114
   

Where is the US economy headed?

 
 
okie
 
  0  
Reply Fri 10 Dec, 2010 05:41 pm
@realjohnboy,
Thanks. I just came up with the following link, right before I read your last response. If anything, it demonstrates two things, one being the stupidity of Congress and the Tax code, and two, it is but another example of unintended consequences of government programs. In my opinion, such nonsense should be totally eliminated.
http://www.smartmoney.com/personal-finance/taxes/get-your-boss-to-help-pay-for-transportation/
"Our beloved Congress has granted nice tax breaks for some transportation-related employee fringe benefits. Several of these breaks are intended to encourage you to give up your evil, gas-guzzling, pollution-spewing vehicle when commuting to work. If your employer offers these tax-favored fringes, you should probably take advantage. After all, you might not be able to find much gasoline at any price after our entire oil supply winds up in the Gulf of Mexico."
0 Replies
 
mysteryman
 
  1  
Reply Fri 10 Dec, 2010 05:45 pm
@spendius,
And there is part of the problem. You dont think that $25 million is vert much money, and you are right. However, does that mean that it isnt worth it?
Every little bit will help, because those littld bits do add up.
realjohnboy
 
  1  
Reply Fri 10 Dec, 2010 05:46 pm
I will be quiet after this:
The U.S. trade deficit for November was the lowest in 9 months. Exports rose 3.2% while imports were down .5%. Much of this was due, in my mind, to the decline in the value of the dollar (although that decline has stopped due to issues in Ireland etc).
Consumer confidence (CCI) increased.
The federal government racked up a deficit in Nov of $150B in Nov vs $140 in Oct, which was the 1st month of the fiscal year. The extension of tax cuts etc will increase the deficit by $855B over 2 years.
Gasoline prices will hit $3 a gallon by the 1st of the year. Some of yall may already be paying that.
$2.89 here in Cville vs $2.72 a week ago.
H2O MAN
 
  -3  
Reply Fri 10 Dec, 2010 05:56 pm
@realjohnboy,
realjohnboy wrote:

The extension of tax cuts etc will increase the deficit by $855B over 2 years.


How is this possible?


It's not.
0 Replies
 
spendius
 
  -1  
Reply Fri 10 Dec, 2010 05:58 pm
@okie,
Quote:
This whole thing as explained by rjb just does not make sense.


Who said anything about it making sense? What does that have to do with it?
spendius
 
  -1  
Reply Fri 10 Dec, 2010 06:06 pm
@mysteryman,
I certainly don't think $25 million is very much money. I don't even know what money is these days. It's like distant galaxy ****. The size of the number is what matters. And £25 million is **** all.

And if it costs $50 million to save the $25 million somebody will be getting the difference and whoever they are they will be writing the script and adding it up.
0 Replies
 
okie
 
  0  
Reply Fri 10 Dec, 2010 09:07 pm
@spendius,
spendius wrote:
Quote:
This whole thing as explained by rjb just does not make sense.
Who said anything about it making sense? What does that have to do with it?
Agreed. I want to be clear though that I was not accusing rjb of misrepresenting anything. I just found the tax loophole or whatever it was to be astoundingly dumb. I guess I wondered if there could be more details that we needed to know about it, but my suspicion I think was confirmed to find out that it was about Congress intent of encouraging use of mass transit, car pooling, and that sort of thing, but it looked to me like it ended up being nothing but a giveaway program that did not accomplish its purpose. That is not surprising to me at all.
0 Replies
 
reasoning logic
 
  2  
Reply Sat 11 Dec, 2010 09:03 am
If this does not explain why we need tax cuts for the rich nothing will !!!



http://www.youtube.com/watch?v=g1erKUxsGSU
H2O MAN
 
  -1  
Reply Sat 11 Dec, 2010 09:48 am
@reasoning logic,
There are no tax cuts being proposed for the rich.
cicerone imposter
 
  1  
Reply Sat 11 Dec, 2010 10:10 am
@okie,
okie, You really don't know history; Cheney was CEO of Haliburton, and they got non-bid government contracts after he became VP that are against the laws of our country.

Do you ever remember anything from fact?
cicerone imposter
 
  1  
Reply Sat 11 Dec, 2010 10:11 am
@realjohnboy,
I agree; nothing will get done by this congress - or any future congress for decades in the future - for the American People.
0 Replies
 
Foofie
 
  0  
Reply Sat 11 Dec, 2010 11:25 am
If there was only big government, with federal/state jobs, how would money come into the economy? In other words, it is the private sector, with its population of differing economic classes, that brings money into the economy; otherwise, "there ain't no money honey."

So, rather than harp on the rich for not paying more taxes, should not the Democrats wash the feet of the wealthy, so the wealthy will continue to maintain a private sector that brings money into the economy? What money do the Democrats generate, since taxes is not generating money. Robin Hood must have been a Democrat?
0 Replies
 
reasoning logic
 
  1  
Reply Sat 11 Dec, 2010 03:54 pm
@H2O MAN,
I am proposing a reason why we need more tax cuts for the rich! Do you not agree with the reasons why we need more tax cuts for the rich that have been explained in the video? If not why not?
H2O MAN
 
  0  
Reply Sat 11 Dec, 2010 03:57 pm
@reasoning logic,
Everyone should get a tax cut - No group should be singled out.
reasoning logic
 
