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CBO to 'everyone': Bend Over!
The Congressional Budget Office came out with a thick report titled: (love the graphics)
This 240 page beast has something for everyone to hate. More than 100
recommendations on ways that expenses could be cut, or revenues
increased. You’d have to go through this line-by-line to find which idea
will hurt you worse. My guess is that the average American family will
get hit by at least a half dozen of the options.
There are a number of suggestions that may prove “popular”. For example a
transaction tax on large financial institutions generates $71b over 10
years.
Impose a Fee on Large Financial Institutions = 71b
Increase Alcohol taxes.
Increase All Taxes on Alcoholic Beverages to $16 per Proof Gallon = 60b
Or any of these:
Raise Tax Rates on Capital Gains = 48b
Set the Corporate Income Tax Rate at 35 Percent for All Corporations = 24b
Tax Carried Interest as Ordinary Income = 21b
Reduce Funding for the Arts and Humanities = 5b
Cut the Number of Aircraft Carriers to 10 and the Number of Navy Air Wings to 9 = 1.8b
These things look interesting. But as you go through the report you get
to see just how big these numbers are. While it may sound good to raises
taxes on booze it really does not make much of a dent in the big
picture. We need big numbers. Some of the suggestions that actually help
fill the bucket:
Impose a 5 Percent Value-Added Tax (over 10 years) = +2.5 Trillion
Impose a Price on Emissions of Greenhouse Gases = 1.8 Trillion
Limit the Tax Benefit of Itemized Deductions to 15 Percent = 1.2 Trillion.
Limit or Eliminate the Deduction for State and Local Taxes = 862b.
Increase Individual Income Tax Rates (1% increase on income and AMT) = 702b
Accelerate and Modify the Excise Tax on High-Cost Health Care Coverage = 650b
Increase the Maximum Taxable Earnings for the Social Security Payroll Tax = 457b
Tax Social Security the Same Way That Distributions from Defined-Benefit Pensions Are Taxed = 438b
Accelerate and Modify the Excise Tax on High-Cost Health Care Coverage = 310b
Increase Excise Taxes on Motor Fuels by 25 Cents = 291b
What’s not to hate about these ideas? The one that stands out in my opinion? We’re getting a VAT.
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I think we should have a 20% VAT and NO OTHER TAXES.
DUMP THE US TAX CODE INTO THE DUSTBIN OF HISTORY'S WORST IDEAS !!!!!!
Fiat Fee, see above. APT. The same fee the banksters even thought on levying on themselves internationally. It is the only way meet for a free economy.
Just re-arranging the deck chairs on the Titantic. I'm not sure why the APT Tax proposal never gets any traction. Probably due to end result - elimination of a lot of high-paying white color jobs (e.g. T&E lawyers, accountants, etc.).
Because it is talking about a tax base 200x larger than GDP.
And does not discriminate. At all. Even the black market, which was a specialty of Dr. Feige.
Call it a Fiat Fee. Charge the initiator of a transaction. Let DTCC, the Fed (Fedwire), SWIFT, etc. be the only entities that owe the IRS.
Government fully funded, plus opportunity to buy out poverty.
The more fiat and USD denominated paper you move around, the more you end up paying on an absolute level, but only at a rate that every other transaction within the USD economy, or flowing out of it, gets hit at.
I like .49% until debt is retired, then something South of .2%
It doesn't really compound, because it is paid forward by the originator of the transaction.
Cash is pre-paid on withdrawal at its calculated velocity, so all cash transactions are tax free, including deposits.
So those are the variables, what universal rate, and the velocity of cash.
These could be calculated more or less in real time, as well as collected/distributed in real time.
The problem is that it is a system with one knob, and no way for control freaks and tax cheats to tweak around in 6000 pages of code.
A fiat fee could be done in a page. Starting with the repeal of the IRS code. All of it. As well as all the sin taxes, and the luxury taxes and the property taxes and the sales taxes and all the other stupid taxes, as well as repealing all the tax-exempt BS, by no longer having our tax system be a stupid and brutal mechanism of control.
Use $2 Quadrillion for a lowball estimate of the tax base we're talking about, and you'll understand that this funds states, counties, townships and cities, as well.
[ Dang, check that captcha: ___ times (minus nine) equals -252 ]
Interesting ideas.
Has it been tried anywhere that you know of?
What happens with 4X traders, for example? Are they taxed on the amount of money they move or on the amount doing the moving? In other words, how is leverage taxed?
Sounds like it would ruin my grand schemes in trading but I guess it would be worth it if we could retire any debt and avoid excess taxation...
okay, no it wouldn't.
:D
28
Maybe because it makes perfect sense?
carbon tax bitchez. giggling aussie broad was over there espousing it just the other day.
The dizzy redheaded bitch isnt Australian, shes a Scottish immigrant. Its the fucking stupid tree hugging lefties who put her in a position to negotiate a win in the last election. Parliament was hung and she told enough lies to the gullible independents that they supported her.
One of the lies she told the day before voting was that she would not implement a carbon tax. Fucking lying bitch who is dumb enough to think that no one will point out her obvious blandishments.
It seems the carbon tax silliness of Gore, Blood and Goldman has been sufficiently discredited in the scientific community to make implementation of said silliness not possible.
Really, there is only one solution viable at this point. Put everyone 65 years of age or older to sleep, permanently.
I thought it was 30. Silly me.
http://www.quotecounterquote.com/2009/09/don-trust-anyone-over-30-or-40....
- Ned
You're wrong. It's not 65! It's 71.....
