U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-22-2010, 11:18 AM
 
Location: Sinking in the Great Salt Lake
13,145 posts, read 20,438,794 times
Reputation: 14042

Advertisements

Should Government Tax Debt? - Real Time Economics - WSJ

The solution to America's debt woes?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 09-22-2010, 11:53 AM
 
25,627 posts, read 32,757,850 times
Reputation: 23166
Horrible idea as usual from ivory tower economists. Better idea would be to raise qualification standards and get rid of the mortgage interest deductions.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-24-2010, 03:11 AM
 
3,853 posts, read 12,057,794 times
Reputation: 2522
They already do!!!!!!!

Quote:
The debt-discharge surprise
Congratulations again! You convinced your credit card companies that, unless they reduce your debt balances, youre going to file for bankruptcy, and theyre going to get nothing. They generously lowered you liability by $5,000 so you can pay off the balance over the next 24 months.

Heres the nasty surprise: That $5,000 reduction is now ordinary income to you and could cost you as much as $1,750 in additional income tax -- if you're in the 35% bracket in 2005 and 2006. So much for getting your cash flow in order.

Unless it was sheltered by the umbrella of bankruptcy, debt reduction represents accession to wealth, clearly realized, and it is considered taxable income.
5 truly nasty tax surprises - MSN Money (http://moneycentral.msn.com/content/taxes/cutyourtaxes/p59989.asp - broken link)

Thats why we passed this little bill:

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-24-2010, 08:18 AM
 
Location: Ohio
22,798 posts, read 16,013,961 times
Reputation: 19288
I think it's a wonderful idea. It's only a modest tax less than 1%.

Americans need to start saving money. If that means they have to, um, lower their "standard of living" (snicker) then that's just the way it has to be.

Maybe if Americans save money they'll stop whining about not having any because they were stupid and gave all their money to the stinky rich in silk suits.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-24-2010, 11:13 AM
 
Location: Near a river
16,042 posts, read 20,101,164 times
Reputation: 15725
Quote:
Originally Posted by Mircea View Post
I think it's a wonderful idea. It's only a modest tax less than 1%.

Americans need to start saving money. If that means they have to, um, lower their "standard of living" (snicker) then that's just the way it has to be.

Maybe if Americans save money they'll stop whining about not having any because they were stupid and gave all their money to the stinky rich in silk suits.
Saving more money means not spending and thereby not contributing to the national economy that is in crisis. Very unAmerican.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-27-2010, 11:28 AM
 
Location: Sinking in the Great Salt Lake
13,145 posts, read 20,438,794 times
Reputation: 14042
I would find it hilariously retarded if the greatest debtor nation the world has ever known dared to tell it's citizens not to go into debt or be taxed for it.

Also, how could a fiat currency continue to function with a serious cut in new debt creation?
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top