dhpar..... americans consume/spend more then they produce/receive. that is true for both the private and the public sector. it does not look like anybody wants to reign in public spending right now. so you can either raise taxes (dems), indebt your children (republicans) or do both (reality). the reason why obama comes with this right now is not so difficult to understand. some buyers of us debt start to be rightfully concerned about a sustainability of what is recently going on. in fact it may have even be a condition of chinese for continuing bidding at UST auctions. after all clinton just landed from the "friendly" visit... look at news from this weekend: "Activists 'shocked' at Clinton stance on China rights" "Clinton urges stronger China ties" "Clinton: Chinese 'human rights can't interfere' with other crises" "China stresses security, liquidity when deploying forex reserves" etc. connect the dots instead of dumping shit on obama, bush, mccain, paulson, geithner, greenspan, bernanke or whoever else. some ET members are experts in this. ...................................................... Exactly right about the current situation....after the currency manipulator statement...etc....somebody needed to move.... The majority of the Bama funding is hopefully coming from the Chinese...etc... ............................................................. The Chinese would much rather hear how the US is starting to right itself....by dramatically downsizing its government expenses and creating huge spending capabilities by its people.... Which is exactly what a 10% Consumption tax would do.... The Obama plan is going in the wrong direction.... And do not forget that Govt is the root cause of the current predicament....
Exempt food in addition to housing and it works better. And fuck you. And fuck the poor, let em pay a flat tax like everyone else. Why should they be given special privileges over others? Again, let them except food and housing from the consumption tax and the poor won't pay a penny unless it's for cigarettes, alcohol, McDonalds...
+1 if you raise tax for rich,raise for poor too. how about 15% minimum http://en.wikipedia.org/wiki/Income_tax_in_the_United_States
why OBAMA kowtow to CHINESE it is very disappointing, how low we have sunk under OBAMA. under bush we had pride
What an idiot Larry Summers is. How does anyone in that administration with any sense allow for an announcement like this right now? Honestly like this announcement has to be made right now, remarkable!! Dow just making new lows and begging for support and you throw this out there for a Monday morning open are you kidding me??!! I am fking speechless..speechless!! Couple this with Geithner laying another egg and I could easily see another 800+pts shed from the Dow by month end. Voted for change .....If you did I hope you are 1000 percent long right now margined to the gills you deserve every bit of it. Unreal I am speechless where's the Tylenol!!!!!!!!!
The timing of this seems a little questionable, in my opinion. With that said, if he actually did what he claims he's going to do it probably would be a good thing. 39% isn't horrible on the top end. BUT, there is no chance that we will make government more "efficient" as that's an oxymoron. Cutting spending from Iraq won't be nearly enough to pull off any meaningful spending reduction. We're spending what, like $150-200 billion/year on Iraq? Universal health care will cost 3-4x that at a minimum, so unless my math is a little foggy, it doesn't seem to compute. Just like everything else in life, and in the campain, talk is cheap. BOB is great at talking. So far, he's been less than impressive in the actual execution as a POTUS.
That's precisely the point of a consumption tax!!! Don't spend money if you don't like it. Why isn't there an uproar from the poor over sales taxes??
poor people should just invest all their money and grow their fortunes instead of spending it on unimportant items such as food and shelter. expoential disparity in wealth eliminated!
The only possible silver lining (if any) is, if I am reading it correctly, that he is allowing the tax cuts of 2001 and 3 to roll off in 2011. Is that how you read it? This isn't really news and should not come as a complete surprise to anyone. Now again caveat the above comment with my reading and understanding it this way. Bc it seems, from the Post article, that he is not looking to raise taxes on anyone this year or next. let's hope! But regardless, the wisdom of releasing it while the Naz and SP sit close to support and the Dow/Transports have broken 6yr lows is beyond anything I will ever understand. Remarkable negligence. In my mind the next thing to watch is the Sunday talk shows tomorrow morning. It's not an accident this was released on a Sat night. It will be interesting to see who's on Meet the Press, Chris Wallace, etc to articulate what this means, and then see tomorrow night what the big boys think about it. I can guarantee you it won't be Geithner!!! or will he come out of his cave - that dude's a career climbing ass clown but I won't get started on that. Unbelievable across the board. I don't have faith in any of them, I think the market agrees with me...
The poor can't be anything but until they do something to be NOT poor. And in America, you can CHOOSE to not make that effort. It's not like some Grand Poobah distributed the prosperity.... "you get to be rich", "other you, have to be poor"... So that if you're one of the "lucky" you get to live a life of prosperity... You are entitled to what you earn. That's it.