|
Joined: Jun 2003
Posts: 42,625 Likes: 1
Campfire 'Bwana
|
Campfire 'Bwana
Joined: Jun 2003
Posts: 42,625 Likes: 1 |
Concur and replace the IRS with the FAIR TAX
A good principle to guide me through life: “This is all I have come to expect, standard lackluster performance. Trust nothing, believe no one and realize it will only get worse…”
|
|
|
|
Joined: Nov 2005
Posts: 6,168
Campfire Tracker
|
Campfire Tracker
Joined: Nov 2005
Posts: 6,168 |
Concur and replace the IRS with the FAIR TAX The more I think about it..maybe elimination of the federal income tax and replace it with a national sales tax. At least that way we would get tax value for all the stuff we import.
The collection of taxes which are not absolutely required, which do not beyond reasonable doubt contribute to public welfare, is only a species of legalized larceny. Under this Republic the rewards of industry belong to those who earn them. Coolidge
|
|
|
|
Joined: Nov 2008
Posts: 16,610
Campfire Ranger
|
Campfire Ranger
Joined: Nov 2008
Posts: 16,610 |
The dictator is giving his next propaganda lecture at 0720 eastern.
"Hey jackass, get your government off my freedom." MOLON LABE
|
|
|
|
Joined: Apr 2005
Posts: 1,090
Campfire Regular
|
Campfire Regular
Joined: Apr 2005
Posts: 1,090 |
A Fair Tax or sales tax would be less costly for the government to manage and certainly more equitable for the general public as ALL would contribute. A huge problem with the current system is the about 50% don't contribute anything to the federal government and thus, are happy for them to spend more because they have no commitment. The current system is also fraught with loopholes and exemptions for many --- and what's fair about that.
|
|
|
|
Joined: Nov 2008
Posts: 16,610
Campfire Ranger
|
Campfire Ranger
Joined: Nov 2008
Posts: 16,610 |
The biggest problem with the current system imo is that politicians can pick winner and losers, redistribute wealth and buy votes for themselves with our money. When the tax code is not a tool of the politicians, it is by definition more fair that what we have now.
"Hey jackass, get your government off my freedom." MOLON LABE
|
|
|
|
Joined: Jan 2006
Posts: 21,810
Campfire Ranger
|
Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
Getting rid of ALL Departments and programs (except DOD at 20% of budget, Social Security at 20%, Medicare/Medicaid at 23% and Debt Interest at 18%) and you only have 18% left. This will not do the job! WE all need to take a hit, and revenue enhancements (like eliminating legal loopholes that allow some companies to pay NO tax) are needed. These companies include Exxon-Mobil, Bank of America and GE. See: http://blogs.suntimes.com/sweet/2011/03/ten_giant_us_companies_avoidin.html
|
|
|
|
Joined: Jan 2006
Posts: 21,810
Campfire Ranger
|
Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
A Fair Tax or sales tax would be less costly for the government to manage and certainly more equitable for the general public as ALL would contribute. A huge problem with the current system is the about 50% don't contribute anything to the federal government and thus, are happy for them to spend more because they have no commitment. The current system is also fraught with loopholes and exemptions for many --- and what's fair about that. Yes, about 47% of US households pay no income taxes. See: http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0I know one person who has paid no income taxes for the past several years (at least 5) yet has an income of over $500,000 per year from municipal bonds. By the way, he is hoping that the US defaults on the debt so the interest rates in new bonds he'll buy will go up several points.
|
|
|
|
Joined: Nov 2009
Posts: 10,364
Campfire Outfitter
|
Campfire Outfitter
Joined: Nov 2009
Posts: 10,364 |
A Fair Tax or sales tax would be less costly for the government to manage and certainly more equitable for the general public as ALL would contribute. A huge problem with the current system is the about 50% don't contribute anything to the federal government and thus, are happy for them to spend more because they have no commitment. The current system is also fraught with loopholes and exemptions for many --- and what's fair about that. Yes, about 47% of US households pay no income taxes. See: http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0I know one person who has paid no income taxes for the past several years (at least 5) yet has an income of over $500,000 per year from municipal bonds. By the way, he is hoping that the US defaults on the debt so the interest rates in new bonds he'll buy will go up several points. A wise man. So he has about ten million invested in munis. Nothing wrong with that.
