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Obama's "Millionaire Tax" Collected Over Next Ten Years Will Plug 4 Months Worth Of Deficit
In order to keep the ongoing class warfare waged by the administration in perspective, today the CBO was kind enough to score the revenue impact of the proposed and much debated Buffett Tax, now appearing in non-populist literature as "Surtax on Millionaires." According to the Budget Office, said tax which is the source of substantial consternation among the population, would generate, over the next decade, a grand total of... drum roll... $453 billion. Why the drum roll? Because as we pointed out a few days ago, the US closed the 2011 fiscal year having added $1.23 trillion in debt (a number which would have been $1.4 trillion absent some year end settlement gimmickry). In other words, last year the US government had on average a $100+ billion deficit each month. In yet more other words, the great populist gimmick that is the Buffett Tax will have the great benefit of generating, between 2011 and 2021 enough money to plug a debt hole, at the rate America currently spends money, of 4 months.
From the CBO:
Dear Mr. Leader:
As you requested, CBO and the staff of the Joint Committee on Taxation (JCT) have estimated the budget impact of S. 1660, the American Jobs Act of 2011, as introduced in the Senate on October 5, 2011. CBO and JCT estimate that, in total, enacting S. 1660 would decrease deficits by about $6 billion over the 2012-2021 period (see enclosed table). That estimated deficit reduction of $6 billion over the coming decade is the net effect of $447 billion in additional spending and tax cuts in titles II through III and $453 billion in additional tax revenue from the surtax specified in title IV.
S. 1660 is similar to S. 1549, the American Jobs Act of 2011, as introduced in the Senate on September 13, 2011. Provisions in title I, II, and III related to both federal revenues and spending are identical for the two bills. The only difference between the bills is that S. 1660 replaces the provisions in title IV (Offsets) of S. 1549 with a surtax of 5.6 percent, starting in 2013, on a taxpayer’s modified adjusted gross income in excess of $1 million (or $500,000 in the case of a married individual filing a separate return), indexed for inflation. JCT estimates that title IV of S. 1660 would increase revenues by $453 billion over the 2012-2021 period, whereas title IV of S. 1549 would increase revenues by $450 billion over that period.
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Hmm, if we only had more millionaires.
This new plan isn't a tax hike, it only gives the appearance that the rich will be taxed more.
the corporatocracy got us where we are by privatizing wealth while nationalizing debt. we might have to reverse the trend by nationalizing all wealth to settle their bad debts. another alternative would be debt relief, however other nations will war us if our rich do not give up a good portion of their wealth.
I pretty much assumed we are all millionaires in the not too distant future ...
These clever bastards are going to jack rates on "millionaires" and then print the dollar into oblivion insuring the ranks of "millionares" swells with "middle class". Gas will be 40 bucks a gallon, milk will be 50 bucks a gallon, etc, etc.
Regards,
Cooter
Makes you want to quit your $1 million salary job and become a paid protester, I say!
http://dailycaller.com/2011/10/06/organizer-admits-to-paying-occupy-dc-protesters-video/
That's too funny. I love the commenter who said "There go the Mexicans again taking the jobs Americans don't want to do"
Governments the world over just don't seem to 'get it' that there is too much tax. Most people I know don't mind paying some tax, they know they need to be protected by police, they wish to be able to call a fire brigade when their home is on fire, but 50%+ to bail out banks and pay welfare. No way.
The overall tax rate needs to drop to between 10 and 20%, no more...
Do the richest persons in the country actually pay their fair share of taxes? I seem to recall reading a lot of articles about XOM, BAC, GE, CVX, BA, VLO, GS, C, COP, CCL not paying very much in terms of totals or rates.
Yeah I had dinner with Mr. XOM last week and he said he's not paying very much.
If you used some logic you wold realize that corporate taxes are just another way of taxing yourself. The taxes are rolled into the price of what you buy! TNSAAFL, remember that and all the socialist ideas fall apart.
the master plan would be not getting it implemented until august 2012 and carrying it through to november. things will look so rosy.
It's all taxing ourselves. As long as we are taxing income on the personal level I think we should tax at the corporate level.
Progressive corporate taxation based on head count. Larger corporations with 10,000 employees and the cash flow to influence national policy should be taxed much more than a small business that employees 5. Big companies are not the engine for job growth or systemic growth. They represent the apex of their markets and are the culprits more often than not of all the poor behavioral choices we read about here at ZH. They are unhealthy, they distort markets and price discovery.
Just my opinion though.
fuu - I agree with you - I think your opinion is spot on
and as for "enough money to plug a debt hole, at the rate America currently spends money, of 4 months"... OH, HAHAHA, HOW FUNNY - SO WE SHOULDN'T DO ANYTHING ?
A MILLIONAIRE TAX CERTAINLY BETTER THAN DOING NOTHING - BETTER THAN LETTING THE ELITE KEEP LOOTING THE PEOPLE - ADD TO THAT DISMANTLEMENT OF US EMPIRE PLUS TAX CHINESE IMPORTS AND MAYBE - JUST MAYBE US WILL HAVE A RENAISSANCE OF SORTS - A RETURN OF MANUFACTURING AND ENERGY INDEPENDENCE AND NEAR FULL EMPLOYMENT AS PRIORITIES.
