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The IMF Wants You To Pay 71% Income Tax

Tyler Durden's picture





 

Submitted by Simon Black of Sovereign Man blog,

The IMF just dropped another bombshell.

After it recently suggested a “one-off capital levy” – a one-time tax on private wealth as an exceptional measure to restore debt sustainability across insolvent countries – it has now called for “revenue-maximizing top income tax rates”.

The IMF’s team of monkeys has been working around the clock on this one, figuring that developed nations can increase their overall tax revenue by increasing tax rates.

They’ve singled out the US, suggesting that the US government could maximize its tax revenue by increasing tax brackets to as high as 71%.

Coming from one of the grand wizards of the global financial system, this might be the clearest sign yet that the whole house of cards is dangerously close to being swept away.

Think about it– solvent governments with healthy economies don’t go looking to steal 71% of people’s wealth. They’re raising this point because these governments are desperate. And flat broke.

The ratio of public debt to GDP across advanced economies will reach a historic peak of 110% next year, compared to 75% in 2007.

That’s a staggering increase. Most of the ‘wealithest’ nations in the West now have to borrow money just to pay interest on the money they’ve already borrowed.

This is why we can only expect more financial repression from desperate governments and established institutions.

This means more onerous taxation. More regulation. More controls over credit and capital flows.

And that’s only the financial aspect; the deterioration of our freedom and liberty will continue at an accelerated pace.

Can a person still be considered “free” when 71% of what s/he earns is taken away at the point of a gun by a bankrupt, bullying government? Or are you merely a serf then, existing only to feed the system?

This is why we often stress having a global outlook and considering all options that are on the table.

Because the other side of the coin is that while some countries are tightening the screws and making life more difficult, others are taking a different approach.

Whether out of necessity or because they recognize the trend, many nations around the world are launching new programs to attract international talent and capital.

I’ve mentioned a few of these already– economic citizenship programs in places like Cyprus, Malta, and Antigua (I met a lot of these programs’ principals at a recent global citizenship conference that I spoke at in Miami).

Then there are places like Chile and Colombia which have great programs for entrepreneurs and investors. Other places like Georgia and Panama have opened their doors to nearly all foreigners for residency.

Bottom line– there are options. Some countries are really great places to hold money. Others are great to do business. Others are great places to reside.

The era we’re living in– that of global communications and modern transport– means that you can live in one place, your money can live somewhere else, and you can generate your income in a third location.

Your savings and livelihood need not be enslaved by corrupt politicians bent on stealing your wealth… all to keep their destructive party going just a little bit longer.

The world can truly be your playground. You just need to know the rules of the game.

 


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Thu, 12/12/2013 - 22:13 | Link to Comment LetThemEatRand
LetThemEatRand's picture

Why are these proposed increases in taxes always tied to income instead of capital gains realized during polo matches by guys that never worked a day in their lives?  Oh, right.

And now, for some Polo trivia:

What are all the people doing out on the field at halftime?

It’s customary at polo matches to invite the public onto the field at halftime to tread in the divots kicked up by the horses.  The custom has a practical as well as a public-relations value: the field is repaired for the teams by the time they begin the second half of play.  It’s not clear who was the first enterprising club manager to realize he had an abundant and cheap grounds-keeping crew at his disposal, but old-timers will tell you the job used to be done by hired help.  In the 1920s, for example, laborers at the polo clubs tapped in the divots after every period with a tool resembling an oversized croquet mallet.  Between games, wives of the polo grooms, many of whom were immigrants, could be found on hands and knees cutting dandelions and other weeds from the field.

Thu, 12/12/2013 - 22:12 | Link to Comment rbg81
rbg81's picture

Oh, well, no problemo--as long as its just ONE time.  [/s]

Seriously, these assclowns can eat shit and die.   Of course, they'll probably try to do it by other means.

Thu, 12/12/2013 - 22:16 | Link to Comment LetThemEatRand
LetThemEatRand's picture

Official IMF (and Fed) slogan:   "su casa en mi casa"

Translation:  "your house is my house"

 

Thu, 12/12/2013 - 22:25 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

In poor countryside village, "su casita est mi casita". ("You are shack is my shack")

Thu, 12/12/2013 - 22:25 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

In Washington, "casa blanca est casa de crack addict chief executivo"

Thu, 12/12/2013 - 22:30 | Link to Comment Anusocracy
Anusocracy's picture

Job of the useless idiots at the IMF: fixing the world's economies until they all are totally destroyed.

On schedule as of 2013.

Thu, 12/12/2013 - 22:45 | Link to Comment edotabin
edotabin's picture

Not until a law is passed that says the government can only spend 80% of what it collects in taxes. The 20% goes to pay down debt until it is zero.  Once zeroed out, the law will allow only for surpluses to be run by the government from now and in perpetuity.

 

Thu, 12/12/2013 - 22:56 | Link to Comment Dr. Everett V. Scott
Dr. Everett V. Scott's picture

.

 

edotabin says: "Not until a law is passed that says the government can only spend 80% of what it collects in taxes. The 20% goes to pay down debt until it is zero."

 

You need to understand that America generates a HUGE amount of wealth. There is plenty of money to keep everyone healthy, clothed, sheltered and well fed, with plenty of money left over.

 

But you forget one thing: most of the money confiscated, either through taxes or inflation, goes straight into the pockets of government bigwigs and government employees. So you are asking them to voluntarily cut down on what they've been taking from us.

 

... Do you see the problem there?

 

.

Thu, 12/12/2013 - 23:05 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

most of our 'so called wealth' is stolen from the ROW thru the reserve currency Dollar and the petro-dollar........we'll see how 'exceptional' we are when the dollar dies.........

Fri, 12/13/2013 - 03:04 | Link to Comment Manthong
Manthong's picture

There might be some merit to this strategy as it should produce a 99% reduction in the existence of bankers, state deciders and functionaries.

