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Actually, if you just tax Wall St. derivatives, you can raise trillions in revenue for the budget. We're not past the point of no return, if you can think outside the box
In what way would you tax "Wall St. derivatives"?
If you want to tax profits from them, that's already done. It's called capital gains tax.
If you want a transaction tax, you have two problems. First, it will bring in much less money than expected because people will write and buy far fewer derivatives contracts. Second, it will cause harm because even though a lot of those contracts are just gambling, a lot do serve useful purposes, from insurers and lenders protecting themselves from interest rate changes to farmers locking in prices for their crops.
If you want to tax profits from them, that's already done. It's called capital gains tax.
If you want a transaction tax, you have two problems. First, it will bring in much less money than expected because people will write and buy far fewer derivatives contracts. Second, it will cause harm because even though a lot of those contracts are just gambling, a lot do serve useful purposes, from insurers and lenders protecting themselves from interest rate changes to farmers locking in prices for their crops.
Tax them like sales tax. They don't pay sales tax on their transactions, but we have to? No, they need to pay their fair share and have some skin in the game. Yes, there will be fewer contracts being sold, but when you are trading millions of times per second on Wall St., there's hardly going to be much change. Derivatives are a very volatile market, they do not function the same as the visible stock market. Thus, they change hands very often. Put a transaction tax on derivatives and solve the budget problem once and for all
Tax them like sales tax. They don't pay sales tax on their transactions, but we have to? No, they need to pay their fair share and have some skin in the game. Yes, there will be fewer contracts being sold, but when you are trading millions of times per second on Wall St., there's hardly going to be much change. Derivatives are a very volatile market, they do not function the same as the visible stock market. Thus, they change hands very often. Put a transaction tax on derivatives and solve the budget problem once and for all
Dude, we don't have to pay sales tax when buying insurance, changing currencies, locking in an interest rate on a loan, making bets on the weather, buying equities/bonds, etc. None of that stuff that gets covered under derivatives is covered under sales tax when done without a derivatives contract either. Second, you won't solve any budget problems when almost the entire market disappears if you have a 5-10% tax on par with average sales taxes; there won't be substantial volume left to tax. Who the **** in their right mind would make a zero sum bet on anything derivatives generally cover with a 5-10% rake, except for maybe the life and property insurance carriers?
They pay their fair share if they make money due to capital gains tax*. In fact, since the trades involve one end making money and one end losing money and there are limits to how much capital losses can be carried year to year, we make more tax money as a result of their existence than we would without them.
*You can argue that capital isn't paying its fair share overall because the capital gains tax is lower than income tax, and I would agree, but that's another discussion.
More taxes is not the answer we will just spend it, or if you think more taxes are the answer how much more?
we are rocking along like 17 trillion is nothing yet it is eating more and more of our gdp through maintain interest payments?
Are there any answers or are we headed one day in to default?
The only answer I see is for the economy to expand and grow at rates we have not seen in years while we do real cuts to more than defense
We keep up QE economic stimulus.
Obama says increasing QE stimulus the past 4 years is a sign that the economy is recovering. So we just keep printing and digitizing money - create enough money to keep the debt down and the interest on the national debt down.
More taxes is not the answer we will just spend it, or if you think more taxes are the answer how much more?
we are rocking along like 17 trillion is nothing yet it is eating more and more of our gdp through maintain interest payments?
Are there any answers or are we headed one day in to default?
The only answer I see is for the economy to expand and grow at rates we have not seen in years while we do real cuts to more than defense
The only answer I see is to keep removing the "old guard" that care more about their JOB as Career Political Elites and bring new blood into the Government. They will make plenty of mistakes, but we need people who actually care about this country and not primarily about themselves. Rinse and Repeat.
Keep throwing the Bums out until we see some results. It is our only chance.
Congress is borrowing more than it pays in interest on the public debt - which is what Bernie Madoff is in prison for doing in the private sector.
The public debt (over 16 T) can never be paid off, because it is denominated in dollars, not "dollar bills" (which are part of the debt, see : Title 12 USC Sec. 411), and the amount of gold bullion necessary is over 800 billion ounces. Fort Knox only has 147.4 million ounces (allegedly). If stamped into coin, pursuant to the Constitution and the Coinage Act of 1792, it would amount to roughly 3 billion dollars, or less than $9.50 per capita.
World wide supply (2011 est) is only 5.6 billion ounces.
World wide mining (2011) : 88 million oz production ($1.7 billion U.S.) At that rate, for Americans to pay off the national debt, currently over 16 T dollars, would require them to acquire all the worlds gold for the next 9,500 years - IF - the debt and interest were frozen RIGHT NOW.
What about SILVER?