  1  
Reply Sat 11 Dec, 2010 04:09 pm
@H2O MAN,
Are you ok with with the political and corporate engineering that I have provided for you and your family? That is that I take as much from you as I can? Are you not like a honey bee and I leave just enough for you to be content so that you will continue being happy in your water works business?
okie
 
  0  
Reply Sat 11 Dec, 2010 04:52 pm
@cicerone imposter,
cicerone imposter wrote:
okie, You really don't know history; Cheney was CEO of Haliburton, and they got non-bid government contracts after he became VP that are against the laws of our country.
Do you ever remember anything from fact?
Oh really. And just what law is that, ci, can you quote it? Also you may not be aware, obviously you aren't, that no bid contracts have been used by most presidents in recent history, including Clinton and Obama. In fact, here is a cool 25 million contract that Obama gave to one of his supporters:
http://www.foxnews.com/politics/2010/01/25/obama-administration-steers-lucrative-bid-contract-afghan-work-dem-donor/
"The contract, awarded on Jan. 4 to Checchi & Company Consulting, Inc., a Washington-based firm owned by economist and Democratic donor Vincent V. Checchi, will pay the firm $24,673,427 to provide "rule of law stabilization services" in war-torn Afghanistan."
Just curious, how come this contract is not talked about by the mainstream media like they harped on Cheney and Halliburton? Any answers about that, imposter? And how come it is seldom mentioned that Clinton awarded no bid contracts to Halliburton for work in Bosnia and Kosovo?
http://archive.frontpagemag.com/readArticle.aspx?ARTID=11068

Another question, how come the mainstream media seldom mentioned Terry McAuliffe, DNC Chairman, making a cool 18 million on a 100 grand investment? Could McAuliffe's friendship with Gary Winnock in Global Crossing have had any significance? Question imposter, how come Democatic Party corruption hardly makes the news, while Cheney and Halliburton are still you guys favorite whipping boys? Even after no wrongdoing can be proven, you still persist. How come?

You should also read this, although this is old news. But it still reminds me of Hillary's cool cattle futures deal as well.
http://www.happinessonline.org/InfectiousGreed/p18.htm
"But McAuliffe’s shady ties to the company go beyond his questionable investment windfall. According to the press reports, McAuliff also did “political work” for Global Crossing CEO Gary Winnick, working out of an office in downtown Washington owned by Winnick. On one occasion, McAuliffe set up a golf outing for Winnick and then-President Clinton. Winnick would later give a million dollars to Clinton’s presidential library. The question is: what did he and Global Crossing receive in return? "
0 Replies
 
roger
 
  1  
Reply Sat 11 Dec, 2010 04:57 pm
@realjohnboy,
I was just using it as an example of the government pulling itself in opposite directions. In the old health care discussion, I probably noted the desired goal of universal health care and the intent to remove tax favored treatment of employer assisted health insurance.

They're just the kind of thing that catches my notice.
okie
 
  1  
Reply Sat 11 Dec, 2010 05:19 pm
@roger,
roger wrote:
I was just using it as an example of the government pulling itself in opposite directions. In the old health care discussion, I probably noted the desired goal of universal health care and the intent to remove tax favored treatment of employer assisted health insurance.
They're just the kind of thing that catches my notice.
I have never understood the logic of the government allowing employers to pay for health insurance for employees and not consider that as income. For example would it make sense for a company to provide homeowners insurance or auto insurance for the employees personal cars? One could also ask, if health insurance is allowed, why not groceries and housing? I guess some jobs do provide housing, come to think of it.

The point of this whole thing is that as a conservative, I strongly believe that we should be consistent with our tax code, and if we are going to tax income, income can obviously come in the form of many things, including cash, health care insurance, housing, in fact anything that has value. Anything that is received of value by an employee should be taxable. If the government wishes to grant tax credits for medical expenses, including insurance, or other things, they can do it on the personal income tax returns. For people to learn ways around paying income tax on stuff, it is not fair and it is illogical. For a very long time, I have been self employed and have had to realize for a long time that corporations and corporate employees obtained breaks on employee provided medical insurance, that I could not take advantage of. In more recent years, the code has been changed to make it fairer, but for a long time, it was not.

I think McCain actually proposed during the campaign that employee provided insurance premiums should be taxed, which I agreed with. McCain actually showed some common sense, but unfortunately not only did Democrats attack him for this, so did many Republicans.
realjohnboy
 
  1  
Reply Sat 11 Dec, 2010 06:01 pm
@okie,
I can agree with that, Okie. I don't mean to trivialize this with a stupid example, but if I (the employer) buy lunch for my employees every day (and deduct that as an expense), should that be offset by them having to report it as income?
Or, stated otherwise, should I not be allowed to expense an expenditure that is unmatched by an offsetting reporting of income?
I am kind of weary of this issue. I am working on the breaking story (really) of the inflation rate in China and the ramifications of that.
But...
The tax thingee contains no NEW pork (yet). It does, however, extend supposedly temporary:
* Tax credits for producing ethanol
* Tax credits for hiring American Indians
* Tax credits for teachers buying school supplies with their own money
* Tax credits for businesses donating books to charities.
spendius
 
  0  
Reply Sat 11 Dec, 2010 06:07 pm
@realjohnboy,
Quote:
but if I (the employer) buy lunch for my employees every day (and deduct that as an expense), should that be offset by them having to report it as income?


In the event that you have two employees and they are both good looking and co-operative broads I should think them reporting that you buy them both lunch is not necessary.
 

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