Fri, 12/13/2013 - 05:05 | Link to Comment zhandax
zhandax's picture

Simon is starting to sound like Ronnie Ray-gun.  I guess you have to be over 40 to remember that Carter had a top tax rate of 79%.  It had been on up there since WW2.  Ronny came in while the guy Carter told to get inflation under control (Volker) was sticking it to everyone (but savers) with high interest rates.  When Ronnie cut taxes, it created the 80's boom.  It is impossible to repeat that performance due to 1). top tax rate now is only 39%. 2). Top 1% didn't make almost 20% of income in 1980.  3)  Regulatory capture to enrich the top .01% didn't blossom until Glass Stegal repealed.  4) government spending wasn't responsible for 40% of GDP.  5). There were a few thousand less federal regulations on businesses.  6). There were still people who hadn't recognized the Ponzi and were still willing to create new businesses.

Hey Simon, come on down on the floor with the rest of us and realize that the last thing .guv will do before the implosion is to soak the wallet fags.

Fri, 12/13/2013 - 05:41 | Link to Comment Occident Mortal
Occident Mortal's picture

The author has confused wealth and income.

Let's be clear. There are 2 kinds of 'rich people' there are people with a lot of wealth (lots of assets), and there are people with high incomes.

These people are NOT the same.

Historically governments have taxed income much more aggressively than they have taxed wealth. This makes it far harder for average people to accumulate any wealth and it protects people who already have wealth.

Also it slows the velocity of money as it allows considerable wealth to stagnate.

The other crucial thing to understand about the tax system is that individuals pay tax on their GROSS EARNINGS. Whereas corporations pay tax on their NET EARNINGS.

So individuals pay large income taxes on their gross income, making it difficult for them to save and invest.

Wealth is not taxed at all and can be invested in corporations where again the wealth is not taxed and income taxes (corporation tax) is only paid on the net income, making it very easy to retain the wealth.

Fri, 12/13/2013 - 06:13 | Link to Comment zhandax
zhandax's picture

I will take one exception to your claim, at least in the US; wealth is taxed at death.  But there are planning techniques to avoid the brunt of the effect if, with a sufficient estate, one is aware and employs good attorneys; and there are ample tax-advantaged opportunities to transfer wealth prior to death.

Fri, 12/13/2013 - 06:44 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

 

 

IMF<----- who says America doesn't support terrorism?

Fri, 12/13/2013 - 07:46 | Link to Comment negative rates
negative rates's picture

Convince your money manager of that, he'll want you to get your fix somewhere else, and once you are dead and gone it is too late to abide by your wishes, the probate ponzification then takes over because, we went to school and got a doctorite just to take your money when you die and manage it for your kids. Because they don't have a high level finance or psychiatrist degree either and so someone needs to help them with their finances, or we got a miserable medication for them if they disagree. 

Fri, 12/13/2013 - 07:03 | Link to Comment Serenity Now
Serenity Now's picture

Occident Mortal,

Every sentence in your post is wrong.  Start over.

Fri, 12/13/2013 - 08:17 | Link to Comment j0nx
j0nx's picture

I see nothing wrong with his post other than your comment stinking it up.

Fri, 12/13/2013 - 10:22 | Link to Comment zerozulu
zerozulu's picture

Very soon discussion will be, "how much sheeple should be allowed to take."

Fri, 12/13/2013 - 08:43 | Link to Comment Bangin7GramRocks
Bangin7GramRocks's picture

So hypothetically, let's make it all wealth across the board. And for shits and giggles let's say it was iron clad without any loopholes. Many of the poor dummies on here would still be against it. I call it Joe the Plumber syndrome. Every poor dummy thinks that some day he will be filthy rich and he will want it all to himself. Simpletons.....

Sat, 12/14/2013 - 19:00 | Link to Comment Blankenstein
Blankenstein's picture

Don't forget about all of the write-offs that were available back then, especially to the very wealthy. 

Fri, 12/13/2013 - 02:54 | Link to Comment edotabin
edotabin's picture

Love it or hate it a government is necessary and some taxes need to be collected. The fact that this has been warped, distorted and ballooned into a 17 T nightmare is strictly based on mismanagement, misdirection, outright theft and a rigged system of money creation.

I am not expecting them to voluntarily do anything. They haven't done so for so many years, why would I think they will start now? Love him or hate him Ron Paul has been spoken about currency debasement in congress multiple times. There is ZERO chance they don't know what they are doing.

I am hoping that through knowledge and awareness their tricks will no longer fly. Progress is slow but awareness is reaching critical mass.

On the other hand, it just may be a ploy to scare off more companies or make America even less competitive so as to provide the final blow and send the country into chaos. Between the way Obamacare is going and a 71% tax bracket, businesses would probably favor Zimbabwe.

 

Fri, 12/13/2013 - 05:11 | Link to Comment zhandax
zhandax's picture

When you understand the difference in a tax and a tariff, please come back.

Fri, 12/13/2013 - 06:46 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Is there an option C?

Fri, 12/13/2013 - 07:11 | Link to Comment zhandax
zhandax's picture

Sure.  Grab your ankles.  O prommised.   Just close your eyes first.

Fri, 12/13/2013 - 13:35 | Link to Comment edotabin
edotabin's picture

When you can get past quips, let's talk.

Fri, 12/13/2013 - 16:29 | Link to Comment Parrotile
Parrotile's picture

Taxes, Tariffs, Duties, Levies, "Adjustments" - all "different words" for the SAME Thing - removal of EARNED income / Profits under duress.

HOWEVER, someone has to fund all the "Invisible Services" which are of no interest to the Private sector (too little profit perhaps??) and that "someone" is usually the Government.

