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Archive for November, 2012

Confused? The Fiscal Cliff Explained

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.

fiscal-cliff-explained-spending-cuts-tax-hikes

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The Robin Hood Tax

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.

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The poster says almost everything. There is one important thing it doesn’t mention. That $2.5 trillion in the Social Security Trust Fund is invested in US Treasury bills and earn roughly $118 billion a year in interest. That means when the corporate news media reported that the Social Security Trust Fund paid out $42 billion more in benefits than it took in via tax receipts during 2010, they didn’t tell you the truth. That’s because if you took into consideration the interest paid on the $2.5 trillion, you would need only take $118 billion, then subtract $42 billion, to discover that the Social Security Trust Fund had a $76 billion surplus that year. A lot of Democrats are in on this “short change the public on information regarding social security conspiracy,” such as Wall Street Senator Ron Wyden.

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A tax on Wall Street transactions makes sense

Here’s why a tax on Wall Street transactions makes sense. These transactions influence CEO’s to ship jobs overseas. CEO’s want to attract more investors into purchasing their stocks. That way, the stock price goes up and the CEO looks like a million or more dollars. But if more investors sell the stock, CEO’s look incompetent. It is mostly these loser CEO’s who are forced to ship jobs overseas. The difference between the old wages and the new lower wages goes into the pockets and shareholders as rising corporate profits, surging dividends and rocketing share prices.

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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.

Warren Buffett Writes "Tax the Ultra Rich." New York Times

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