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http://www.commondreams.org/view/2011/08/08-6
QuoteThis episode serves as a reminder that central banks are political institutions, with a political agenda, and that independent central banks tend to be captured (at least "cognitively") by the banks that they are supposed to regulate. And matters are little better on the other side of the Atlantic. There, the extreme right threatened to shut down the US government, confirming what game theory suggests: when those who are irrationally committed to destruction if they don't get their way confront rational individuals, the former prevail.
As a result, President Barack Obama acquiesced in an unbalanced debt-reduction strategy, with no tax increases - not even for the millionaires who have done so well during the past two decades and not even by eliminating tax giveaways to oil companies, which undermine economic efficiency and contribute to environmental degradation.
Optimists argue that the short run macroeconomic effect of the deal to raise America's debt ceiling and prevent sovereign default will be limited - roughly $US25 billion ($A24 billion) in expenditure cuts in the coming year. But the payroll tax cut (which put more than $US100 billion into the pockets of ordinary Americans) was not renewed and surely business, anticipating the contractionary effects down the line, will be even more reluctant to lend.
The end of the stimulus itself is contractionary. And, with housing prices continuing to fall, GDP growth faltering, and unemployment remaining stubbornly high (one in six Americans who would like a full-time job still cannot get one), more stimulus, not austerity, is needed - for the sake of balancing the budget as well. The single most important driver of deficit growth is weak tax revenues, owing to poor economic performance; the single best remedy would be to put America back to work. The recent debt deal is a move in the wrong direction.
http://www.commondreams.org/view/2011/08/08-6
stay away from moving propellers - they bite
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http://www.commondreams.org/view/2011/08/08-6
Again, you're advocating raising taxes. We've already demonstrated that you'd have to take all corporate profits and all taxable revenue from millionaires and billionaires just to cover this years version of Obama's vision.
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http://en.wikipedia.org/...stribution_of_wealth
Finished reading this article. Again, good stuff. This article demonstrates that generating wealth typically takes generations. Families need to have their act together, and keep it together. The vast majority of American wealth is tied up in the family's home.
You're advocating confiscating that wealth when someone dies? You haven't suggested a figure, yet, that you think would be sufficient to fund Obamanian visions. I'm looking forward to hearing it.
We are all engines of karma
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http://www.commondreams.org/view/2011/08/08-6
Again, you're advocating raising taxes. We've already demonstrated that you'd have to take all corporate profits and all taxable revenue from millionaires and billionaires.
and you're completely ignoring an inheritance tax which is on wealth and not revenue...
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding
blue skies from thai sky adventures
good solid response-provoking keyboarding
Quoteand you're completely ignoring an inheritance tax which is on wealth and not revenue...
I think it's time that you put the computer down. Screetscooby has pretty much owned you on numbers and facts (some from you own posts). It's clear that you advocate income redistribution. You would be much happier living in the Soviet Union. Then you could post on the Internet all day about how great it is!
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and you're completely ignoring an inheritance tax which is on wealth and not revenue...
I'm not ignoring it at all. I'm waiting for you to propose what you think that tax rate should be.
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if you like somalia so much - just move there and let us be 
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding
blue skies from thai sky adventures
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winsor 187
Quoteif you like somalia so much - just move there and let us be
Your linebot algorithm is in a hangup state - you already used that one.
QuoteQuote
and you're completely ignoring an inheritance tax which is on wealth and not revenue...
I'm not ignoring it at all. I'm waiting for you to propose what you think that tax rate should be.
enough to pay off the deficit - i would say an 80% inheritance tax on the top 20% would do it...
stay away from moving propellers - they bite
blue skies from thai sky adventures
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Quote
enough to pay off the deficit - i would say an 80% inheritance tax on the top 20% would do it...
You shouldn't have to "say". Show us the math.
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done that - either disprove my figures or move on...
stay away from moving propellers - they bite
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good solid response-provoking keyboarding
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Quote
done that - either disprove my figures or move on...
How much revenue did it bring in?
We are all engines of karma
QuoteQuote
done that - either disprove my figures or move on...
How much revenue did it bring in?
enough to pay the deficit
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding
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Quote
enough to pay the deficit
Show us your calculations...
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total national wealth - 54trillion
1% own 40% of wealth - 21trillion
deficit - 14trillion
1% own 40% of wealth - 21trillion
deficit - 14trillion
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding
blue skies from thai sky adventures
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Quote
what a lot of dribble - the wealthy have got richer and richer until the top 1% own 90% of the country's wealth - not a healthy state...
The above is an earlier quote from you. You're now showing that's not the case. We've both learned something today. I think it's a good day whenever I learn something. Thank you.
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1% own 40% of wealth - 21trillion
Try as I may, I can't find this breakdown in your article. Where are you getting it from?
Another question... Are you expecting all of the top 1% to die this year? What happens next year?
We are all engines of karma
QuoteAre you expecting all of the top 1% to die this year? What happens next year?
Even if they did, these folks are smart enough to hold their assets in trusts, the management of which is assumed by the survivors w/o a taxable change in ownership. Even many middle-class Americans do this--it works for me.
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1% own 40% of wealth - 21trillion
Try as I may, I can't find this breakdown in your article. Where are you getting it from?
Another question... Are you expecting all of the top 1% to die this year? What happens next year?
say 1% die a year in a decade that's 2trillion
(and all from dead people who can't take it with them anyway)
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding
blue skies from thai sky adventures
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What would you suggest that be?
I'm still reading through the article you posted. Good stuff. Here's a quote from it:
This is why people from all over the world want to come to this country. They can work hard, take risks, and enjoy the fruits of their labor. Let's hope it stays that way.
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