Another help for those mortgages underwater.

[pjorourke]

Originally Posted by WTF

Just where are the rich folks going? That is a myth.

They don't have to go anywhere. If they are truly rich, they just don't need to realize income.

[Texas Contrarian]

Originally Posted by pjorourke

They don't have to go anywhere. If they are truly rich, they just don't need to realize income.

Exactly right.

And if they are only moderately rich, they can significantly reduce their tax burden in ways I described way back in post #156. If you push marginal rates very far, they'll do just that.

Anyone remember the discussions leading up to the enactment of the Alternative Minimum Tax? A couple of news reports in the late 1960s indicated that a number of the 100 wealthiest individuals and families in the U.S. paid no income tax. None! And these were people whose net worths ran into the hundreds of millions. (There were virtually no billionaires back then.)

But marginal tax rates were 70% back then! How could that happen?

Of course, the answer isn't difficult for those who actually understand the issue.

In coming years, the wealthy will pay little in additional tax. The middle class will pay the price for all this out-of-control spending.

[pjorourke]

Originally Posted by CaptainMidnight

Of course, the answer isn't difficult for those who actually understand the issue.

Well there ya go, excluding WTF.

[nevergaveitathought]

Originally Posted by WTF

But save me the rich will leave crap. They have nowhere to go. Our armies will hunt them down! lol

storm the Bastille

peasants with pitchforks

social justice

hey i like your house

the cross of gold speech lives!!!!!!!!!!!!!

[nevergaveitathought]

Originally Posted by pjorourke

They don't have to go anywhere. If they are truly rich, they just don't need to realize income.

Municipal Bond Interest ala theresa kerry

[Texas Contrarian]

Originally Posted by pjorourke

Well there ya go, excluding WTF.

LOL!

By the way, my CPAs are working on my extension and quarterly estimate. Looks like I will be paying less than I thought in 2009 taxes. Some might resent that I may not be paying what they would consider my fair share.

Damn tax lawyers!

[WTF]

Originally Posted by CaptainMidnight

Oh, really?
Why not drop the wealth envy crap, WTF? It doesn't paint you in a very flattering light.

Originally Posted by CaptainMidnight

Oh, really?
Before casting aspersions,

I do not give a shit about what a bunch of crooks that privatize profits and socialize losses think. That is not envy. I envy a true bank robbery more than those assholes. Now before you lecture me on how to post get your own condescending act in order.

Originally Posted by pjorourke

They don't have to go anywhere. If they are truly rich, they just don't need to realize income.

Wow maybe just maybe we might start closing those loopholes. I think my prior post was about those oh so high captial gains tax rates!

Originally Posted by nevergaveitathought

Municpal Bond Interest ala theresa kerry

None of them should be able to do it. You playing partisan politics, go bark up another tree.

[Texas Contrarian]

Originally Posted by WTF

I do not give a shit about what a bunch of crooks that privatize profits and socialize losses think.

The insinuation that one's success indicates that he is a crook who privatizes profits and socializes losses is ridiculous beyond comparison. You're talking about a very small number of people on Wall Street. Why don't you make an effort to avoid painting with broad brushes?

Originally Posted by WTF

Now before you lecture me on how to post get your own condescending act in order.

You accused me of "misunderstanding Keynes", and then failed to point to any statement I made which might reasonably lead you to that conclusion (despite my challenge to do so a few posts ago). Then you accused me of posting "crap", which is complete nonsense. You demonstrated beyond any reasonable doubt that you don't fully understand the issue.

If you are going to come at me with a snarky or hostile tone, I'm going to tell you how misinformed you are. If you think that's condescension, too bad. Grow a thicker skin.

Better yet, learn something about the subject before you post!

[pjorourke]

Originally Posted by CaptainMidnight

Better yet, learn something about the subject before you post!

Well if you impose those kind of conditions on WTF, his post count would only be 14.

[nevergaveitathought]

Originally Posted by WTF

None of them should be able to do it. You playing partisan politics, go bark up another tree.

if thats not your tree i'm barking up then it shouldnt bother ya...unless you are partisan


but my point was..and its not partisan at all..merely observational:

Dems say its patriotic to pay more tax, obama wants to share the wealth...they decry profits as in "now is not the time to make profits", they castigate corporations, they do just about anything outwardly to act and talk this way....and to have public policy that inhibits incentive...but in their private lives they are hustling for every private buck (and public buck) they can get and so arrange their private affairs that they pay as little in tax as they can..not to speak of cheating on their taxes and aiding welfare fraud for their nannys and maids...or contributing not one whit to charities.

[discreetgent]

Originally Posted by pjorourke

Well if you impose those kind of conditions on WTF, his post count would only be 14.

Ouch. Stick to witty, you do it better.

[pjorourke]

Originally Posted by discreetgent

Ouch. Stick to witty, you do it better.

That was witty. Ask WTF

[Texas Contrarian]

Originally Posted by nevergaveitathought

...but my point was..and its not partisan at all..merely observational:

Dems say its patriotic to pay more tax, obama wants to share the wealth...they decry profits as in "now is not the time to make profits", they castigate corporations, they do just about anything outwardly to act and talk this way....and to have public policy that inhibits incentive...but in their private lives they are hustling for every private buck (and public buck) they can get and so arrange their private affairs that they pay as little in tax as they can..not to speak of cheating on their taxes and aiding welfare fraud for their nanny's and maids...or contributing not one whit to charities.

Yes, and one might also note that Warren Buffett, an Obama supporter, is one of the biggest cheerleaders for tax increases on the wealthy. In fact, he often decries the fact that his administrative assistant pays a higher effective tax rate than he does. However, he has no intention of paying more tax himself (virtually all of his net worth is going into charitable foundations). But he wants you to pay more tax if you're moderately affluent!

Actually, you'll soon be paying much more tax (probably a VAT) even if you're poor. Politicians can't get that much additional money out of the "rich" -- probably no more than a nickel of every deficit dollar, at best. Anyone who doesn't believe that is living in a fantasy world.

[discreetgent]

Originally Posted by CaptainMidnight

Actually, you'll soon be paying much more tax (probably a VAT) even if you're poor. Politicians can't get that much additional money out of the "rich" -- probably no more than a nickel of every deficit dollar, at best. Anyone who doesn't believe that is living in a fantasy world.

I don't know if it will be a VAT or something else but I agree; the politicians will try to spin it as everything but a tax but we will all be giving more of our income to the government. We can debate if that is for the greater good or not, but that it will happen is I think a foregone conclusion.

[Marcus Aurelius]

Originally Posted by discreetgent

I don't know if it will be a VAT or something else but I agree; the politicians will try to spin it as everything but a tax but we will all be giving more of our income to the government. We can debate if that is for the greater good or not, but that it will happen is I think a foregone conclusion.

So we can all agree we're going to get it.
Will there be government Vaseline?