Fri, 12/13/2013 - 09:45 | Link to Comment Sean7k
Sean7k's picture

Your first paragraph is a perfect example of cognitive dissonance. You recognize the effects of government and taxes, but remain ignorant of the cause. Worse, your blanket statement has zero basis in fact. Prove that government and taxes are necessary. Then progress to your solution. Unfortunately, since government and taxes are the problem, your solution will always be composed of caveats. 

 

Fri, 12/13/2013 - 13:03 | Link to Comment edotabin
edotabin's picture

Understanding something and understanding its chances of implementation are two different things. I think to go to a zero tax / small government environment quickly will not happen without major, major upheaval and change in the way this country is run.

 The government will not end the fed without many election cycles and us voting in peple that clearly want to do it. Besides, assuming they end the FED, there is a crooked culture in Washington. Their spending habits revolve around concentration of power and not necessarily facilitating the daily needs of the economy and the people. Removing the debt associated with each dollar would be a huge benefit but they will find a way to screw it up. As the power of central banks increases around the world and the foundations for a global currency qre being laid, how much value would this newly created, debt-free dollar have? If for nothing else but spite, you will have trouble buying bubble gum from another country. They will claim, that the Fed was dumped because we ran deficits so as to reduce credibility. They will claim we defaulted.

This has to be backed up and unraveled slowly. That's why I proposed balancing the budget and running only surpluses in government, legally bind them to that.  Over time this will weed out the crooks and crooked culture. There will be no room for play.  Once you establish this and the crooks are weeded out, you can go to honest money creation.

 

 

Fri, 12/13/2013 - 13:21 | Link to Comment robertocarlos
robertocarlos's picture

Well then, just shoot the fuckers dead.

Fri, 12/13/2013 - 20:51 | Link to Comment XitSam
XitSam's picture

You didn't answer the question, why is government necessary?

And why does it have to be unravelled slowly?

Sat, 12/14/2013 - 00:18 | Link to Comment ManOfBliss
ManOfBliss's picture

False. The government is not necessary.

Fri, 12/13/2013 - 02:05 | Link to Comment i-dog
i-dog's picture

So, if they increase taxes by 50% [each year], they can increase spending by 50% [each year]? I think they'll go for your 'plan'.

Thu, 12/12/2013 - 22:46 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

On other side of coin,... never is mind, taxation rate excess of 50% is leave no other side.

Fri, 12/13/2013 - 01:04 | Link to Comment BlackChicken
BlackChicken's picture

71% will be considered a good rate, once our guns are taken away after the "Great Crash of 2014".

Fri, 12/13/2013 - 01:23 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Want to keep your liberty?  Gold and gunz, fishez!

Fri, 12/13/2013 - 10:50 | Link to Comment Citxmech
Citxmech's picture

Hell, they're already up to about 50% if you factor in both income tax and add in the 'inflation' tax. . . 

What's another 20%?

>=[

Fri, 12/13/2013 - 00:26 | Link to Comment KickIce
KickIce's picture

Boris on roll in ZH casa.

Fri, 12/13/2013 - 07:49 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Boris has diplomatic immunity....he can do stuff we can only dream of.

Thu, 12/12/2013 - 22:30 | Link to Comment mofreedom
mofreedom's picture

I'm sorry, I'm not of this planet and thus am an illegal alien, alien and thus not bound by your earthly international rules and you owe me asylum because I am a poor alien.

Where is that turn-coat Paul Ryan when I need him.

No IMF.

No Paul Ryan!!!

Thu, 12/12/2013 - 22:37 | Link to Comment Anusocracy
Anusocracy's picture

My brother denies being related to me and claims that I am from a parallel universe - the Analverse.

Thu, 12/12/2013 - 22:45 | Link to Comment mofreedom
mofreedom's picture

Christ, bless His Holy Name, knows we can use this crap in the court of law because the court of law loves illegals and there's plenty of precendence for all of us to claim we are illegals and get a free pass.

Oh, I'm sorry, I was brought here to the US by the CIA from communist East Germany (which I was) and given to a family that had just lost their baby child.  I have been using his ID since I was two months old.

Have Havoc?

Fri, 12/13/2013 - 03:12 | Link to Comment edotabin
edotabin's picture

MoFreedom,

You are capable of interstellar travel... and you chose to deal with humans? We have got to be the some of the most backward beings in the universe. Trade your food stamps  and other government goodies for star fuel (or whatever you use) and go find a decent, properly-evolved species 2-3 light years away. Run while you still can.

Fri, 12/13/2013 - 07:09 | Link to Comment StandardDeviant
StandardDeviant's picture

Yes; in fact, we're "so amazingly primitive that [we] still think digital watches are a pretty neat idea".

Fri, 12/13/2013 - 16:37 | Link to Comment Parrotile
Parrotile's picture

Two to three ly places you towards the (presumed) outer edge of the Oort cloud. Our nearest star (Proxima Centauri) is 4.2 ly and to the best of our current knowledge, has no obvious planetary system, within its "goldilocks zone".

Any "evolved Species" living in the Oort cloud will certainly come under the "It's Life, Jim, but NOT as we know it" classification!

Thu, 12/12/2013 - 22:32 | Link to Comment philipat
philipat's picture

IMF staffers of course are exempt from paying Income tax. The hypocracy is quite staggering.

Thu, 12/12/2013 - 22:37 | Link to Comment Anusocracy
Anusocracy's picture

All of those asswipes should be paid in lead.

Thu, 12/12/2013 - 23:04 | Link to Comment The Gooch
The Gooch's picture

And that right fucking soon.

Fri, 12/13/2013 - 00:17 | Link to Comment post turtle saver
post turtle saver's picture

... and the lead should be delivered by air

Fri, 12/13/2013 - 00:46 | Link to Comment SnobGobbler
SnobGobbler's picture

...and righteous intent!

