How can we fix the economy?
i'm not sure, that's for sure. but part of me feels that the polarization of wealth into the top 1% of the world's pockets has something to do with it. so, short of them just giving it all back, how can you feasibly make more money happen?
i mean, you can't start eliminating people, that would be inhumane. i think we are really in a no-win situation. because its almost like you need to either ADD a lot of people (grown ones too) to our population or you need to REMOVE a lot of people somehow.
hmmm...
wouldn't the stimulus had been a lot better and more productive if every tax paying citizen were given, say, $15,000 each, rather than what they just pulled off?
hmmm...
So with that in place rich people and corporations can either pay it or spend the money and write it off. Giving tax breaks has only allowed them to put the money in massive shelters off shore. It's like all the money is sucked up into these few corn silos and we are playing around with the husks.
Also we need Social Security tax to apply on all income not just the first 125k. The fund would be solvent in one year.
@all: I believe that the rich keep getting richer because they keep doing the things that got them rich in the first place. Ditto for the poor.
The stimulus plan I would like to have seen would have been to repeal the income tax for the first 5 months of the year. That proposal would cost the U.S. government the same $800B (in lost revenue) that they are spending now. You and I would see our paychecks increase anywhere from 5% - 25% every week from January until June.
That plan was proposed by some junior congressman but was quickly shelved. You see, when you put money into the hands of the tax payers, you put the power to fix the economy in the hands of the people most affected by it. But if government is spending that money, the power remains just where they want it. And they get to pick the economic winners and losers. (IE: GM, Citibank, etc...)
If you are really interested in tax reform, take the time to read about the 'Fair Tax' at fairtax.org.
Boy, how stupid can our govt be. Don't they recognize it is the same Jesse James gang stealing money once again but this time using a much more sophisticated scheme.
Totally agree with the $15K per person.
By the way, if you get rid of Interest-based systems, the problem is fixed overnight.
I find it interesting that Democrats seem to line up against the FairTax when, to me, it seems like it lines up better with Democratic ideals with Republican ones.
"I believe that the rich keep getting richer because they keep doing the things that got them rich in the first place. Ditto for the poor. "
-It's sad you believe that. The rich keep getting richer because they game the system and prevent anyone from getting a piece of the pie. The poor stay poor because the system is setup to keep them poor. A monopoly using it's power to maintain the monopoly.
The fair/flat tax will be regressive, with the highest burden falling on the lower middle class and working poor who happen to be the vast majority of people and can afford it the least.
http://taxprof.typepad.com/taxprof_blog/files/bart...
http://www.mmorpgvip.com
How exactly are the rich preventing anyone from getting a bigger piece of the pie? Are the ultra-wealthy preventing you from getting the best paying job you can find? Are they preventing you from starting your own business? Have they paid thugs to prevent you from entering a college you've been accepted to?
Class mobility is actually possible in this company. There are many high-school educated millionaires in this country. What is the biggest impediment to someone improving their lot in life? Parasitic government taxation. It effectively reduces your income by 30-50%.
I hate to be put in the position of defending the ultra-rich, but they really are just not the problem. You seem to think that they spend all day just packing their mattresses with cash. That's about the only way I can see that they would take money out of the economy.
Think about what they do with their wealth. They either spend it, which creates jobs and economic activity. Or they save it in a bank, which provides capital for banks to lend for other investments, which creates jobs and economic activity. Or they invest it, which is the same as sticking it in the bank. No where did they do anything to prevent you from pursuing your goals.
The FairTax is less regressive than the current system. The payroll taxes on wages and embedded in every product we buy is taxed on the very first dollar. Under the FairTax, everyone is exempt from paying any tax on goods and services up to the poverty level.
One of the biggest problems we have with the current income tax is that 40% of the country isn't paying any. When you rob Peter to pay Paul, it's easy to get Paul to support the program, no matter how unfair it is.
Ethan, you're obviously rich. You need to do your part for the country and send any amounts that you make over twice the poverty level (http://travel.state.gov/visa/immigrants/info/info_...) here -> http://www.fms.treas.gov/faq/moretopics_gifts.html.... Anybody keeping more than that is just greedy and evokes feelings of petty jealousy.
...how about making it easier for businesses to employee people? to conduct business in the US? to expand, grow, etc.
All I saw was about how the government can give away money. What about the government just allowing people and business to do what they do? We currently spend close to $500 BILLION on service to the national debt every year. Think about that! Over the past 8 years we've spent almost $3 TRILLION servicing the debt and that number isn't going down.
Debt is what got us into this problem, debt isn't going to get us out, it's only going to make it worse. Unless of course, we get some nice 15-20% inflation for a few years that will get rid of debt fast.
If Obama were smart, he'd have named Dave Ramsey as his SecTreas.
My question is where is all of the bailout money coming from? The bailout fairy seems to have his own printing press and it's working overtime.