#301  
Old 10-26-2011, 05:18 PM
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Default Re: taxation

Uninteresting times.
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  #302  
Old 10-28-2011, 05:24 AM
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Default Re: taxation

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Originally Posted by JEROME DA GNOME View Post
I would be willing to bet that your income comes from the collection of tax on the working class.
Hey pal! I'm not Navastar, Continental Tire Company, Motorola, Ford, Chrysler, or Mitsubishi in Illinois.


Illinois taxing workers to subsidize their employers. Subtracted from the worker's check... and never paid to the government, but instead kept by the employer.
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  #303  
Old 10-28-2011, 07:24 AM
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I'm :eager: to hear about the bread tax.
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  #304  
Old 10-28-2011, 10:37 PM
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Default Re: taxation

Did you guys hear about the Illinois Teachers Union employees that worked ONE DAY as a substitute teacher and now receive a full pension from the State?
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  #305  
Old 10-29-2011, 12:40 AM
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Default Re: taxation

Yes. But as usual your either your reading skills or your point is dubious.

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The Tribune reported Sunday that two IFT lobbyists took advantage of the brief window [in 2007] to get a substitute teaching certificate, sub for a day and get to count their years as union employees toward a pension with the Illinois Teachers’ Retirement System.
Two people. Exploited a loophole in the law that gave them the chance to do that. The loophole was a brief window in 2007 and was not possible to exploit before that nor is it possible to exploit today.

CALAMITY THE SYSTEM IS BROKEN! :freakout:
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  #306  
Old 10-29-2011, 04:03 AM
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Default Re: taxation

Did you guys hear about the troll who made shit up and got people to say and do stuff in reply?
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  #307  
Old 10-29-2011, 04:06 AM
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Default Re: taxation

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Originally Posted by Demimonde View Post
Exploited a loophole in the law that gave them the chance to do that. The loophole was a brief window in 2007 and was not possible to exploit before that nor is it possible to exploit today.
The Workers Hero

Scam the Proles to get theirs

One Day of Work = Lifetime Pension
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  #308  
Old 11-24-2011, 09:19 AM
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Default Re: taxation

The Top 0.1% Of The Nation Earn Half Of All Capital Gains

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Capital gains are the key ingredient of income disparity in the US-- and the force behind the winner takes all mantra of our economic system. If you want even out earning power in the U.S, you have to raise the 15% capital gains tax.

Income and wealth disparities become even more absurd if we look at the top 0.1% of the nation's earners-- rather than the more common 1%. The top 0.1%-- about 315,000 individuals out of 315 million-- are making about half of all capital gains on the sale of shares or property after 1 year; and these capital gains make up 60% of the income made by the Forbes 400.


It's crystal clear that the Bush tax reduction on capital gains and dividend income in 2003 was the cutting edge policy that has created the immense increase in net worth of corporate executives, Wall St. professionals and other entrepreneurs.
So let's see. Perry: eliminate the capital gains tax. Gingrich: eliminate the capital gains tax. Bachmann: eliminate the capital gains tax. Huntsman: eliminate the capital gains tax. Paul: eliminate the capital gains tax. Cain: eliminate the capital gains tax.

What will eliminating the capital gains tax do? Reduce the tax rate on the wealthiest, and reduce the revenues of the federal government, which in turn increases the difficulty of reducing our national debt. But trickle down, mumble mumble job creators, mumble mumble presto-chango this must be a good thing and not simply serving the interests of the wealthiest oligarchs.

Romney previously held the position that capital gains should be eliminated; now he's proposed not taxing capital gains for individuals of families earning under $200k a year.

Obama has proposed raising capital gains taxes, though the details are rough and part of the millionaire's tax proposal that will likely never be passed.
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  #309  
Old 11-24-2011, 04:00 PM
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Default Sock It To Me in Libertardia

I'm having a really fun conversation with some TeaTards on the toy plane site. Let me be your sock. :sockpuppet: Follow along, make me say funny brilliant things, make their heads asplode! :headasplode: There're bound to be some lulz in it. :bonklers: Just keep it family friendly, and no direct insults. :innocent: The topic is the top .1% earn half of all capital gains, but there is some thrad drift. It turned into the usual dog pile. :gangup:

Start on p. 5 toward the bottom or p.9, whatever. 4 pages of :assault: so far. Deliver unto me the majestic radiance of your collective hoodoo so we can :shoot: on those Randroid ass hats. :asshat:

The top 0.1%... - Page 5 - RC Groups

ETA: I wrote this a few days ago, but decided against posting it. Maybe the time is right now.
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Old 11-24-2011, 05:23 PM
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Default Re: taxation

So now Moody's is making noise about lowering the US credit rating because of the Super Committee fail. So the TeaTards proposal? As you see in CM's post above, cut one of the biggest revenue streams we have, rather than raise it. 15% taxed on money made while you sleep. Sweet.