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
|
|
|
|
Joined: May 2003
Posts: 48,411
Campfire 'Bwana
|
OP
Campfire 'Bwana
Joined: May 2003
Posts: 48,411 |
A Fair Tax or sales tax would be less costly for the government to manage and certainly more equitable for the general public as ALL would contribute. A huge problem with the current system is the about 50% don't contribute anything to the federal government and thus, are happy for them to spend more because they have no commitment. The current system is also fraught with loopholes and exemptions for many --- and what's fair about that. Yes, about 47% of US households pay no income taxes. See: http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0I know one person who has paid no income taxes for the past several years (at least 5) yet has an income of over $500,000 per year from municipal bonds. By the way, he is hoping that the US defaults on the debt so the interest rates in new bonds he'll buy will go up several points. A wise man. So he has about ten million invested in munis. Nothing wrong with that. If he's hoping that he's a dumbass.....cities are far more likely to default on their bonds than the US since they can file bankruptcy and they can't print money....as the county where Birmingham is will do next week. And if Uncle Sugar is busted, all that revenue sharing that the cities have been sucking off of for forty years comes to a halt.
Proudly representing oil companies, defense contractors, and firearms manufacturers since 1980. Because merchants of death need lawyers, too.
|
|
|
|
Joined: Jan 2006
Posts: 21,810
Campfire Ranger
|
Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
A Fair Tax or sales tax would be less costly for the government to manage and certainly more equitable for the general public as ALL would contribute. A huge problem with the current system is the about 50% don't contribute anything to the federal government and thus, are happy for them to spend more because they have no commitment. The current system is also fraught with loopholes and exemptions for many --- and what's fair about that. Yes, about 47% of US households pay no income taxes. See: http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0I know one person who has paid no income taxes for the past several years (at least 5) yet has an income of over $500,000 per year from municipal bonds. By the way, he is hoping that the US defaults on the debt so the interest rates in new bonds he'll buy will go up several points. A wise man. So he has about ten million invested in munis. Nothing wrong with that. If he's hoping that he's a dumbass.....cities are far more likely to default on their bonds than the US since they can file bankruptcy and they can't print money....as the county where Birmingham is will do next week. And if Uncle Sugar is busted, all that revenue sharing that the cities have been sucking off of for forty years comes to a halt. Well Steve, you probably would consider him a dumbass; after all, he is an attorney (corporate merger and venture capital) who has amassed a sizable muni portfolio. He carefully weighs the strengths of the individual munis he buys and in some cases the bonds are backed by city assets (that can be liquidated). He is also my daughter's father- in- law.
|
|
|
|
Joined: Nov 2009
Posts: 10,364
Campfire Outfitter
|
Campfire Outfitter
Joined: Nov 2009
Posts: 10,364 |
Buying munis can be tricky like many other investments. I'm not buying any California State issues.
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
|
|
|
|
Joined: May 2005
Posts: 16,554
Campfire Ranger
|
Campfire Ranger
Joined: May 2005
Posts: 16,554 |
Wasn't/isn't there a class of insured munis? If I recall correctly the ROI beat passbook but not by much. So I never paid any attention.
The key elements in human thinking are not numbers but labels of fuzzy sets. -- L. Zadeh
Which explains a lot.
|
|
|
|
Joined: Nov 2008
Posts: 16,610
Campfire Ranger
|
Campfire Ranger
Joined: Nov 2008
Posts: 16,610 |
GOP House passed the bill with the balanced budget clause.
"Hey jackass, get your government off my freedom." MOLON LABE
|
|
|
|
Joined: Jul 2011
Posts: 8
New Member
|
New Member
Joined: Jul 2011
Posts: 8 |
Some bonds have extra insurance attached to them. The municipalities pay for this extra layer of insurance. Problem is some of those insurers are now out of business for backing terrible projects. Always look at the underlying credit rating of the bond. Rates aren't going to spike that high in my humble opinion. Maybe 25 basis points in short end and 50 on the long end for a short period of time before coming back down.