REMEMBER: FINANCIALIZATIO/GLOBALIZATION IS FOR & OF & BY THE ELITE.
THe point is NOT that we shouldn't do anything, but rather that this is being touted like it will solve the problem.
The real issue is tht banks have been allowed to set their vaccuum cleaners to 11 and extract wealth from us without fear of prosecution or obstacle. The financialization (h/t Ticker Guy) of this country is what is killing us, not tax rates.
As for corporate taxes, I won't get too deep into it, but taxing corporations is self-defeating - it kills jobs, leads to higher prices, lower wages, and Herculean efforts by the executives to avoid the taxes, which are usually successful. It's one reaon jobs have been being offshored for 25 years. First, Mexico, finally China.
The real enemy is the financial system. To the extent our leaders choose to rein them in (a la Andrew Jackson), we will return to prosperity. To the extent they don't, we will flounder under we crash, and millions will literally die as a result. Choose.
Zimbabwe had a world record of billionaires, dirty, hungry and desperate, as it sank.
To infinity & beyond, sayeth the fractional reserve econo-magicians at the central bank!
http://homepage.mac.com/dtrull/pix/idiotcash.jpg
You got it, man. Corporations pass the cost of doing business to their customers, or they go out of business.
If you used some logic you would realize that raising corporate taxes is not even close to being the same thing as raising individual income taxes. Even if the cost of such taxes is passed on to the consumer, the consumer is not required to buy the item with said costs built in. The individual taxpayer has no such option to avoid increased taxes on their income (unless the Republican fallacy of "they'll just choose to work less" actually was true). Is every tax a "socialist idea"?
The whole tax system is based on inflation. Get to double dip by debasing savings as well as forcing to recognize gains when said gains only tracked inflation, and forcing people into higher income tax brackets. Why I KNOW there won't be deflation, the engine runs on inflation and the guys at the tiller know that. If everyone lost 50% of wages and prices plunged 50% then less taxes would be paid and those not in debt would actually be living a better life, those in debt would then do best to default and start over, and hell those with savings in cash would be dancing in the streets.
Exactly.
Repudiate!
You're absolutely correct. Look at the Alternative Minimum Tax. It was a tax on the rich that was designed in the 1960's and now a family making $175,000 is subject to the higher rates.
Kyle Bass dismisses the Buffoon Tax as well as anyone:
http://www.cnbc.com/id/44758280
Well given that, in addition to our system being based on inflation for tax purposes, inflation at 2-3% is the STATED goal of the federal reserve ala Ben Bernanke, (who also recognized that inflation is obviously significantly higher than that in the same statement, which I feel like was a couple months back).
It didn't seem they had any real strategies for this particular definition of 'price stability' based on the rate of inflation in terms of bringing inflation down by almost half of where it was at when the statement was made. I feel like it was a couple months ago at least.
I also think it's hilarious that the whole Joblessness rate is so under-reported in the mainstream news, at 9.1% (and the people of legal working age without work, as a stab in the dark, is probably much closer to like 18-20%)
and that congress blames the president blames congress, blames the fed etc etc.
http://printbuttonmoney.blogspot.com
Yes inflation is a debtor's best friend. Who is the largest debtor in the world? The US.gov! There is no chance they will allow deflation to occur, it would suicide for them. Their only way is to inflate, and inflate they will.
From the CBO.GOV
1970 USA population.......................203,323,175
1970 USA GDP..................................$1,013,000,000,000
2009 USA population........................305,745,538
2009 USA GDP...................................$14,326,000,000,000
The USA deficit went from 3 billion in 1970 to $1.4 trillion in 2009
Debt held by the public went from 283 billion in 1970 to $1.5 trillion in 2009
These numbers seem out of line with the population growth for this time frame.
Help me out ZH think tank, I want to bring a sign with this info to the OWS Houston protest tomorrow.
Is this a significant aberration?
Thanks in advance.
Debt held by public in 2009 was just north $13.5 Trillion.
Bingo Sid,
The Testicle from Omaha doesn't care about INCOME tax. He's almost dead anyway.
Here's my proposal...tax everyone worth over $50 million at 50% of net worth. Screw income tax...this is a repatriation of dollars from those who've made billions off of easy money and con games.
Then let's see if the Testicle is so happy about paying his fair share...
How bout a death tax of 100%. No trusts allowed. You either spend it, give it away, or give it to uncle sam. I think Bush was trying to eliminate the death tax. I don't know how successful he was in this attempt. Did a trust fund baby ever really contribute anything to society? I think not.
BIG BINGO - No aristocracy in America...I mean I could go for $1mil, ok $3mil tax free per dependent...but after that, kids, you are on your own...taxes will be ultra low or almost non-existent during your life but no chance to never pay taxes generation after generation. Parents job is to teach your kids how to be productive members of society...not hand them gobs of money and lives siphoning off the blood of folks actually working.
Reward those that are capable and penalize those who want to live on generations of trust funders b4 them.
We need more of the Bill Gates, Jobs, Phil Knights of this world...fewer of lucky sperm club living on annuity payments, capital gains, etc.