Fri, 12/13/2013 - 00:32 | Link to Comment MrButtoMcFarty
MrButtoMcFarty's picture

I hear tell that lead cures this affluenza bug quite quickly....

Fri, 12/13/2013 - 04:41 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Does MF in IMF stand for Mutter Fickers?
/s

Fri, 12/13/2013 - 11:38 | Link to Comment STP
STP's picture

And add "Idiot" for the "I" and you've got a pretty good description of these guys: "IMF" = "Idiot Mutter Fickers"!

Sat, 12/14/2013 - 18:56 | Link to Comment Blankenstein
Blankenstein's picture

Stupid ideas abound when the IMF is run by a lawyer. Mr. Christine Legarde was trained in law - not business, economics or math, but law.  Even if the govenments weren't full of cheating, thieving, lying snakes, a pack of lawyers isn't going to know shit about running an economy.  

Fri, 12/13/2013 - 00:19 | Link to Comment Ignatius
Ignatius's picture

"Translation:  "your house is my house" " -- LTER

This is exactly right.  The problem is never the money and banking system, the problem is presented as us...

"See, if you pay us all your excess capital to us as interest, above bare necessities, the system will work great."   -- the club.

Michael Hudson pointed out that periodically in history the sovereign would forgive the debts (a reset) and life would go on.  But the oligarchs don't want to forgive the debts, hence QE, bail-ins, high taxes and such.  In other words, we got a better deal from the Kings of antiquity than we get from these modern, 'progressive' oligarchic fucks.

Fri, 12/13/2013 - 16:47 | Link to Comment Parrotile
Parrotile's picture

Historically, the number of days one has had to work "for the King" or their equivalent has gradually crept upwards, and is now far removed from the 1/10th of income (tithing) which was the accepted rate through much of the Middle Ages.

This is an interesting site - http://taxfoundation.org/article/tax-freedom-day-2013-april-18-five-days-later-last-year, and you can modify the "Tax Freedom" chart (which dates back to 1929) to show the breakdown of taxes.

It is interesting to note the direction in which Corporate taxation has beed heading since 1951 . . . . .

Fri, 12/13/2013 - 06:53 | Link to Comment Svendblaaskaeg
Svendblaaskaeg's picture

71% - the "Gimme half Your shit" + VAT

Thu, 12/12/2013 - 22:49 | Link to Comment Dr. Everett V. Scott
Dr. Everett V. Scott's picture

.

 

A ONE time tax??

 

As if.

 

Show us a tax that has been only ONE time.  For that matter, show us a tax that hasn't ratcheted up over time.

 

What was the income tax supposed to be capped at? And Social Security? How'd that work out?

 

These gov't jamokes created this problem. Let them fix the problem. On their own!  We can eat popcorn and watch.

 

.

Thu, 12/12/2013 - 23:10 | Link to Comment bonin006
bonin006's picture

Income tax was supposed to be a maximum of 3%, and that would only apply to millionares.

Fri, 12/13/2013 - 04:50 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Time out, guys. Who really cares how high the tax rate gets for the 0.1-1.0%?

You think THEY get worked up about YOUR tax rates? Dumb Sheeple!

Stop being the "Useful Fool": This is only of relevance to the Top 0.1%-1%. IOW, "Friends of Simon".

Fri, 12/13/2013 - 06:20 | Link to Comment zhandax
zhandax's picture

Ever heard of project creep?  The fed douchebags invented it long before IT.  The income tax was originally only supposed to affect the .01%.  Amazing the (un)??intended consequences of the planned 2% per year inflation.  Reference the exponential equation.  Ronnie Ray-gun's tax rate modifications along the way appear intended to stave off the inevitable collapse for another 30 years.  Time's about up.

Fri, 12/13/2013 - 20:52 | Link to Comment XitSam
XitSam's picture

Why should the government get the Federal Reserve Notes, no matter what the source?  You're saying that to steal from high income people is ok, a populist argument, but not a moral one.

Thu, 12/12/2013 - 23:04 | Link to Comment Groundhog Day
Groundhog Day's picture

71% tax for the wealthy, yet the man running the show, Christine laggard has a 500k salary TAX FREE along with all kinds of perks that go with the job.  Fuckin hypocrites.

Fri, 12/13/2013 - 00:45 | Link to Comment Meat Hammer
Meat Hammer's picture

You're far too kind.  These people are the most vile form of carbon-based lifeform on earth, complete sociopaths, and deserve nothing less than unspeakable suffering.

There...that's better.

Fri, 12/13/2013 - 07:25 | Link to Comment spankfish
spankfish's picture

"yet the man running the show, Christine laggard"... I like what you have done there.

Fri, 12/13/2013 - 14:16 | Link to Comment Zero Debt
Zero Debt's picture

If only the transgender were in charge.

Thu, 12/12/2013 - 23:28 | Link to Comment VD
VD's picture

make it 100% even and let's get this fucking party started! REVOLT against all these venal bureaucrats, IRS thugs and gov scum....

Fri, 12/13/2013 - 08:39 | Link to Comment Seer
Seer's picture

"All modern revolutions have ended in a reinforcement of the power of the State." - Albert Camus

Sigh...  Better:

“You never change things by fighting the existing reality.
To change something, build a new model that makes the existing model obsolete.” - Buckminster Fuller

Fri, 12/13/2013 - 16:53 | Link to Comment Parrotile
Parrotile's picture

I don't think the current Global Hierarchy are keen on competition.

Remember they (and they alone) have the "tools" to enforce their will on us, not vice versa.