Bottom Line - Moody's to US: Don't skimp on deficit cuts, or else
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Old 11-24-2011, 06:46 PM
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Default Re: taxation

Quote:
Originally Posted by SR71 View Post
So now Moody's is making noise about lowering the US credit rating because of the Super Committee fail. So the TeaTards proposal? As you see in CM's post above, cut one of the biggest revenue streams we have, rather than raise it. 15% taxed on money made while you sleep. Sweet.

Bottom Line - Moody's to US: Don't skimp on deficit cuts, or else
So this is pretty much back to the story about how OMG our deficits are really scary and the US is simply another hostage to finance. And it has almost no resemblance to reality.

Mainstream Economic Media Cry Wolf: Paul Solman, PBS Newshour
Quote:
"S&P Downgrades!" "Bond Vigilantes Poised to Strike!" "America is Greece!" One-liners meant to catch the eye, freeze the heart. But flat-out irresponsible.

What, briefly, is the fear? Very simple. Investors in U.S. debt, aka U.S. bond holders, aka lenders to the U.S. government, are quaking at the prospect of U.S. debt default. The supposed reason: we can't lower our annual deficit or cumulative debt. So the investors will become "vigilantes" and wreak frontier justice the only way they know how: charging us more in interest to continue lending us money by purchasing our bonds.

This is, infamously, what happened to Greece. When it joined the European Monetary Union a decade or so ago, it borrowed money for 10 years at around 3 percent. Today, as those loans come due, its credibility, and thus its credit, is shot. To borrow money for 10 years, the price for Greece is now above 25 percent. The panic of the moment concerns Italy and Spain, however, both of which are indeed experiencing the wrath of the bond vigilantes, their 10-year interest rates flirting with the 7 percent level, at which point the vicious circle is said to start spinning: higher interest rates feeding higher deficits feeding even higher interest rates feeding even higher deficits...

There is, therefore, a simple way to see if bond investors are losing faith in a country's credit. Look at the interest rates. It's not like they're hard to find. Bloomberg updates them minute-to-minute. On your cellphone. At no cost.

And so now, the simplest of answers to the simplest of questions: how much does the United States have to pay to borrow money for 10 years? On the day the supercommittee throws in the towel? The day the Fitch ratings agency (not the widely discredited S&P) is reported on the verge of a downgrade? The United States will have to pay a king's ransom, right, as the bond vigilantes fasten the noose?

Let's see. Going to bloomberg.com. Clicking on "Markets." Clicking on "Bonds." Clicking on "U.S. Government Bonds." Scrolling down to "10-Year." Here it is: 1.97 percent. Hmmm. The United States has to pay less than two percent to borrow money for 10 years? That's anti-Chicken Little. Not the sky falling, but the interest rate plummeting. Exactly the opposite of all the dire warnings.

Okay, but we need a little context. How far has the rate fallen? Let's go to Yahoo! Finance for a chart. There, on the right, is a blue chart of the 10-year rate over the past year. OMG! It's down from 3.5 percent since about April. April. What happened in April?

Oh, right. S&P downgraded U.S. debt. (See note.) But wait a second. The bond vigilantes should then have forced us to raise our interest rate. Instead, they lowered it?
...>snip<...
You'll note that today's 1.97 percent is about as low as our interest rate has ever sunk since at least 1880.
...>snip<...
So what's going on? Well, rather obviously, investors are a lot more worried about the credit of Greece -- or Spain or Italy -- than ours. Investors are also more worried about stock investments. Investors are also more worried about almost any other asset into which they might put their money.

Investors also seem pretty sure that U.S. inflation is not going to be a problem anytime soon. If inflation scared them, they'd hardly let the United States lock in an interest rate of less than 2 percent for an entire decade.
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  #312  
Old 11-24-2011, 10:21 PM
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Default Re: taxation

Indeed. What everyone seems to forget is that riskiness - the determining factor for bond yields - is a relative value, not an absolute.

As bad as the USA may be, comparatively speaking, we are far better than the next-best option out there. Far better, by a long shot. As long as that situation remains, then the USA will enjoy low borrowing rates.

This will only be interrupted by:
(1) some other country becoming a better safe haven than the USA is (not very bloody likely), or
(2) the USA failing to make its interest payments on the bonds (somewhat more likely, given the wingnutters, teabatters, and the GOP in Congress).
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  #313  
Old 11-24-2011, 10:45 PM
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Default Re: taxation

In that context, BoA - Check it out, good for lulz. Read the analysis.

12.50% Yield Brazilian Real, Bank of America, A rated, mat Nov 2014.

The incredibly high yield and short maturity of this Brazil bond, when considered with its solid “A” rating and positioning as one of the “too big to fail” icons within the US financial system, offers what we see as an extremely favorable reward to relatively low risk position.
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