Those at the top that run things via councils also known as NGOs, charitable organizations, and non profit foundations are an aristocracy. The politicians, though, they're headless chickens that are too incompentent to hold a real job in business. They come from the same circles just the politicians are the refuse that's left over after they're kicked out of the business sector usually by their parents that paid them 120k/yr to sit in a storage room and stay out of the way. Most politicians are parasites and calling them an aristocracy is giving far too much credit.
Big Bingo ".I mean I could go for $1mil, ok $3mil tax free per dependent...but after that, kids, you are on your own."
Many do get that much for their children tax free. It is called Welfare and they are paid on top of that tax free money for every illegitimate child they have. Plus, of course free Housing, free Food, free Health Care.
If you buy a pair of prescription glasses for your kid, you tell them to take care of them, because they are expensive, even if insurance picked up a share of the cost. "Welfare glasses" on the other hand, have no such problem. They are a great invention, where the child can go out in the parking lot and stomp on them, and come immediately back in and say "gimme another, these are broken". At least in my blue non-heaven.
This is the village IT takes, whatever IT is...
Warren gave $25 Billion to the Bill and Melinda Gates Foundation a couple of years ago - saying something along the lines of they were a lot smarter than he was and could do more good with the money.
Your handle says anti-facist? Check our what the Koch brothers do with their money.
Of all the billionaires in this country, I do not understand why ZH folks is so god damned obsessed with Buffett - the guy basically lives a pretty moderate lifestyle - still in the same house he was in in the '60's and still married to the same woman - how cornball is that? Why no comment on the New York old money billionaires and their third or fourth trophy wife, or the California billionaires with their 27 room mansions and ostentatious lifestyle?
I don't get it - Warren is public enough, and easy to satarize - bathtub? Gimme a break - but there are a bunch of very rich assholes out there that live a very, very ostentatious lifestyle and don't give a damn about anybody but themselves - and I don't get that with Buffett at all.
So when you're a billionaire, what are YOU gonna do with your money?
When I'm a billionaire I'm going to push my wheelbarrow of fiat down to the store and buy bread. As far as old Warren, he's a hypocrite and a liar. They may be smarter than he is but I'm pretty sure it's not going toward anything any rational human would consider "good". I'm not real impressed with the donations to Bill and Melinda as getting in bed with Turner,Gates and the Rockfellers to see how big a Eugenicist organization they can conjure up with Monsanto doesn't sound like gods work to me. Not to mention they have the balls to call themselves the "Good Club". It will be their hubris that destroys them.
Agreed. Uncle warrens PR swan song is not going as he planned. Its been over a year ago now but CNBC had some other ancient codger on rebutting this image as the saint of american investors ...
para: "This stuff Warren is doing is baloney. I've followed the guy his entire life. He gave his first dime to charity when he was in his late seventies." Its easy to pay yourself $100k when the whole point of it is to dodge taxation like he has done for his entire life. Do you think the baubles he has in giftbags for becky quick and liz clayman come out of his $100k salary? Do you think he writes a personal check for the limo, and deducts it as business entertaining on his 1040EZ? Sure owns several modest homes, but when he travels, do you think he stays in the Motel 6 with bedspreads that have "flavor" like the rest of us?
As others have mentioned, This is the problem with western economies. total tax code paralysis. you tax a $125k/yr medical resident who is just out of school and works 80 hour weeks the same way you tax some 26 year old trustifarian who gets to be a "assistant director, marketing" of some "charity" like Bachmans "I'll make you not gay" organization.
TPTB know this. That is why Cain is being allowed to rise in the polls/media. I just hope it not too late. If Warren Buffets life is supposed to be the american success story, the chindians are going to eat our lunch. literally.
It ain't like Warren was out there disavowing good old Charlie Munger's bootstrap comment, after da boyz got their bailout, right? Do you even know what I am talking about, or are you here to get punched in the mouth? The line starts over by the water heater...
"Of all the billionaires in this country, I do not understand why ZH folks is so god damned obsessed with Buffett"
Really? You can't figure it out? It's the same reason that George Soros gets slammed on these pages, and the same reason the Koch Bros you mentioned do not. Buffett, like Soros, supports Obama.
legal eagle @ 17:45
Hmm, if we only had more millionaires.
Oh, WE Do, and if they haven't thought of it yet, trust me, they will get to it SOON.
Next up on the PLATE, will be Total NET worth, excluding home ownership.After that, it will include VALUE of your Home(if owned), in relationship to the tax roles evals.
WAIT and SEE..............If the SOB has enough time, it WILL Happen.
Most folks do not get WHY there are(were) so many SO CALLED millionaires in the USA,prior to this FUBAR.
It included their ENTIRE holdings, and home value.
Otherwise, the number would have beeen DRASTICALLY lower.
yeah, people are scared on PMs when there are those nice fat 401ks and HOUSES sitting there with all that wealth to tax out of the owners
Legal Eagle,
There is an Asset Tax on Real Estate it is called Property Tax. Usually 1 to 2.5% of its value every year, depending on where you live.
They should have a yearly Asset Tax on the value of the Stocks you Own. I bet Buffet would just love that Tax. Then he would not be spouting he needs to be taxed more.