Fri, 12/13/2013 - 09:50 | Link to Comment Watauga
Watauga's picture

71%   What do we believe it to be in the U.S. today?  I can tell you that by the time I plug in all the taxes, fees, and wealth redistribution characterized as something other than taxes and fees, I pay DAMN NEAR 71% of my income to some government or another (even if I pay it directly to a school (e.g., a state university) or a company (e.g., EXXON) to benefit someone else).

Federal and State income taxes.  Social Security and Medicare.  Increased premiums of Obamacare (yes folks, THIS IS A TAX).  State PERSONAL PROPERTY tax on all cars, boats, etc.  Real estate taxes.  Nearly 10% sales tax.  Gasoline, alcohol, and other excise taxes.  Redistributive college tuitions for two children (I pay for all students at State U through State taxes, then pay 100% of my own kids' tuitions, and, by paying MORE than the cost of my kids' own educations, I am paying about another 100% for the educations of other kids (statewide)).  Hidden taxes and fees (check your cable tv, internet, cell phone, hotel, airfare, and other bills).  

The problem is that here, the monied interests want to steal massive amounts of your money in Federal (i.e., GLOBAL) income taxes alone, and that added to that amount will be all of the other theft, above.  We are talking about a real tax rate of about 99%.

If my taxes go up much more--or if my Obamacare tax goes up much more--I am simply quitting work.  Right now, I am working about 2/3 to 3/4 of the year so the government can steal my money and give it to Wall Street, Capitol Hill, and the masses of easily-bought, uninformed voters who suck the life blood from working Americans.  We are damn near the tipping point.  The horrors that follow will be all too real.  It is not WALKING DEAD and it is not "Wolverines!"  It is mass slaughter in the streets using the surveillance and weapons technology hoarded over the last five to ten years.  

Thu, 12/12/2013 - 22:31 | Link to Comment mofreedom
mofreedom's picture

Beauce Cap Gains have already been taxed at the corporate income level.

You like doublin up with men from the IRS I see.

Thu, 12/12/2013 - 22:34 | Link to Comment philipat
philipat's picture

In theory. I suggest you check out how much income tax US Corporations like GE actually pay.

Thu, 12/12/2013 - 22:37 | Link to Comment mofreedom
mofreedom's picture

I hate GE since Welch left and I don't give an F about how much they pay in tax...the principle of doudle-taxation is the issue not whether the tax rules are "fair".

 

Thu, 12/12/2013 - 22:46 | Link to Comment Anusocracy
Anusocracy's picture

The only fair tax is a voluntary tax.

Thu, 12/12/2013 - 22:48 | Link to Comment mofreedom
mofreedom's picture

That doesn't even make any sense.

Thu, 12/12/2013 - 23:44 | Link to Comment philipat
philipat's picture

GE has paid precisely ZERO US Corporate tax for the last 5 years. So where is this double taxation you are refrring to?

Fri, 12/13/2013 - 00:52 | Link to Comment OneTinSoldier66
OneTinSoldier66's picture

"That doesn't even make any sense."

 

You've probably never even heard of anarcho-captialism. But to a statist, it would never make sense.

Sat, 12/14/2013 - 01:07 | Link to Comment ManOfBliss
ManOfBliss's picture

No dipshit.

Actually he's correct.

There is no such thing as a "voluntary tax". It's a contradiction in terms.

Tax implies force. Therefore it can't be voluntary.

The end.

Sat, 12/14/2013 - 16:49 | Link to Comment Anusocracy
Anusocracy's picture

It was meant as no fair tax exist - because it would be based on force.

Fri, 12/13/2013 - 01:04 | Link to Comment Anusocracy
Anusocracy's picture

You support whatever you want, I support whatever I want.

Nothing could be fairer than that.

Fri, 12/13/2013 - 01:17 | Link to Comment Dantzler
Dantzler's picture

Makes perfect sense to me. I support public radio in Seattle (kexp) so I have other than shit commercial options to listen to.  I didn't consent to support the free toilets for hookers & druggies that we took a staggering loss on though. Let people pay for what they value. Crowdsourcing government anyone? 

Sat, 12/14/2013 - 01:08 | Link to Comment ManOfBliss
ManOfBliss's picture

it's not a tax if it's voluntary. It's a donation to a charity.

Thu, 12/12/2013 - 22:57 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

Welch is, was, and will be a dickhead.

A man has got to know his limitations....

Thu, 12/12/2013 - 23:05 | Link to Comment mofreedom
mofreedom's picture

The earliest thing I remember about him was him saying that, after his emps should cross-train accross the company, 10% were untrainable, worthless drones that needed to get there butts kicked to the curb, and were thusly kicked square in the arse.

Fri, 12/13/2013 - 00:27 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

Neutron Jack....

Management by the numbers, and get paid billions for it.

Fri, 12/13/2013 - 04:13 | Link to Comment tvdog
tvdog's picture

the principle of doudle-taxation is the issue not whether the tax rules are "fair"

This "double taxation" argument is how corporate taxes ended up so low. Now the fact that corporate taxes are so low compared to individual taxes is one reason why small business is disappearing - which was the goal all along, of course.

Corporations should not even exist, let alone be privileged above real people. In addition to tax advantages, corporations have advantages over people with respect to liability, bankruptcy, and patents and copyrights.

Fri, 12/13/2013 - 08:47 | Link to Comment Seer
Seer's picture

I agree, though the notion of "corporation" is OK (as much as it leaves a bad taste in my mouth).  The Founders (US that is), expected that corporations have to renew themselves on a yearly basis and that they have to demonstrate utility to their communities/nation: someone else might be more capable of providing more concrete wording on this.  Corporations can allow groups of people to pass along something whereas as individuals they wouldn't have much to pass on, not like, that is, families of dynasty.

Again, I offer no "solution," especially given that things WILL change dramatically- basing "solutions" on/against what exists now is kind of like shooting at a moving target, with blindfolds on...  Just, more or less, wanting to pass along that family dynasties can be every bit as bad as corporations, and the very wealthy families are able to manage laws in their favor.

