Tax cuts for the rich passes again
- Thread starter Covertibility
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That's what cracks me up about these raving critics of tax cut plans. They want the middle/lower class to recieve a similar dollar amount in cuts to what the rich are receiving. Nevermind that fact that most of them received more in government benefits than they ever paid in taxes.
IMO, what is killing this country's finances is third-party-payment. IOW, insurance, medicaid, medicare, etc... Anytime someone else if footing the bill, there is no regulation on the cost of services received.
Ok, here's the problem with this paragraph, Pabst:
Every serious portfolio has both speculative investments, and "cash" (Money market accounts, CD's, Investment grade short term paper, etc...)
The real rate of inflation is what?... 7%? 8% per year? I'm talking about the <b>real</b> inflation rate, not the joke statistics of the CPI.
Since no money market account provides yields that high, you're already behind the inflation rate. Your cash is losing money every day, directly confiscated by a government which refuses to back it's 'currency' with precious metals reserves.
<b>... and then they make you pay a tax on your so-called 'gains', which aren't even gains at all</b>, since your cash has already lost net purchasing power, even before paying this unfair tax.
Besides contango schemes, is there any way to earn interest (in ounces, not dollars) on bullion?
Exactly right. What's even more amusing is that there was no fed tax till Lincoln put it in to pay for the Civil War. 5% on people earning 50k+
How did the nation survive?
The system we have now did not start until 1913, same year The FED was created. Interesting.
Fact is, (go to IRS website) only 3 people in 100 earn 200k+. All ET members
. And Congress types.
Their tax burden is so large in terms of a percentage to the whole that sooner or later expatriation has to enter their minds. Or Enron's accountants.
When the public understands they can vote themselves a raise through the pandering, power crazed pimps we call Congress through social programs, it's almost impossible to stop.
$10 for a head of lettuce or $100 for a cottonball when you see your doctor? Too many fingers in the pie. Too many people getting fat on the people who pay the freight.
Until it implodes. Which is exactly why there is turmoil. There is simply no more tax to take to pay for these programs. From anyone. Gut check time.
How did the nation survive?
The system we have now did not start until 1913, same year The FED was created. Interesting.
Fact is, (go to IRS website) only 3 people in 100 earn 200k+. All ET members
. And Congress types.Their tax burden is so large in terms of a percentage to the whole that sooner or later expatriation has to enter their minds. Or Enron's accountants.
When the public understands they can vote themselves a raise through the pandering, power crazed pimps we call Congress through social programs, it's almost impossible to stop.
$10 for a head of lettuce or $100 for a cottonball when you see your doctor? Too many fingers in the pie. Too many people getting fat on the people who pay the freight.
Until it implodes. Which is exactly why there is turmoil. There is simply no more tax to take to pay for these programs. From anyone. Gut check time.
reardon metal said:
"The real rate of inflation is what?... 7%? 8% per year? I'm talking about the real inflation rate, not the joke statistics of the CPI."
I'm just wondering where you got the "real rate of inflation". At least in the cpi, they break down their computations. I guess if you are a metals guy, that would explain your perspective. But what about all those years metals were in the tank? Didn't you come out ahead on your interest bearing accounts? At least compared to the "real inflation rate". Not the phony cpi?
"The real rate of inflation is what?... 7%? 8% per year? I'm talking about the real inflation rate, not the joke statistics of the CPI."
I'm just wondering where you got the "real rate of inflation". At least in the cpi, they break down their computations. I guess if you are a metals guy, that would explain your perspective. But what about all those years metals were in the tank? Didn't you come out ahead on your interest bearing accounts? At least compared to the "real inflation rate". Not the phony cpi?
Some interesting insight in this thread:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=67760&perpage=6&pagenumber=1
Didn't see anything of interest on that thread.(didn't make it too far through without getting bored)
Anyway, the bond market is made up of a lot more participants. I'll take it's word for inflation. I don't think we have 5% bonds and 8% inflation. There are inflation protected securities (tips) you can look at, too.
Interest income is treated as earnings. Sure you can make the case that interest payments are rapidly failing to keep up with inflation. The same can be said for wages. However that gets back to my point. Why tax underperforming (i.e. earned income) revenues when you can tax the gains on "hard assets", those of which arguably appreciate on par with inflation. Not to mention the effects of bracket creep.
And no, other than being like those duplicitous Muslims who think writing forward contracts on gold is a loophole against usury as described in Sharia (it's kosher for Muslims, no pun intended), there's no yield play in commodities.
And no, other than being like those duplicitous Muslims who think writing forward contracts on gold is a loophole against usury as described in Sharia (it's kosher for Muslims, no pun intended), there's no yield play in commodities.