Yes let's put more taxes on invested money regardless if you make or lose money. That will really solve the economic problems. Genius I say. Then when I won't buy stocks because that would be completely retarded, and go to invest in a local business maybe you can send the IRS over tax their assets. You know we'd have to tax that office furniture they just bought. Maybe then they can come count my silverware at my house and put a tax on that too, because that's an "Asset". I'm not sure what your angle is, but I can promise until the government stops spending money and starts encouraging capital investment via lower taxes and more business friendly regulations, this train to authoritarian hell isn't stopping anytime soon.
So why don't you make yourself one so you can be hated by the have nots and taxed to death for the welfare bums and the IRS collecting banksters. Class warfare and we know what class you are in.
Meet the new plan, same as the old plan... Wealth confiscation. Bitchez!
Let's tax the aliens; I hear they are planning to invade soon.
"I hear they are planning to invade soon."
Krugman's long window glass & bricks...its like a paired trade or sumpin ;-)
They've already invaded in droves and Obama just gave them a pass.
Obama's the Governor of Texas? Who knew...
The only person more foolish than Odumbo, is the person who voted for him.
and the people those who twice voted for an AWOL drunk and listen to Rush "Man Tits" Limbaugh.
Yup. Zero difference.
Except nobody thought that Bush would pay for their mortgage and gas
Sure they did, it was just a different species of leech.
Hamptons mortgage and Lear Jet gas...
now now that's what they want us to do
I disagree; there are those of us who voted for him because he is exactly what we read him to be. And, the opposition to him at the time was more extend-and-pretend lackeys. I am well pleased that my vote actually was a force for good in getting the inevitable show on the road.
I firmly believe that if we don't manage to get Ron Paul in office AND Congress decides to un-fuck itself, that Obama should be re-elected. If only to keep the shit rolling toward what I see as opportunity to finally fail in an epic way or to finally kill the fucking vampires and get back on track.
Just my 2 cents.
But, but, but... wouldn't Sarah Palin have been an even better choice for that? /sarc
Do your part to crash the welfare state and starve the parasites.
hahahaha..DIPSHIT.
Fast track to Argentina where the poor starved and the near rich got crushed but those with the political power increased their fortunes.
Crashing this state isn't going to eliminate any of the leeches you hate; it never did anywhere else that has crashed, except when a Hitler or Putin comes and forcibly removes them.
I call you on this Trav. Like I said, this party was going to end badly anyway, instead of making the death long slow and painful, let's get the reset on. Whether you realize it or not, we're collectively fighting over an incremental slide over almost 100 years away from our starting principles. Instead of being a coward and letting future generations take up the burden, let's do it now.
Besides, you say "never", and i say it happened at least once. Here.
But, I'm willing to listen; to avoid the Argentenian scenario you describe above, what's your answer?
Bingo. The USSR and its KGB/GRU framework collapsed, and who came out on top?
The KGB (now FSB) and GRU apparatchiks. A few were not willing to honor the Don-ski (Putin), and they were taken down. Everybody else pays homage....and prospers.
Survival skills are transferable across systems.
I see. So, according to you and Trav, there's no hope, so we should just all lie down and die. Or be happy with being a cog in a larger machine.
Fuck that. It can be different. I also think the catalysts here would be a hell of a lot different than in Argentina or the Soviet Union.
Do your part to crash the welfare state and starve the parasites.
Said the fascist keyblogger. You wouldn't know about 'the welfare state' except for you mom's kitchen.
Your two cents has cost this country billions. Idiot! Next time keep your two cents to yourself and I'll keep my millions!
Uh, it was coming anyway. But it's funny, all the responses here have solidified what I think is a lack of a longer view. You really think McCain and Palin were the two to turn it around? Seriously?
And as a 60-year old retired law enforcement officer, how'd you acquire millions?
You're the fool if you think he doesn't know he's selling you out.
Allow me to pontificate.
Being dedicated exclusively to the practice of taking, regardless of the mechanism that creates what there is to receive, I promise that if anyone has anything, I will take it, on the pretense of giving it to those who don't have it, though they will never receive it.
But, since no one can tell how adept I am at stirring outrage, without any plan or intent to resolve it, I will continue to pour gasoline on the fire, because, after all, fireworks are preferable to the silence that precedes it.
"Please allow me to introduce myself..."
By my calculations, if they were taxed at 168% this budget deficit problem would be solved.
By my calculations if we lowrer the Clinton tax rate in 2001 it will create 10 millions jobs and completly pay off the debt by 2010...woops
With Debt At 99% of GDP taxing all 50 million tax payers 100% of everything they make will not create a surplus. GDP= Savings + Investment+ govt spending + Exports if I remember correctly
So let me add the appropriate Zeros that are applicable to our economy and you can easily see what we are left with.
Y = S(Savings) + I(Investment) + NX(Net Exports) + G(Govt spending)
Y= 0(YEA Right) + Investment + 0(Trade Deficit) + BERNANKE
Hope those Chinese dont pull the I or we only left with The HElo PilOt and Pentagon.