Silver mined (worldwide) 735.9 Moz in 2010 http://www.silverinstitute.org/supply_demand.php
If all of it was coined, it would amount to $955,714,285 (in silver dollars)
Divided among 313 million Americans, it would be $3.05.... or $12.55 combined gold / silver coinage.
(Expletives deleted !)
What DID Congress borrow, if not lawful money (gold or silver coin)?
How is Congress kiting these "bad checks" since 1933?
Any “contributor” (via FICA) is a liable party to that debt. And thanks to clause 4, 14th amendment, USCON, the validity of this impossible to repay public debt cannot be challenged. We can't go forward, we can't go back, and we're doomed if we stand still.
Now you can run in circles, scream and shout, “we’re doomed, WE’RE DOOMED!”
2. Why should senators NOT BE ELECTED? This is the way it was designed by the Founding Fathers...
Not quite. The Founding Fathers set the system up so that state legislators appointed senators. Not the voters. That was the compromise instituted to get the states on board to ratify the constitution who were very wary of federal power. With senators appointed by the state legislators, the senators were beholden to their states and did the will of their state legislative bodies. The seventeenth amendment changed the system designed by the Founding Fathers, and some can give a good argument that this was the beginning of our loss of "checks and balances". Since the admendment was officially added to the constitution in 1913, federal power has grown exponentially while state power and influence in the federal government is pretty much non-existent today. The concept of "checks and balances" is long dead in our republic!
Congress is borrowing more than it pays in interest on the public debt - which is what Bernie Madoff is in prison for doing in the private sector.
The public debt (over 16 T) can never be paid off, because it is denominated in dollars, not "dollar bills" (which are part of the debt, see : Title 12 USC Sec. 411), and the amount of gold bullion necessary is over 800 billion ounces. Fort Knox only has 147.4 million ounces (allegedly). If stamped into coin, pursuant to the Constitution and the Coinage Act of 1792, it would amount to roughly 3 billion dollars, or less than $9.50 per capita.
World wide supply (2011 est) is only 5.6 billion ounces.
World wide mining (2011) : 88 million oz production ($1.7 billion U.S.) At that rate, for Americans to pay off the national debt, currently over 16 T dollars, would require them to acquire all the worlds gold for the next 9,500 years - IF - the debt and interest were frozen RIGHT NOW.
What about SILVER?
Silver mined (worldwide) 735.9 Moz in 2010 http://www.silverinstitute.org/supply_demand.php
If all of it was coined, it would amount to $955,714,285 (in silver dollars)
Divided among 313 million Americans, it would be $3.05.... or $12.55 combined gold / silver coinage.
(Expletives deleted !)
What DID Congress borrow, if not lawful money (gold or silver coin)?
How is Congress kiting these "bad checks" since 1933?
Any “contributor” (via FICA) is a liable party to that debt. And thanks to clause 4, 14th amendment, USCON, the validity of this impossible to repay public debt cannot be challenged. We can't go forward, we can't go back, and we're doomed if we stand still.
Now you can run in circles, scream and shout, “we’re doomed, WE’RE DOOMED!”
Within our current laws the Treasury can mint Platinum Proof coins of ANY stamped denomination. These can then be placed in a vault at the Fed, which is then permanently sealed. This coin effectively cancels National Debt equal to its stamped amount.
1. Close all foreign military bases.
2. Raise Social Security eligibility to age 70
3. Eliminate Medicare, Medicaid and the ACA. Replace with a single-payer system thats a Hybrid between Australia's(Public and Private) and Canada's(administrative simplicity and privacy). NO tax exemptions(low-income and welfare beneficiaries also have to pay).
4. Balanced budget amendment
5. Eliminate the departments of Energy and Education
6. Social Security Reform and remove the tax cap.
7. Merge the TSA, CBP and ICE and cut it to 50%.
8. Audit the Pentagon. Eliminate duplicate costs.
9. Ban any State and Federal expenditures for non-citizens
10. When predicted mortality is greater than 95%, stop medical treatment (except pain control) to all those on government healthcare (medicare or social security)
11. Allow energy exploration on federal lands.
12. Stop the war on coal
13. Audit the Fed
14. Repeal the 17th Amendment
15. Ban lobbying
16. Merge some DHS departments and downsize.
17. Merge the USDA and FDA and cut it by 50%.
18. Enforce illegal immigration
19. Legalize Marijuana and Hemp.
20. End the war on drugs. Let Hard drugs be controlled at the State Level.
21. Eliminate the increase of benefits for having kids.
22. Merge WIC and SNAP. Photo ID on the card. All for fraud purposes. Better regulation of the amounts given.
23. Corporate tax reform. Flat tax thats competitive with the Rates overseas. Close loopholes and no tax breaks.
Higher tax rates for companies that ship jobs overseas.
24. Heavy fines for businesses caught hiring Illegal immigrants.
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