CrusaderFrank
Diamond Member
- May 20, 2009
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If you don't understand what a stock market is or what futures are, you should probably refrain from commenting.
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Oh, so the wealthy don't keep their money in mattresses but invest it into even more productive activities instead?
Thank you for that little lesson in economics, President Reagan.
Transferring those savings to where?...Under what expectation of what will become of those savings?
The income tax is levied on productive activities, not on accumulated wealth, fool.
Accumulated wealth generates more wealth through investments, which IS taxable. The wealthy don't keep their money stuffed into a mattress!!!
February 8, 2011
U.S. Starts New Offshore Amnesty For Tax Cheats
"Wealthy tax evaders with assets stashed offshore can come clean with U.S. authorities under a new amnesty program with reduced penalties, the government said on Tuesday.
"It gives people a chance to come in before we find them," Internal Revenue Service Commissioner Doug Shulman said.
The new effort follows a 2009 amnesty program, which lured 15,000 new taxpayers with hidden accounts.
Under the new program, participants face a 25 percent penalty for the year with the highest balance, compared with the usual penalty of 50 percent.
The U.S. has been stepping up efforts to combat offshore tax evasion since UBS AG settled fraud cases with the government while admitting it helped U.S. citizens avoid taxes.
Shulman said a "number of other banks" were under investigation, with some cases at "quite advanced" stages.
The IRS has been culling through data from these probes, the UBS case and the earlier "voluntary disclosure" program for clues leading to other tax cheats, including additional banks and other corporate offenders."
More than anything else, what Reagan gave us is an enduring, entitled class of individuals who believe that work should be taxed, but wealth should not. These were the people who were the prime beneficiaries of Reagans first and most important tax cut: the one that brought down the top rate. Excerpt from:
Reagan's Gift - Columns - Baltimore City Paper
The income tax is levied on productive activities, not on accumulated wealth, fool.
Accumulated wealth generates more wealth through investments, which IS taxable. The wealthy don't keep their money stuffed into a mattress!!! Who's the fools here? When a comment is so easily debunked, it's obvious you didn't consider the article at all, but just posted a knee-jerk reaction.
Oh, and what do those who obtain the funds do with that money..Stuff it in their mattresses?Transferring those savings to where?...Under what expectation of what will become of those savings?
When you buy or sell a stock on, for example, the NASDAQ or NYSE you are not "increasing productive capacity" or investing in any economic sense. You are simply transferring savings from one person to another.
It's the core mechanism of Capitalism and Free markets fool!
Who pays the bill when this wild speculation and greed fails? Capitalism has been gamed Frankie. When bankruptcy was taken away from the small players only the rich can play. That is not exactly equal opportunity is it. Privatizing the profit and socializing the losses has become the biggest scam in the history of civilization. I guess that is O K for a corporate shill such as yourself.
The people investing their own money should be left to gain or lose as the market either confirms or punishes their judgment.
What is your problem with that?
Haven't you heard? Life's supposed to be a zero-sum game. No matter what, you always come out even.
Ever tried to sell something to someone who has no job?The income tax is levied on productive activities, not on accumulated wealth, fool.
In what sense is speculating in the stock market(s), futures, off shore banks, over seas companies productive for the U S A?
Oh, and what do those who obtain the funds do with that money..Stuff it in their mattresses?Transferring those savings to where?...Under what expectation of what will become of those savings?
When you buy or sell a stock on, for example, the NASDAQ or NYSE you are not "increasing productive capacity" or investing in any economic sense. You are simply transferring savings from one person to another.
There are many other impoverished Communist countries that also fear, loathe and attack the wealthy at every turn; FDR's hatred of the wealthy was one of the reasons he was able to turn a severe recession into the Great FDR Depression. You should go there! Go find your workers paradise and leave the rest of us alone
The difference is that people investing their money with companies that make things others want to buy, with the expectation of return on investment, is very different from simply stuffing it in a mattress....That's an "exchange of savings" that millions of people are all too happy to make every day.Oh, and what do those who obtain the funds do with that money..Stuff it in their mattresses?When you buy or sell a stock on, for example, the NASDAQ or NYSE you are not "increasing productive capacity" or investing in any economic sense. You are simply transferring savings from one person to another.
What difference does that make? One person had a wad of money. They gave that wad of money to another person. Until that money is used to either:
A. Purchase goods or services.
or
B. Invest in actual economic production
It is no more constructive in the second guy's hand than the first. American's have fallen for this myth that trading on the secondary market is somehow equivalent to investing in economic production, increasing economic capacity and therefore should be taxed less.
It's not. It's simply an exchange of savings.
After which the economy promptly tanked again, and unemployment returned nearly to the point it had been when FDR started all his meddling.There are many other impoverished Communist countries that also fear, loathe and attack the wealthy at every turn; FDR's hatred of the wealthy was one of the reasons he was able to turn a severe recession into the Great FDR Depression. You should go there! Go find your workers paradise and leave the rest of us alone
Congrats, that's the dumbest point of the day!
From the moment FDR began to enact the programs of the New Deal, the
economy began its recovery. After four years of steady declines,
Roosevelt's programs brought on an immediate improvement in the national
fortune....
After which the economy promptly tanked again, and unemployment returned nearly to the point it had been when FDR started all his meddling.There are many other impoverished Communist countries that also fear, loathe and attack the wealthy at every turn; FDR's hatred of the wealthy was one of the reasons he was able to turn a severe recession into the Great FDR Depression. You should go there! Go find your workers paradise and leave the rest of us alone
Congrats, that's the dumbest point of the day!
From the moment FDR began to enact the programs of the New Deal, the
economy began its recovery. After four years of steady declines,
Roosevelt's programs brought on an immediate improvement in the national
fortune....
So much for that "success".
After which the economy promptly tanked again, and unemployment returned nearly to the point it had been when FDR started all his meddling.There are many other impoverished Communist countries that also fear, loathe and attack the wealthy at every turn; FDR's hatred of the wealthy was one of the reasons he was able to turn a severe recession into the Great FDR Depression. You should go there! Go find your workers paradise and leave the rest of us alone
Congrats, that's the dumbest point of the day!
From the moment FDR began to enact the programs of the New Deal, the
economy began its recovery. After four years of steady declines,
Roosevelt's programs brought on an immediate improvement in the national
fortune....
So much for that "success".
The difference is that people investing their money with companies that make things others want to buy, with the expectation of return on investment, is very different from simply stuffing it in a mattressOh, and what do those who obtain the funds do with that money..Stuff it in their mattresses?
What difference does that make? One person had a wad of money. They gave that wad of money to another person. Until that money is used to either:
A. Purchase goods or services.
or
B. Invest in actual economic production
It is no more constructive in the second guy's hand than the first. American's have fallen for this myth that trading on the secondary market is somehow equivalent to investing in economic production, increasing economic capacity and therefore should be taxed less.
It's not. It's simply an exchange of savings.
What it went into was a second depression.After which the economy promptly tanked again, and unemployment returned nearly to the point it had been when FDR started all his meddling.Congrats, that's the dumbest point of the day!
From the moment FDR began to enact the programs of the New Deal, the
economy began its recovery. After four years of steady declines,
Roosevelt's programs brought on an immediate improvement in the national
fortune....
So much for that "success".
Indeed! For one year (three quarters) the economy went into a recession.
it of course began growing again shortly thereafter.
Imagine that - a cyclical economic recession!