YEp cut the military spending and this folds like a house of cards, What's that Punk? You Look like A Mujahadeen terrorist boy. Se habla Raptor Sand Man? Move over to this line for a full TSA cavity search...... Its all we got.
This will not end well.........................................
FYI, debt is at 99% of GDP, not the deficit. Of course, the deficit is climbing FAST.
Um thats what I said (first 5 words)
Just raise the minimum wage to $ 500.00 an hour and raise the top bracket back to 90% .
That way everybody makes more than a million dollars and the debt will be paid off in no time,
That's such a simple liberal solution even Krugman could understand it.
But what if the CME raises the margin on ink?
Exports-Imports=Net Exports. This number has been negative for years and getting worse!
Damn, I'm going to have to get another job
a million is a magic number. I have heard more than one person indicate that if you divide all our debts AND obligations they equal a million per taxpayer...in current dollars. That new jobs bill better kick some serious ass
This was a great article I read
"The Total Taxable Income for millionaires was $626,464,479,000 in 2009. So, if the Federal government taxed millionaires at a 100% tax rate, it would pay for 53.5% of the 2009 deficit."
"100% taxation is seizure of income by government. If the Feds seized all millionaire’s taxable income, it would barely pay for half of the deficit."
http://confoundedinterest.wordpress.com/2011/09/18/obamas-buffett-tax-seizing-100-of-millionaire-income-would-pay-only-half-of-deficit/
Put that in your pipe and smoke it
They will only be able to do that once.
Get more of what you reward, less of what you punish.
I highly doubt that would ever happen. The tax system isn't perfect, far from it, the Internal Revenue Code, is over 1 million words and is 7 times as long as the bible. It's clearly fucked up.
The point is really to elucidate that the MAIN problem is spending. The government needs to stop fucking spending like a coked out whore.
So THAT'S the difference between Heaven and Hell.
Like this: http://www.youtube.com/watch?v=lEYYYMuwCyA
Income yes. But as you may recall, and what is most certainly being prepared quietly, is a global tax on existing financial assets. There is $74 trillion in global financial assets and a $21 trillion funding hole: i.e. a 29% tax.
The question is will the rich pay 29% not to be the object of pitchforkian affection?
The other question is who will "buy" all these assets that have to be sold.
Once again, probably the one most important shadow policy presentation of the year is below. Everyone should read it.
BCG_Back_to_Mesopotamia_Sep_11[2]
I have a family member who is a doctor in Fairfield County CT. After business tax, income tax, property tax for the home, property tax on the business, payroll tax, vehicle tax, etc over 45% of that persons income is going to taxes. Meanwhile 50% of Americans pay NO tax. You can imagine what that person thinks Buffet can do with his tax plan.
Think about that next time you're taking a shit.
OK, let's be bi-partisan about this: we'll kill the non-taxpayers if you'll kill the richest ones. Oh, and be sure to confiscate all of those trusts as well. Do we really need the Ford Foundation in a post-taxation utopia? </sarc off>
What I know is that the family member I am talking about went to school and was a resident into their early thirties. That person has worked extemely hard to make something of their life and doesn't appreciate that working 15 days a month before seeing personal income. Now the government wants more and my family member is pissed.
Don't forget most of the rich didn't start that way. I know a guy who started off in poverty, had a father that abandoned the family, a mother that could barely afford to feed him. He dropped out of college and started a business out of his garage. His name is Steve Jobs and he became the 42nd wealthiest person in America.
Don't forget most of the rich didn't start that way.
Bullshit. Yes they did. Paris Hilton anyone.
Bob, you only accounted for the taxes. When the required insurances are added, it will be well over 50%. Someone with a prescription pad will never go hungry but can still go broke.
just issue more credit. that always works
Cheers Tyler... why is this unreadable pile of bollocks a 'must read' for everyone/anyone?
It proffers the idiocy of the one great solution for the global economy (could the retards of the Boston Consulting Group even identify the world economy let alone find a friggin answer to it???)
The answer to the collosal problems faced by the world is for each and its own to sort their own problems out. It's called individualism. It-s how nature works. Individual animals sort their own shit out on an individual basis, there is no collective animal Govt with a myriad of moronic consultants you see
As soon as I become "we" like a society or a Govt institution that's where all the problems begin. Because nobody can represent me, the politicians cannot even sort their own Departmental problems out, what chance an amalgam of the worlds???
The Boston Consulting Group are loonies, fully certified globalist fruit cakes... as is the entire political establishments of the Eastern and Western Worlds.. sooner these collectives of retards and tripping academics fall on their swords and all the hanger-on crones (consultants like BCG) the better.
Let me repeat, there is no:
we
us
society
nation State
national or global economy/anything
stop living in a fantasy world of 'we' and 'us' ....they (we/us) do not exist... these collectivist retards can barely represent themselves properly (sanely) let alone a collection of other beings ...all fruit cakes please fuk off and make for the Exits NOW ..Thank you for making my life simpler
Because it tells you plainly what is coming and what to prepare for.... Unless something changes of course.