Thu, 12/12/2013 - 23:08 | Link to Comment The Gooch
The Gooch's picture

Slightly on topic and just because: Shannon Watts (founder of moms demand action) was former G.E. Healthcare and Monsanto propaganda spout.

http://www.linkedin.com/in/shannontroughton  

 

Thu, 12/12/2013 - 22:57 | Link to Comment FredFlintstone
FredFlintstone's picture

You beat me to this point. I make a buck, get taxed by all levels of government and then buy a stock with what is left. Now I can be prepared to be taxed all over again.

Thu, 12/12/2013 - 23:07 | Link to Comment mofreedom
mofreedom's picture

If you even know what a stock is you should be taxed at 91%.

God bless us all to Mars.

Thu, 12/12/2013 - 22:46 | Link to Comment TomGa
TomGa's picture

Oh yeah, the halftime Clod Stomping.  The challenge is to not spill your drink on the field while running around stomping the clods.

Thu, 12/12/2013 - 23:00 | Link to Comment greenbear
greenbear's picture

The IMF can kiss my Bitcoins, Bitchez!

Thu, 12/12/2013 - 23:20 | Link to Comment williambanzai7
williambanzai7's picture

SANTA LAGARDE

Thu, 12/12/2013 - 23:46 | Link to Comment LetThemEatRand
LetThemEatRand's picture

Fuck.   LeatherfaceClaus got me a chainsaw for Christmas.  Again!

Fri, 12/13/2013 - 10:58 | Link to Comment putaipan
putaipan's picture

is that a ukrainian riot control or horror show reference? have it clockwork oranged and you can both ways.

Fri, 12/13/2013 - 02:17 | Link to Comment holgerdanske
holgerdanske's picture

And the head of the IMF, pays,   tah taaahhh, NO TAXES!

 

Lagarde is not just a synchronized olympic swimmer, she is also a slippery eel.

Fri, 12/13/2013 - 05:24 | Link to Comment Serenity Now
Serenity Now's picture

"Why are these proposed increases in taxes always tied to income instead of capital gains realized during polo matches by guys that never worked a day in their lives?"

LTER,

Your class envy is so unattractive.  Do you truly believe what you just wrote?  The overwhelming majority of capital gains are from working people's investments.  Not the polo boys (an insignificant minority).  

Who cares if they've never worked a day in their lives?  That's none of your business.  You are the worst kind of statist.  You think stealing from the rich is virtuous, even though most of the rich have worked very hard for their money.

Fri, 12/13/2013 - 08:49 | Link to Comment Seer
Seer's picture

Thanks for protecting the silver-spoon gene pool! (you can further help by railing against "Death Taxes")

NOTE: I'm only pointing out FACTS, I'm not supporting "govt" or anything/anyone else.  If the facts are uncomfortable then I've done my job (made people think).

Fri, 12/13/2013 - 17:03 | Link to Comment Parrotile
Parrotile's picture

I think you will find that many of the "Not so Rich" and "Borderline Poor" have had to work equally hard for what's left of their money too.

Fri, 12/13/2013 - 08:04 | Link to Comment Nothing but the...
Nothing but the truth.'s picture

Along with all the other world monetary authorities, the IMF is a failed organization. Where the fuck were they when all the economic shit was happening around the world, that gave rise to the current global  troubles. Such an organization needs visionaries - not a bunch of useless reactionaries. FUCK EM!

Fri, 12/13/2013 - 08:52 | Link to Comment Seer
Seer's picture

"Such an organization needs visionaries"

Why do I need ANYONE giving ME visions?

Thu, 12/12/2013 - 22:09 | Link to Comment Possible Impact
Possible Impact's picture

No thanks.

 

Thu, 12/12/2013 - 22:26 | Link to Comment ArkansasAngie
ArkansasAngie's picture

I'm good with taxing Bailoutees and tarpsters.  Warren Buffet was the single largest receipient of tarp funds.  He would be bankrupt without the handout.  So ... by all means tax his ass -- 99.9% would be a good place to start.

Thu, 12/12/2013 - 22:29 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

But, but, but, when Mr. Buffet is play self in bath tub, he is save AmeriKa (and world) from financial collapse! Please give Mr. Buffet for more tax break!

Thu, 12/12/2013 - 22:29 | Link to Comment asteroids
asteroids's picture

The IMF is full of morons that can't add/subtract. You could tax everyone to 100% and you STILL wouldn't balance the budget. Amerika spends FAR more than it takes in every year, and it gets worse. One year, inflation will take off and then it'll be game over for the G10.

Thu, 12/12/2013 - 22:44 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

Doesn't have to make sense and certainly doesn't mean balancing the budget. 

All they are trying to do is convince the peons that they are riding tough on those evil rich people, the ones that make more than 40K. 

They they will print the shit out of the dollar and sell their souls to every fucking lobbyist that ever thought of asking for a favor.

You didn't think they were trying to find a solution did you?

Fri, 12/13/2013 - 10:31 | Link to Comment zerozulu
zerozulu's picture

Concept of TAX makes no sense when wealth is created by Ctrl-P.

Fri, 12/13/2013 - 12:59 | Link to Comment harposox
harposox's picture

Regardless of the IMF's rhetoric, this has nothing to do with balancing budgets. It's about wealth extraction and permanently cratering wages.

Thu, 12/12/2013 - 22:10 | Link to Comment Stockmonger
Stockmonger's picture

Simon Black, International Man of Mystery

Thu, 12/12/2013 - 22:12 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Should 5% appear to small, be thankful I don't take it all.  'Cuz I'm the Taxman.  I'm the Taxman.

(G. Harrison, R.I.P.)

