Are you confused about what the fiscal cliff is? Okay, here’s how we got there. Obama caved to the Republicans. Now the deal is going through. Anyway, click on the link below for what the fiscal cliff is.
Archive for November, 2012
The time has come for a sales tax on Wall Street transactions. Such a thing will curb investment for short term profits and decrease the pressure CEO’s have to move jobs overseas. Stop the Trans Pacific Partnership, the biggest free income redistribution trade treaty ever for the USA. It’ll be a massive tax on the middle class, as more of their jobs and tax base are shipped to third world nations, like Vietnam.
New Balance shoes are still made in the United States. However, the Trans Pacific Pact may eliminate or lower tariffs on products exported to the USA. New Balance executives fear lowering those tariffs will compel them to ship their remaining US jobs overseas.
Posted in corruption, Economics, Recessions, the Rigged Game, tagged 2012, Barack Obama, Bush tax Cuts, expiration, Warren Buffett on Jam11000000amMon, 26 Nov 2012 11:26:47 +000012 10, 2010| Leave a Comment »
Warren Buffett wrote on November 25, 2012 in the New York Times, “Between 1951 and 1954, when the capital gains rate was 25 percent and marginal rates on dividends reached 91 percent in extreme cases, I sold securities and did pretty well. In the years from 1956 to 1969, the top marginal rate fell modestly, but was still a lofty 70 percent — and the tax rate on capital gains inched up to 27.5 percent. I was managing funds for investors then. Never did anyone mention taxes as a reason to forgo an investment opportunity that I offered.
Under those burdensome rates, moreover, both employment and the gross domestic product (a measure of the nation’s economic output) increased at a rapid clip. The middle class and the rich alike gained ground.
So let’s forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if — gasp — capital gains rates and ordinary income rates are increased. The ultrarich, including me, will forever pursue investment opportunities.”
Buffett doesn’t suggest what is obvious. Tax cuts for the rich destroy jobs, which I’ve shown how in numerous articles in this blog and in my book, The Rigged Game.
Click below for the full op-ed by Warren Buffett.