Boston Loony Group are talking about collective problems ...i have no collective problem and cannot prepare collectively
I am an individual and prepare my personal space
the Boston retards can try to prepare the world, I suggest they get a fuking large megaphone to try to co-ordinate it (if anybody is actually is listening on the day!) and a board to slap over their shoulders, the end of the world is nye... like every other village idiot fruit cake they've taken up the mantra of
If that is indeed what is to come down the pipe, then looks like buying physical and having a "boating accident" is indeed the best result. Even if prices go down will escape the initial pillage. Though the repercussions of such a wealth tax would be staggering, since it would in effect force people in the future to try to keep their wealth as hidden as possibly for fear of future confiscation. After all if the politicians looted them once with limited blow back odds are they would do it again, and again.
"...then looks like buying physical and having a "boating accident" is indeed the best result..."
And it never hurts to have multiple clean ID's for the local gendarmes ;-)
I think the article is fatally flawed in several key areas.
First, it is firmly rooted in attempting to maintain the now failed MMT paradigm of perpetual growth.
Second, it fails to address how the aging baby boomer population and numerous other people living on any form of assistance would not be wiped out (literally).
Finally, it does not all address growing resource scarcity issues (peak oil anyone?).
Let me add some more fuel to fire by mentioning the mounting student debt problem... crony capitalism that must be purged for real sustainable economies to once again develop... China... other developing countries and corresponding wage arbitrage... etc.
Now, this does not necessarily mean that TPTB are not going to attempt to make this happen. And I certainly am hesitant to plant my feet on the opposite of a bet from Tyler(s) on this stuff. Just saying that it is not going to work. At some point it will fail and social unrest will be the outcome, followed most likely by some sort of police state and a Soviet style collapse.
Better solution is torching $ and paying back global debt with confetti money.
What is the point...?
Shvanztranz, "What is the point...?"
Let me repeat my point thrice and a fourth time hopefully it will sinketh in at some point!
The collective DOES NOT FUKING EXIST ..got it this time?
The "we" and the "society" and the nation State is a figment of academics, politicians and the gullible (pretty much 99% of society that has had a State education).
Our world is drowning in bullshit. The bullshit of "we" and "us" and our "society". Like the statistical fantasy construct that is the average man, this is an academic pile of twaddle that does not exist
"We" only exists as an "I". You cannot represent me, nor my family. Nor can a charlatan like a politician. That's where all our problems begin (and ultimately end).
Nature is a free flowing collection of a zillion individual beings. If a volcano blows the animals all individually make their own exit plan, they all make for the hills fast as they can. But Hollywood, academics and politicians have spent their entire time creating a fantasyland, telling us a big fuking lie "we" exist as a "society", as a "nation" that needs to be saved, as a "community" that needs to be improved (by them). A pure fantasy leaders will collect us together and make a plan for us. Bullshit they will. Leaders first and formost look after No.1 and that's what all of us should do. Forgt other people saving our community, look after yourself and let the bullshit constructs go hang. Because there is no collective society, only individualism, it's the only reality that exists
There are no institutions representing us like Govt. They represent themselves (only). Politicians do not represent us, never have, never will. The institutions like the nation state are a false folly, an academic liberal construct, a political LaLa Land.. they are all unremitting bollocks
You want to wait for the President to tell you your local nuclear reactor is blowing up? Good luck. Anyone with any individual nouse will high tale it on their own instinct (see Fukinshambles Japan). You want to solve "global problems". Go fuking do it yourself and leave me out of your insane twaddle
Our world is being drowned in the bullshiut of collective problems that do not exist and being solved by collective institutions that are twats that need a Doctor more than another free taxpayer lunch. Bullshit one and all.
Like nature deal with your own problems, the rest of the world can sort itself out. The insane collectives (fantasy lands) like Govt, let them collectively go down their own insane toilet collectively. One day they'll wake up their collective problem did not exist like their collective institution (represented nobody at all). The real problem was they were individually idiots
Govt does not exist. The nation state does not exist. They are all fantasies, man made constructs, mental problems, academic problems of castles made in the sky and 'poof' they disappear just as quickly
Throw real money at a fantasy construct called the "EU" ...see how fast it disappears into thin air
Zero G: Yes to everything you said. My only point is that what you are saying is Leviathan from 400 years ago. Alright, I was trying to be a dick, in college Professor form, boil it down, what's the fucking point. What are you saying that's any more distinct or precise than anything else I've read here. If I wanted to read Deacon Sadler books, I'd be on Amazon, adding digits to consumer debt.
"why is this unreadable pile of bollocks a 'must read' for everyone/anyone?
It proffers the idiocy of the one great solution for the global economy "
You answered your own question. Its a must read because the solution that will be chosen will be idiotic. And it will affect you, as an individual, if you don't prepare for the possibility that many other individuals will use their "collective" solutions to f*#k you in the ass, and the whole time you'll be saying they are nothing but a fantasy.
"Throw real money at a fantasy construct called the EU....see how fast it disappears into thin air"
That would be YOUR money, that disappears, darlin, unless you get to know your enemy and protect yourself.
There's so much wisdom in your post. I concur completely.