Thu, 12/12/2013 - 22:12 | Link to Comment Truther
Truther's picture

Lagarde.... Fuck you and your looney tunes.

That bitch is praying for something to go right up her skirt.... The frenchie.

Thu, 12/12/2013 - 22:33 | Link to Comment LetThemEatRand
LetThemEatRand's picture

She has a dual purpose.  I heard that the Ukrainian police needed chainsaw training, so they called in Leatherface Legarde and voila.  Crowd control extraordinare!

Thu, 12/12/2013 - 22:14 | Link to Comment gafgroocK
gafgroocK's picture

 

 

I will agree, but only if the IMF people who thought this up are in line ahead of everyone else, first.

Thu, 12/12/2013 - 22:15 | Link to Comment steelhead23
steelhead23's picture

Why not simply have the government issue the money it spends?  Taxes would then be used to take money out of circulation to control inflation.  Besides, if they wish to tax all of my income in excess of $250,000 at 71%, I'm absolutely fine with it.  Let Warren pay it.

Thu, 12/12/2013 - 22:15 | Link to Comment jamesbbkk
jamesbbkk's picture

These IMF guys and gals are exempted from income tax and grossed up on FICA?

Thu, 12/12/2013 - 22:19 | Link to Comment nmewn
nmewn's picture

Molon labe, Lagarde.

Thu, 12/12/2013 - 22:20 | Link to Comment 401-Kulak
401-Kulak's picture

If 70% is good, wouldnt 100% be better ... on a semiannual basis?

Thu, 12/12/2013 - 23:02 | Link to Comment Oldwood
Oldwood's picture

Exactly! Why can't the cowards just say it....they own our asses and all money is theirs, and what we earn, what we think we possess, is simply on loan or rented to us so as to allow us the delusion of liberty, of some childish fucking dream that if we work hard and play by the rules of honesty and integrity we have a shot, not at a big house or other trapping of wealth, but simple liberty and the sense of freedom and independence.

http://www.cnsnews.com/news/article/terence-p-jeffrey/cbotop-40-paid-106...

 

Thu, 12/12/2013 - 22:23 | Link to Comment seek
seek's picture

Tax rates mean nothing. It's all in how income is defined. All at 71% rate would do it make small businesses -- the few that are left -- collapse in a heap of dust while larger corporations keep buying Gulfstream Vs for corporate travel that just happens to include billionaire shareholders; those planes are expenses, mind you, so no tax is paid.

God am I growing tired of this raise-the-rates scam.

Thu, 12/12/2013 - 22:53 | Link to Comment tsuki
tsuki's picture

I read where the banks want to change the tax code for credit unions because they are "unfair" competition. 

Fri, 12/13/2013 - 08:39 | Link to Comment Oldwood
Oldwood's picture

Competition is always unfair when the "wrong" people win.

Fri, 12/13/2013 - 07:14 | Link to Comment Serenity Now
Serenity Now's picture

I'm growing tired of the class warfare BS.

Those planes are JOBS.  Corporations PAY for those planes whether you like to admit it or not.  And they certainly pay taxes along the way. 

You anti-corporate people are idiots.  You have no idea what you are talking about.  

Fri, 12/13/2013 - 08:53 | Link to Comment Oldwood
Oldwood's picture

The thing that is bad about corporations is their ability to dominate a market and suppress competition. This is mostly due to their influence on our government to perpetuate the too big to fail mentality. The fact that these oversize players largely fund the political process is not a small factor either. Basic free trade competition was largely embraced by our founders but as with anything that could be perceived as fair, there are always those who seek to circumvent the rules or find specific advantage in them to otherwise unintended outcomes. Lawyers fit this description pretty well and it is no small coincidence that they dominate our government. No big shock that Obama is a constitutional scholar. Who better to understand how to manipulate and bend it to his will? Corporations are not necessarily evil anymore than a politician, its just that the power they wield makes corruption a much greater risk than the population at large. Centralized power is to be resisted in all forms, government, corporations and especially finance, and those who claim the superiority of powerful organizations for the sake of efficiency and moral justice are ultimately the greatest enablers of corruption that exists.

Fri, 12/13/2013 - 08:56 | Link to Comment WillyGroper
WillyGroper's picture

Really?

Who bought all three branches of .gov?

I junked ya, Moron.

Fri, 12/13/2013 - 20:59 | Link to Comment XitSam
XitSam's picture

"the US government could maximize its tax revenue"

What I'm tired of is this concept that government should maximize its revenue.

Thu, 12/12/2013 - 22:22 | Link to Comment sixsigma cygnus...
sixsigma cygnusatratus's picture

Well I'm certainly going to re-examine my choice of candidates at the next IMF elec...oh, right.

Thu, 12/12/2013 - 22:24 | Link to Comment michael_engineer
michael_engineer's picture

"The IMF Wants You To Pay 71% Income Tax"

That might be grounds for new terminology.  The "Wage In".  And isn't the IMF part of the push on the "Bail In" mindset?

Thu, 12/12/2013 - 22:29 | Link to Comment NoDebt
NoDebt's picture

They are, indeed.

Fri, 12/13/2013 - 00:20 | Link to Comment michael_engineer
michael_engineer's picture

Maybe the grand plan is to do Bail In and Wage In at the same time, with a side order of Bail Out.  It may come down to something like that or the Executive Order.  Or maybe the Executive Order is on board with all of it at the same time.

Thu, 12/12/2013 - 22:23 | Link to Comment Smegley Wanxalot
Smegley Wanxalot's picture

FU IMF

Thu, 12/12/2013 - 22:27 | Link to Comment NoDebt
NoDebt's picture

You know what?  TRY IT, motherfuckers.  Just TRY IT.  Keep shoving people hard enough against the wall and they WILL eventually fight.  No matter how lazy, stupid or "indocrinated" into what you think is your control wheelhouse.

