We are shocked, just shocked to learn on this day of a reverse Bankster Day attempted repo-heist. Just shocked to learn that the Oligarchy is trying to muster enough votes to defer all tax restitution until 2012 (worth $2T+), so they can compound their sizable taxable capital gains for two years ever longer, hopefully forever at the next election vs. extending 13-months worth of food stamps, I mean, unemployment insurance claims – for thirteen months ($130B or so) to the union members of auto workers local 99’er.
Sounds like a winning plan Mr. President for the middle class taxpayer and the silent suffering lower classes (unemployed) once again. Well served Mr. President. See you Mr. Forbes at the end of March when these proposed benefits may finally expire for good, without any lingering job creations to boot. Maybe it will all just expire and go away all at once, with a good ol’ fashioned filibuster for the history books.
Lost tax revenues of two trillion from the rich, will most likely be made up over decades from the raised middle classes’ effective tax rate. So this is, in effect,many years worth of tax deferral for the absolute single benefit of the investor classes’ top 1% who control 25% of the nation’s wealth – and this is supposed to be a good thing during a trough in economic growth – tax-free compounding?
How that correctly labeled “tax deferred compounding” is going to help semi-permanent under-employment is anyone’s guess. 2% payroll tax cuts…. meh, c’mon why not try 20%? Because that would put real people to work, raise real and Gmen doctored inflation rates, and ultimately force Bennie to bankrupt the nation by paying 5% APR for Bankster Fedsury Gmen gamesmanship they can’t pay for.
Take the opposite plan of action, just for amusement, and replace taxes to where they were before the troubles of the bush era, so that now triggers dispositions one suspects, which kick starts increases in the money multiplier effect, and that likely finds a home somewhere. Likely the Oligarchy would invest in private business to screw the Gmen, for there is nothing else left to do, and so they shall likely form investment pools of re-organized, after-tax, capital seeking to earn a higher after-tax real rate of return. Somewhere, somehow.
With fiscal policy encouragements, (ie: job growth stimulus projects/technological advancement not assembly line machine sales incentives) would that create many more, and better paying jobs than extending Grandpa Oligarch’s low marginal tax rate forever? Well served Mr. P.
Even more good news to those lining up at Walmark at the stroke of midnight with their soon to be recharged food stamp cards, now ready to feed a starving family for another month… good luck next month however, your new cost of commodities, gasoline, and dog food just jumped 5% higher on the global inflation adjustment to two trillion in more unpaid taxes for millionaires.
These are the same multimillionaires who are using Congress to create more unfunded US Taxpayer’s liabilities (now over $1 million per average US Taxpayer) while reaping the benefits of being invested in the share re-purchased Dow Jones which attracts national defence contract spending through two wars. Well served.
Do your hear that chant, coming from the distance: “We want more flat-tax corporate & individual AMT”…”We want more flat-tax Trust AMT”…”We want more flat-tax Special Corps AMT”!
Gotta Run and Get in Line,