We are all on this rock together. That is what we have in common, not to mentioon we are of the same species. Yes we made up all these hierarchal system and they are all just figments of our imagintations. BUT we are all HUMAN beings, we need food, water, shelter and sex collectivly. We won't make it off this rock if we keep thinking we are on this Earth by our selves. We need to come together as a species and find a way off this rock instead of this bullshit every man for himself which will just lead us into more war, famine and bullshit of it's only about me, fuck the other guy. We won't make is as a species if you keep believing the human race does not have the same problems which we clearly do. We are running low on resources fast, we need to find a way to solve this. We cannot do it individually, we are a social speices that is why we TALK to eachother like here on the Internet. Fine lets say fuck it, fuck everyone but me and my family. I guaranty you won't make it very far. This is why I am a Nihilist, you fucks aren't going to make it no where and niether are your kids. The human race is fucked if it can't come together and realize we are all one. Fucks like this guy that can't work with others are doomed to faliure.
Well, that's it then. The EU is fucked and there is a shitstorm coming. Need to have your personal assets where you can put them in your pocket and run if TPTB try to rape the population and quite frankly what would stop them?
jekyll island,
Need to have your personal assets where you can put them in your pocket and run if TPTB try to rape the population and quite frankly what would stop them?
We would.............................bank it.
It's wr
I did as you suggested. Very alarming as first, but as it marinates, it just gets...sorta, surreal - only cause something has to happen and like electricity it'll follow the path of least of resistance. Question is, how will the top 1% plan on getting paid back.....with usury interest.
Holy shit. This is fucking terrifying. Total centralization of the global financial system then reprivatization. We already know who is going to buy that debt. Back to Babylon, a little nudge and wink for the insiders, huh? Here's to the New World Order staring right at us and no one seems to care.
Here is a simpler proposal. Put a 25% flat tax on everyone's income. That will cover the deficit. Let's so What happens to people's opinion on spending and the tax rate then.
you mean we've got 120 taxes on everything which hasn't sorted the problem out... and 1 more tax, or adding 25% to existing taxes, is really gonna be the winner right?!!!
how about (i know 'insane' idea coming..) the more taxes we add, the more problems we have?
you know, like the more Laws we add (the mushroom cloud explosion in legislation over the past 10 years) also equates to the mushroom cloud of problems we seem to be getting
and you know like the more Govt we get, the more problems we get too
and the more Police and police-like new agencies we get to protect our freedom and make us more secure, the more freedom we lose
...just a thought we try the exact fuking opposite for a change...
Zero Govt = Zero Problems
The beast was created by 7 men meeting in secret on Jekyll Island in 1910, it's first breath was in 1913. It was turned loose on the world's population 60 years later when Nixon closed the gold window, breaking it's final chain with the default on silver backed FRN$. After 40 years we can see the destruction it has caused. The solution? Slay the beast, pull the charter of the Federal Reserve and return to a gold standard. The governments of the last half century could not have come to pass without the central banks. End the greed, End the fed.
I should have added : remove all other taxes and loopholes.
... less govt created this mess, irrespective of what Faux News tells you
More mushroom clouds....
Something from my childhood.... about the goose that laid the Golden Egg... comes to mind.
No really they have so buried us in Debt from Wars bad (bribed) decisions that it is no longer possible to see blue sky. It going to hurt and its going to be a Tectonic shift and its unavoidable despite the swarking of MSM
No no no!
We will make the children pay.
Who cares what they think. They dont vote.
What makes you think the children will pay?
Got to start somewhere, and $400+ billion is a good start. Bottom line, Bush tax cuts were an abomination and Obama was stupid and got outplayed in agreeing to extend them. (Yes, much cutting needs to be done, end the wars, cut the DOE, I know I know, but this won't be enough.)
Bush tax cuts aren't the problem. Its the spending that is going up exponentially that is the problem.
Exactly, California thinks it has a revenue problem. Go figure.
asking progressive loony strangled-to-death California to "Go Figure" is about as realistic as voting in a Marxist President and expecting him to cut deficit spending, solve the socialist healthcare, pensions and welfare bankruptcy issues and sorting out socialised Wall Street toxic wasteland, US housing
'democracy' is another word for letting the repeat-offending-loons in society vote for continued insanity ..it's the majority non-voting block that are sane for thinking correctly "nothing ever changes"
there's only 1 vote these sane non-voters can cast to change anything: Refuse to Pay Govt Taxes
Zero Tax = Zero Govt
Oh look! MillionDollarDumbass reborn! would you please find a wood chipper to fall into sometime soon. Thanks!
No, we don't need to 'start somewhere'.
If I have learned anything from politics its never start anything.
This article, for example, says some recent idea won't work, so don't do it.
The other side will have an 'opposing' idea, and someone will say that won't work, so it won't be done.
Whats the worst that could happen? Surely if we never do anything nothing could go wrong, right?
Just say no.
Thats how big this monster we call government has become. Soon, it will devour the productivity of every single american and there will be nothing left over. Too many parasites.
Yeah, but at least the socialist abomination ends at that point. Have the ability and means to go Galt when the tax levels and productivity barriets become ludicrous.
Better yet, the productive types can go overseas and renounce our citizenship or never declare more than 70,000 in income a year. The IRS doesnt have the ability to independently verify my overseas income anyway. I will just forge receipts in a foreign language and deal in cash.
