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27 January 2012

Comments

billy T

Its these little issues that take ours mind off the real important stuff like entitlement reform. I want to save Social Security and Medicare for our elderly, but with this "temporary" payroll tax cut everybody's SSA/Medicare contribution is axed by 1/3 and kicks the can down the road. How many blue ribbion comissions of funding/saving SS have been formed since Reagen and nothing gets done. Obama briefly mentioned immigration reform in State of The Union Address, saying he believes in Immigrant Reform, exactly what he said in his first 2 addresses. Nothing gets done, but lets argue to keep a temporary Social Security Tax cut temporary for the next 50 years. Even Gov Brown talks about pension reform, but little has been done except tweaking the pensions for new hires. That won't solve any current problems or mind boggling pension shortfalls for at least 25 years. Even the Republican candidates for Obama's job are bogged down in tax returns, the definition of a lobbyist, and who has been faithful to his wife and who hasn't. Saw a chart the other night that showed projected deficits of the USA (per official government figures based on current and future expenditures) that made me choke. On one side was Greece's debt at 160% of GDP and the other side was the USA @ 180% debt to GDP in 2025. We aren't becoming Greece, we will show them how its really done. Lets kick the can down the road.
"But not to worry, the political pyrotechnics locker is still chuck full of good stuff to loft into the air, there to create great eye candy in the sky, and take the voters’ mind off our real problems here on the ground. The first thing to launch is the ‘fair share’ argument for the vilified 1%, with poster child none other than leading Republican contender Mitt Romney" Great paragraph, Dr. Rebane. Here is some eye candy and nose candy for monkeys: http://www.mediaite.com/online/senators-explain-how-stimulus-money-was-wasted-on-monkeys-with-cocaine-problems-and-more/

Douglas Keachie

Taxing what you already have? After you paid taxes on it already? How evil, but it happens every year, when we pay taxes on our homes, and our roads, etc.

George Rebane

DougK 932pm - indeed, as I have already pointed out in these pages. But what do you think of asset taxes? Should there be a limit to them? Should more and more of a person's post-taxed property and possessions become or remain the defacto property of the state, until they are the state's de juris property? Where does it stop?

billy T

Double taxation always seems unfair. You pay tax on the 100 claims you earn, then pay tax if that 100 bucks draws interest or capital gains. Such is life. Best way to never pay a dime again on the 100 bucks you have already been taxed on is to stick it in a Roth. Tax free gains no matter if that 100 bucks turns into a thousand or million. Yep, it does not seem fair. At least I-bonds and EEs are exempt from state tax....for now. Guess the way to take a risk and make some serious guaranteed money is to get an Obama grant to build an electric car or a solar panel factory....but, in reality, there is no risk involved at all in those fields cause the receivers of the handouts never miss a fat paycheck. Take our local worm farm as an small example. Would anybody put up 30-45k after looking at the business plan to start the worm farm and hire 7-9 part timers to peddle worm castings to yet to be determined customers in yet to be determined quantities? Not my money, put lets put the taxpayers money at risk, cause, after all, its not real money and the Government can print more. So, no risk, no penalties if it is the taxpayers money. Figured for 30-40k, we got to pay the head worm casting guru 5-6 months wage. Maybe less if the big worm casting bought a new computer, an office chair, printed some stationary, slapped a couple of cedar boxes together, and....ooppps, money gone, that's all folks. Guess I should be grateful it was such a tiny amount in the grand scheme of things, but a good example nonetheless. Now, if it was my after tax money put at risk, I would be screaming for an audit of the books and possibly pursuing fraud charges. But it was not my after tax money. Its was only money paid for with my taxes, thus no big deal.

Gregory

'billy T', unfunded liabilities of California public pension plans won't be dealt with until the state goes into the equivalent of receivership and the adult supervision can just balance things with the stroke of a pen.

I expect Brown knows Californians won't vote for large tax increases and he'll have to turn to Plan B in 2013.

Douglas Keachie

BillyT: "Let he who is without sin cast the first worm."

: George Rebane | 27 January 2012 at 10:00 PM

George, you and I die, the state goes on and on forever......until it Titanics into the dustbin of history, but not to worry, another one will take its place..

Douglas Keachie

The level of education in this country was well illustrated this evening on Jay Leno. A man in the street is asked if Congress should go on paying for some program. He replies, " oh God, Yes! Otherwise us taxpayers will wind up stuck with the bill."

billy T

We must FORCE these scoundrels to pay their fair share!! http://www.cbsnews.com/8301-505245_162-57367330/thousands-of-federal-workers-owe-back-taxes/

Brad Croul

Mark Zukerberg is looking at a $1.5 Billion tax hit this year. Bam!

http://www.ft.com/intl/cms/s/2/6dbffbce-4e8b-11e1-ada2-00144feabdc0.html#axzz1lNTLlEv6

Douglas Keachie

So, 1.5 billion tax hit? Calculated at 35%, no doubt. But then I'll bet he is able to afford tax shelter creations that make Iran look like the little pig with the straw nuclear factories.

Kennedy_Rich_Poor copy

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