It was 30 in "Logan's Run" and that seemed to work fine.
They lived, needlessly it turns out, in a bubble-town no bigger than LaPlace, Louisiana. The population of America in a little bubble.
You'd probably have to decrease the age to fifteen in order to really get the consumerism treadmill working, though. Then it would be rolling at maximum efficiency.
In Denmark, the pension age was raised to 72.
Makes you think he?
OMG. "Vat a mess"
Leave Bruce alone, moron. He is doing the best he can.
Static analysis in all cases, as if these tax increases will not affect behaviour. Worthless.
We're all gonna need a VAT...of scotch, weed, x, something mind altering. Seriously, the only way to tame the beast is to shut off the $ flow, i.e. taxes. But that would take a barter system or the like or possibly a visceral political will to scuttle the bloat...LOL, mindf**k
how about every single member of government gets fired and we hire quadaffi to run things?
i mean,hell, how much worse a job could he do than the present fuck heads we have
at least in a dictatorship there is a lesser number of pockets to be lined
Q-dog has only stolen billions from his people
our government has stolen trillions
lesser of two evils
You look like a monkey. A fucken one.
Goldless sheeple will sink first.
Slavery first, starvation as reward.
Before the end, do me a favor :
Try to insert a flag in your dumb ass.
SF, i like the cut of your jib. bruce is an asshole. you are showing good taste. why don't you come over to my place later. i'm a better dresser than that bruce guy and i can be the daddy that you crave.
bring some booze and chinese ok? see ya soon sweetness.
Chinese?
Hey, SwingFarce, you got a woody for Bruce? Are you gay? Buy some hand lotion.
I really hate it when they objectify a blog poster. It is so demeaning and insensitive.
- Ned
Why do you say that?
He offers great info. No need to call him names.
In my book, Bruce gets a A+!
I agree. I like BK too, er, um, I mean Bruce. And you got a reply and I didnt!
http://www.zerohedge.com/article/state-deficits-wars#comment-928406
So stop yer whinin'!
No need to reply Bruce, just throwing rocks at the trolls.
Cooter
EDIT: Oops, meant to reply to SwingForce ...
BRUCE YOU ARE AN ASSHOLE
WHY DON'T YOU REPLY TO PEOPLE WHO COMMENT?
YOU ARE AN ASSHOLE, YOU FUCKING MORON, SHUT THE FRONT DOOR.
Actually I don't recall you posing a question. I try to to answer most of them. I don't respond to rants often however. I understand you need to rant. It's ok. Take a deep breath.
I have a question for you. In your life over the next ten years will you be influenced in any way by the things proposed by the CBO?
Do you work? If so you'll be paying a bunch more in taxes. Got a relative that's sick and no money? Don't count on medicaid. Going to college? No more Pell grants. Interest rates on student loans going up. If your old you're getting less in SS benefits. If your young you are going to be forced to put in a bunch more into this than in the past, and your parents will still get less than they bargained for.
You think you are ouside of this? Prove it.
bk
bk-au contraire, to the good comments above about "don't respond".
cauterize the nonsense, verbally/in writing (of course), but smack it into reality.
anyone been around a cauterize situation?
eeeewww:
http://www.youtube.com/watch?v=WjAPoN8qs0Q
- Ned
Bruce I wouldn't even bother replying to this sort of offensive garbage .
Outside of it by owning lots of gold and silver. That is a good hedge for this scenario. Live simply and learn how to minimize tax exposure and have a good stash of PM's.
Don't feed the trolls Bruce. You're better than that.
Joke's on them.
The black market continues to expand when millions figure out that playing by the rules sucks for the little guy and benefits the big ones.
Raise them taxes bastards, food stamp usage now is at 44 million, how high you bet that can go?
Short-sighted bureaucratic bean counters are nearly as stupid as Congressmen.
i don't think it's possible to differentiate or rank which is the dumbest part of the pubic sector.... once you are a public sector cretin there's no limit or end to your total incompetence.
Joe Biden or Barney Frank for example would be a total fuking retard wether they were deciding what the State dictates is acceptable for sausage meat as they'd be on deciding how to once again completely fuk up the US property, healthcare or education sectors.
Once a fuking retarded Govt pinhead, always a ****** pinhead
+1 for your endorsement of the black market BTW ...fuck everything the State and Big bwankers have their grubby hands in
VAT is a serious PITA. I spend around 5 days of the year sorting it out for my small company. Thanks, government!
I work 216 days a year.
124 days I work TO PAY MY TAXES!!
AND ALL I GOT WAS A LAUZY SPEEDING TICKET FOR RUSHING TO WORK!!!
365 days a year you or your family use infrastructure (transport, water, power, sewerage, hospitals, education facilities) that you did not build with your own hands
i aint saying tax is currently collected or distributed fairly, im just reminding folks that tax per se isnt evil in and of itself, as many conservatives seem to argue
Vat's all dis nonsense?
VAT?
It must be good! They do it in Europe!
yes...
the trick is: your start out low and increase it on a yearly basis just to be able to pay the interests.
What I miss in this picture is this:
WHERE IS THE FREAKING BANK TAX!!!!!!!!!!
THEY CREATED ALL THIS DEBT!!!
bugger the bank tax
NATIONALISE all 3 remaining merchant banks (its not like socialism isnt already impossibly distorting the market anyway) without compensation and pool their revenues into the taxbase.
wouldnt that make for interesting circular moetisation : Treasury>Fed>SquidBanks>Treasury......
The list above just buys a little more time... One can't prevent the inevitable outcome of the fractional reserve banking system.