South america beckons. There is still liberty there. They have some of the lowest tax collection rate of any place where you can still drink the water most of the time.
No it doesn't end there. As we can clearly see form history it can carry on, all that is needed is mass murder. People will not work for nothing, unless you murder segments of the population en mass. Oddly enough the threat of death is a great motivator for at least some productivity. And a reign of terror can go on far longer then most would expect. If the central gov says we need a new railway system then it will be built even if thousands must die to motivate them to build it.
Mass murder won't work so well in a country with 100 million gunowners. I suppose they could go nuclear on us
Better then you would think. I'm no think tank egg head but I myself see several scenarios in which to either disarm the US population, or to in effect use their guns against them. After all in a limited rolling breakdown situation the cities would in effect burn themselves out via looting and random violence, and the Fed could offer aid but only in exchange for total disarmament to provide safety for the relief workers. which on it's face would sound reasonable to most, especially in the wake of violence and mass media coverage of evil gun owners. At that point yes guns would be out there but guns are of limited use against the current gen of weapons that could be used to terrorize the masses. In addition simply by choking off ammo and providing HUGE bounties on gun owners it would drive it enough underground as to be almost a non factor. I'm sure Rand has done a study.
Need it play out that way, no, but it's not the bulwark that you might think it is. It is a hurdle to be overcome, but not an insurmountable one by any means.
Would this railway be built with Rearden Metal?
Lets tax food stamps cause sales are exploding! Just a percent or two at first, then later maybe more - because it turns out....people gotta eat so demand won't be affected! Its like, shovel ready.
<sarc on>
How about we don't let JPMorgan administer the food stamp programs. http://seekingalpha.com/article/247234-jp-morgan-profits-from-food-stamp-processing-business
100% taxes for all. Government paradise soon to follow!
at a point before 100% tax the private sector fuks off ...at that point Govt (the parasite) is fuked (has no host)
bring on that point, i think it's almost there (in Europe, in Japan and in the US) anyways
I forgot my sarcasm flag. :P
So basically, more spending in 2012. And there will probably be a provision in there where this has to be reauthorized yearly. So, net, we're talking more money down the hole, and no meaningful taxation on millionaires. Good times.
Panarican Funk,
And there will probably be a provision in there where this has to be reauthorized yearly.
Yeah, and since WHEN do they(FED) ask, or get authoization from ANYONE to do what they have done?.
Like Trillion dollar gimmes to EU BANKS?
Did any one here SEE that DEBATED?.
wait Romney said "..Corporations are people too.."
then we should expect a huge increase and maybe get 6 months or more out of it via GE/Exxon/BP/..add your favorite tax dodging/shielded person/entity/corporation
Don't forget GE, Google and Solyndra taking government money and not paying taxes
Oh, mama! really has his head up his corny.. desperation has a bad smell... but Mitt or Perry?? Come on! Paul is the only hope, but the big boyz will swat him, one way or the other...
China has stolen our technology and has captured our jobs the corporate crooks were willing to send over, so the fair thing to do is an outright default of all of our debt to China.
Solly, Cholly!! ;-)
4trn in 10years "war on terror" - cut THAT for a beginning
a little here a little there might keep the boat a flout.
wtf is a flout?? nm i looked it up.. I do not think that word means what you think it means.
If the US defaults on its debt that saves $457 billion a year in interest payments.
If the US cuts out Social Security, Medicare, and Welfare that saves a little over $1 trillion.
By cutting all the other needless government programs and offices we would save another $500 billion or so.
I'm sure by eliminating all those services we would eliminate at least 75% of government waste so there is another $250 billion+ in savings.
There I fixed the budget problem. Wow we would actually have a surplus so everyone could get a 25% tax break and the government would still have enough. We don't have a revenue or taxation problem, we have a spending problem.
I'll let grandma move in with me. She's a much better cook than my wife.
We could cut the military in half too. We dont need an empire.
We can cut more than half from the department of war budget
I know about 40 grandma's and grandpa's down at the assisted living center that will be looking for a place to stay after your cuts.
Can they live with you too?
Each county used to have a poorhouse for people who didnt have family to take them in.
Lets bring back local solutions and let each county decide how they will provide welfare services ( assisted living, transfer payments, etc)
Halliburton will charge trillions to set up those poorhouses (no bid contract).
They aren't grandma's or grandpa's without children, so let their children take care of them. If, through no fault of their own, they no longer have children or family, then SS should help them out, which is what it orignally was intended for, not a fucking retirement system. Good Grief. History bitchez.
The socialist party has found their wedge issue.
With half of families paying no income tax and half of families being benificiaries of transfer payments of some type this is a losing issue for republicans.
I say accept this silly five percent tax and wrap it into a bill putting hard lumits on federal spending at 17 percent of gdp. Let the democrats be the ones to obstruct reform. Dont fall into their trap and oppose the tax outright.
By the Author's logic: If have $100,000 in the bank and you save $1000 a month it's only 1%. Therefore don't save.
"You looking for a job sonny"? Lloyd Blankinfeld
Maybe we're looking a this the wrong way?
Inflation will probably even make welfare recipients millionares by 2021.