My greatest hope is that criminal front organizations like the IMF have to push their agenda, by financial necessity, faster than people will slowly acclimate to it and make the one big mistake that all total-control regimes always seem to make: over-playing their hand and causing rebellion.  

Make them do it, Simon.  We know you're an international super-spy.  You can pull this off.

 

 

Thu, 12/12/2013 - 22:45 | Link to Comment 22winmag
22winmag's picture

I agree... the index fingers of just .01% of armed Americans could force every government thug to crawl face down in the dirt or risk getting their heads shot off.

Fri, 12/13/2013 - 17:15 | Link to Comment Parrotile
Parrotile's picture

Those "Government Thugs" all have priority access to very significant Military backup (which you have kindly paid for!). Their heads will be the last to depart by a wide margin.

Thu, 12/12/2013 - 23:17 | Link to Comment Oldwood
Oldwood's picture

They keep pounding at us, killing off our economy and sources of income, all the while threatening us with higher taxes, healthcare bills, fuel costs and restrictions on what we can even eat, so ultimately we will be thankfull for what little they let us keep. They will continue to wage war on the wealthy but as with any war, it is the privates who suffer the brunt of the battles while the generals and their aids sit safely in their command centers. We are and have been in retreat for many years. we are nearing the point where our backs are against the wall. We are reaching the point where it doesn't make much difference in what we do. Our only threat is to hold a gun to our own head and threaten to shoot if they don't back off. As their goal is domination, it might work.

Fri, 12/13/2013 - 17:12 | Link to Comment Parrotile
Parrotile's picture

Since the clearly stated goal of the likes of the Gates Foundation (and others) is "Global Population Management", it mght not be such a great idea to offer them this opportunity!

"Shoot? Go Ahead (one less "useless Eater" to pollute "our" Planet!)"

Fri, 12/13/2013 - 05:38 | Link to Comment Gold Eyed Cat
Gold Eyed Cat's picture

Yep.  I am finding it almost impossible to even give a rat's ass anymore.  They are all lying pieces of crap, hell bent on draining every last drop of blood out of the working class.  And when it's no longer worth it, we'll just quit... and go fishing. 

I just wish my grandmom was still around.  Jeeze, there are so many old skills I could have learned from her.   In my thirties now and I can't even make decent bread from scratch.  I can however, filet bass like a pro.  And everyone knows catfish are better whole.  So when the ponzi collapses, the bread here will suck but the fish should be delicious.

Fri, 12/13/2013 - 05:51 | Link to Comment Adahy
Adahy's picture

Many of the old skills can still be found online by people who refuse to let the knowledge die.  Seek them out.

And keep at it with the bread.  A strong, active yeast culture is vital.  Keep it well fed.  Other than that, patience + attention + experience = good bread.

Fri, 12/13/2013 - 08:59 | Link to Comment WillyGroper
Fri, 12/13/2013 - 12:17 | Link to Comment Gold Eyed Cat
Gold Eyed Cat's picture

Adahy and WillyG,

I do enjoy searching out guides on survival and cooking skills, but sometimes its hard wading through the million pages of crazy to find the really useful info.  Your reply and link are much appreciated!  Thank you.

Fri, 12/13/2013 - 17:20 | Link to Comment Parrotile
Parrotile's picture

Secondhand Bookshops, and classics such as Mrs Beeton's Book of Household Management.

So should "it all collapse" you can still read how to do it - if necessary by candlelight (making candles is also included in this fabulous text - a "Survival in Comfort" Manual from the Victorian Era!!)

Thu, 12/12/2013 - 22:28 | Link to Comment Yen Cross
Yen Cross's picture

    I say we lock all the IMF and UN delegates/degenerates in that empty JPM gold vault with a lifetime supply of Brawndo® and the newest version of Monopoly to play for eternity.

Thu, 12/12/2013 - 22:30 | Link to Comment Randoom Thought
Randoom Thought's picture

Maybe the IMF should go back to debt enslaving and corrupting small countries with uneducated people. It is what they do best.

Thu, 12/12/2013 - 22:50 | Link to Comment tsuki
tsuki's picture

That is why they are afte the USA.

Fri, 12/13/2013 - 02:18 | Link to Comment holgerdanske
holgerdanske's picture

Good one! hat off.

Thu, 12/12/2013 - 22:30 | Link to Comment Hail Spode
Hail Spode's picture

Genesis 47 "23 Then Joseph said to the people, “Indeed I have bought you and your land this day for Pharaoh. Look, here is seed for you, and you shall sow the land.  24 And it shall come to pass in the harvest that you shall give one-fifth to Pharaoh. Four-fifths shall be your own, as seed for the field and for your food, for those of your households and as food for your little ones.”

 

The Bible classifies a 20% tax rate as a condition of "servitude" or slavery" in Genesis 47.   In America, we are taxed 36% and we call it "freedom".   The IMF wants to take 71% and call it freedom.  

Thu, 12/12/2013 - 22:35 | Link to Comment mofreedom
mofreedom's picture

Back then Jews were content with 10%...to GOD....D.

That's GOD'D

God Bless God!

Thu, 12/12/2013 - 23:01 | Link to Comment FredFlintstone
FredFlintstone's picture

Back then the temple was the house of government so that 10% was basically the tax of the day.

Thu, 12/12/2013 - 22:34 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

NIMBY

Thu, 12/12/2013 - 22:35 | Link to Comment q99x2
q99x2's picture

F them. If they don't get Yellen to up my FASFA I'm leading a student march on the Hamptons.

Thu, 12/12/2013 - 22:35 | Link to Comment Billy Shears
Billy Shears's picture

Yes, but only if your principle function is printing little pieces of paper with green ink on them; and all Wall St. investment or other types of TBTF banks.

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