In the big picture a lot of the above needs to be done. Simplify the tax code. Wealthy people higher CPA's to find the loopholes and there all over the place, Warren Buffet pays an average of 10percent. Tax backet as they are except for those over 25 million. Increased by only 5 percent. Tough subject and no disrespect intended but True pension reform for city, state and military. The union comment about working crazy house the last year or last two years to get a higher rate just isn't fair. Know cops, firefighters that have done this. Yes you risk your life, but you chose this profession and shouldn't game the system. Same for military, maybe different pensions if ever in combat situation. I respect what cops firefighters and are military have done for us and are doing but tough decisions and cuts need to occur. My dad retired from navy after serving 26 years. Only one 3 month stint in combat. Retired and ran nuclear power plants at TVA after that for 20 years and now gets two really great pension checks along with free health care for him and mom rest of their life......Even they can't believe is hasn't been changed. Plus no federal taxes on military pay. Entitlement programs.....welfare: can you say drug testing, would probably save some money there........
The 7 P's: Proper Preperation Prevents Pathetically Piss Poor Performance
|
|
|
|
Joined: May 2003
Posts: 48,411
Campfire 'Bwana
|
OP
Campfire 'Bwana
Joined: May 2003
Posts: 48,411 |
djs....if he's that smart he's kidding about hoping for a federal default.
very few cities or municipalities have assets that have any real market value. Birmingham's host county is about to go under because of billions of sewer bond debt....and the bondholders are going to get poured out or agree to a total refinance, because they have no option.
I'd be scared motherless of buying munis now.....I expect to see a whole flock of municipal b'ruptcy filings before the year is out.
Proudly representing oil companies, defense contractors, and firearms manufacturers since 1980. Because merchants of death need lawyers, too.
|
|
|
|
Joined: Sep 2008
Posts: 7,348 Likes: 3
Campfire Tracker
|
Campfire Tracker
Joined: Sep 2008
Posts: 7,348 Likes: 3 |
GOP House passed the bill with the balanced budget clause. Senate kills Boehner debt-limit bill - Democrats table GOP-baked House bill This could get ugly.
Remember why, specifically, the Bill of Rights was written...remember its purpose. It was written to limit the power of government over the individual.
There is no believing a liar, even when he speaks the truth.
|
|
|
|
Joined: Jul 2006
Posts: 62,043
Campfire Kahuna
|
Campfire Kahuna
Joined: Jul 2006
Posts: 62,043 |
Now is when Reid attempts to blend his Bill with Boehner's. I'd love to be a fly on those office walls. Senate has a long cluster-[bleep] of a weekend ahead of them only to maybe come up with a Bill the House won't pass. This is where the dem leadership will begin feeling their deserved share of the heat.
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails. William Arthur Ward
|
|
|
|
Joined: Jan 2006
Posts: 21,810
Campfire Ranger
|
Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
djs....if he's that smart he's kidding about hoping for a federal default.
very few cities or municipalities have assets that have any real market value. Birmingham's host county is about to go under because of billions of sewer bond debt....and the bondholders are going to get poured out or agree to a total refinance, because they have no option.
I'd be scared motherless of buying munis now.....I expect to see a whole flock of municipal b'ruptcy filings before the year is out. Steve - He does not like many city munis. Many of the bonds are state bonds and hospitals, and water/sewer works, etc. that pledge revenues to back the bonds. In some cases the assets themselves are pledged (I don't know the liquidity of a hospital or water works, but there is a market). Oh yes, he owns NO California or Birmingham (AL) bonds. And again, he pays no taxes.
|
|
|
|
Joined: Jul 2007
Posts: 6,418
Campfire Tracker
|
Campfire Tracker
Joined: Jul 2007
Posts: 6,418 |
Bonds=Certificates of Confiscation. Give your money to some .gov entity with the promise of repayment at some future date-depending upon the revenue stream of course-at a coupon rate that doesn't come near to compensation for the risk involved.
Gold and silver gents. No counterparty risk. Anything else are just promises to pay. Check's in the mail, etc., etc.
If the American People allow private banks to control the issuance of their currency, first by inflation, then by deflation, the banks..., will deprive the People of all their Property,...Thomas Jefferson
|
|
|
|
Joined: Jan 2006
Posts: 21,810
Campfire Ranger
|
Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
Precious metals have storage, security, handling and assaying costs. Plus they are commodities that exhibit high volatility (up is good, down is bad). These take from any profit.
Remember the Hunt Brothers and their silver experience.
|
|
|
|
636 members (1minute, 160user, 12344mag, 219DW, 219 Wasp, 1moredeer, 68 invisible),
2,812
guests, and
1,186
robots. |
Key:
Admin,
Global Mod,
Mod
|
|
Forums81
Topics1,192,851
Posts18,497,013
Members73,979
|
Most Online11,491 Jul 7th, 2023
|
|
|
|