western World.

[goadam1]

Re: Here we go!

Sorry, just being a capitalist pig. I don't have ideas to fix inequality or inequity. Ask, Jesus. I'm all for many things public. I expect to to pay taxes. But I think going socialist will sink this country. I am disgusted to pay a for peoples housing mistakes and unfunded retirements. People whining about healthcare but running up their credit cards.

Good luck with getting smaller government!

[cjppjc]

Re: Here we go!

I think for one the government should be about 10% to 20% its current size and taxes should be adjusted as such.

Wouldn't the deficit look about the same?

[rjwjr]

Re: Here we go!

goadam, I think you are getting me wrong. I am not for more taxes.

I think for one the government should be about 10% to 20% its current size and taxes should be adjusted as such.

I was simply quoting the article to point out the huge income inequalities in the Western World.

Income inequality! LOL. But the tax burden inequality is of no concern to you?

It just serves to prove my point...you can redistribute all you want and the money will find its way back to the wealth creators. Push too far and we're leaving. Check this out... http://www.chancelitton.com/?p=77

[Ann]

Re: Here we go!

Income inequality! LOL. But the tax burden inequality is of no concern to you?

It just serves to prove my point...you can redistribute all you want and the money will find its way back to the wealth creators. Push too far and we're leaving. Check this out... http://www.chancelitton.com/?p=77

I agree with this point EJ made last week:

Our question: Which economic group will government go after for money to pay unemployment benefits and other economic disaster support?

Our forecast: Lousy distribution of wealth in boom times means high taxes on capital and wealth redistribution during busts. It has always been so throughout history.

Our fear: Wealth redistribution becomes structural. Then we’re sunk.

The lesson: In the future boom aim policy at the wealth distribution problem so it does not cause the usual backlash later. That means get rid of the rent seeking FIRE Economy and focus on productive enterprise.

Made sense to me.

[icm63]

Re: Here we go!

All poor countries (debt) eventually get a GST or VAT ( consumption tax ), welcome to the club USA. National VAT...10% on all goods and services.

[Ann]

Re: Here we go!

All poor countries (debt) eventually get a GST or VAT ( consumption tax ), welcome to the club USA. National VAT...10% on all goods and services.

But ours is a "consumption economy." Not a sideline, you know. :cool:

[Slimprofits]

Re: Here we go!

It would spell certain political doom for President Obama in 2012 if he allows income tax rates to rise for those people that he promised the rates wouldn't.

"Read my lips, no new taxes" ring a bell?

At least 36 Senate seats are up for grabs in 2012.

[jtabeb]

Re: Here we go!

All poor countries (debt) eventually get a GST or VAT ( consumption tax ), welcome to the club USA. National VAT...10% on all goods and services.

Been making a habit lately of buying long term durable goods for just that reason!

(I am typing this on my brand new computer as we speak, last one lasted 9 years with one upgrade, let's hope this 4 core SLI job will do the same. Damn Fast, for now)

BTW cost $1500!!! (I built it myself)

[peakishmael]

Re: Here we go!

(I am typing this on my brand new computer as we speak, last one lasted 9 years with one upgrade, let's hope this 4 core SLI job will do the same. Damn Fast, for now)

You got an off-grid power system in your bunker that will run that beast for more than 5 hours ?