Comments on: Its The Economy (Stupid!) That’s Tanking the Market

By: gloppie

gloppie — Wed, 11 Mar 2009 02:01:01 +0000

flat tax everything (sale, death, rent, transactions etc…) and everyone all the time, no exception.
easy to calculate, easy to adjust and so forth.

but wait, hard to cheat…so that ain’t gonna fly….

By: usphoenix

usphoenix — Wed, 11 Mar 2009 01:05:09 +0000

@DL: Agree totally. Except given the current marginal rates and the tax code our tax policy is ridiculously regressive.

Simply getting the wealthy to pay at the same tax rate on the same terms as everyone else would be a huge social advance.

But based on how controlled our congressmen are, it’s not going to happen. I wish our Congressmen could “level the playing field” , but the Titans are blackmailing Congressmen with jobs, even as they increase off shoring and threaten to move their businesses elsewhere. Pitiful. Someone has to blink.

Our Congress is beyond corrupt. BUSINESS FOR SALE.

May as well let D. C. fiddle while Rome burns.

At some point there won’t be any consumers left at all, or …

By: DL

DL — Tue, 10 Mar 2009 22:20:49 +0000

Continuing with the subject of marginal tax rates/ tax avoidance… Hale Stewart has a blog:

http://taxlawyerinhoustonsblog.blogspot.com/

See, for example the 3/6/09 post on offshoring, particularly with regard to “Extraction” (placing higher cost activities in the low-tax jurisdiction and deducting the expense from the higher-tax jurisdictions corporate income statement) and “Utilization of Foreign Tax Credit”.

Those who favor raising the marginal rates on individuals, and raising taxes on corporations should attempt to understand the complexities involved.

By: DL

DL — Tue, 10 Mar 2009 21:58:23 +0000

Most people who post here regularly think that all Obama has to do is to raise marginal tax rates on “the rich”, and IRS revenues will surge. As it happens, however, the higher the marginal rates go, the greater will be the use of existing tax loopholes, and the more pressure will be put on key members of the House and Senate to introduce even more loopholes.

Someone like Hale Stewart could shed some light on this subject (without giving away too many “tricks of the trade).

By: bonghiteric

bonghiteric — Tue, 10 Mar 2009 20:55:17 +0000

Critical thinking–either you have it or you don’t

By: Moss

Moss — Tue, 10 Mar 2009 20:53:02 +0000

The facts, nothing but the facts. Lucid and insightful.

By: Mark E Hoffer

Mark E Hoffer — Tue, 10 Mar 2009 19:31:59 +0000

yep, I was just gonna say: “Hey, be careful, don’t make it so easy to understand..”

anyway, nice art., succinct, and to the point..

By: Mannwich

Mannwich — Tue, 10 Mar 2009 18:41:15 +0000

@WaveCatcher: Not sure where you’ve been over the past 6 months+ but we’re already well past the “socialism” canard you mention. In fact, it’s a perverse sort of “socialism” (some would argue it’s really fascism) that only benefits the elite. So please give your socialism meme a rest. We’re already there.

By: Mark Wolfinger

Mark Wolfinger — Tue, 10 Mar 2009 18:08:53 +0000

You must know that these right-wingers are the cheerleaders you say they are.
Arguing with them is a complete wast of time.

By: WaveCatcher

WaveCatcher — Tue, 10 Mar 2009 17:53:57 +0000

Many folks believe that Obama’s policies are killing the golden goose by:
1) Raising taxes on the most productive members of society during a deep recession
2) Permanently growing the share of our GDP controlled by government

That is why Obama is getting some blame for the stock market’s decline. You can also lay some blame at the foot of his Treasury secretary who has already proven himself utterly incompetent and unable to articulate a cogent plan.

Finally, the more Obama blames the poor economy on a crisis of confidence, the deeper the hole he digs for the economy. Confidence will flow only once the economy shows signs of improvement.

Here’s to Obama, hoping he succeeds in leading our country back to prosperity, hoping he fails at ushering in a new era of socialism.