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Old 01-20-2012, 03:48 PM
 
Location: NJ
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http://www.nytimes.com/2012/01/19/op...rssnyt&emc=rss
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Old 01-21-2012, 10:51 AM
 
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When young people go into finance, I hope that they’ll show judgment, balance and principles instead of their elders’ penchant for greed and rigging the system. Just as Communists managed to destroy Communism, capitalists are discrediting capitalism.
Gee I am sure they hoped the same for a new young emperor. We need laws against what is going on.


The banking system is inherently corrupt. To imagine that this is the only means of credit creation is a complete lack of vision. We don't have a system of productive loans. There is no profit or loss sharing. All we have is a system that prints up some credit secured by an asset.

You don't want to expand the money supply to purchase land. You expand it for industrial capital.

We have tax favoritism not just for capital, but for monopoly profits and access charges for national resources. Its an old concept called economic rent. We actually have a system specifically designed to tax doing nothing less than working. It would be bad enough if we taxed people who don't produce the same as people who do not produce. Yet we tax people who don't produce less.


Thus we need capital gains tax reform to reflect real capital, and we need the banking system to share some risk. That is real capitalism.
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Old 01-21-2012, 11:37 AM
 
Location: NJ
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I agree, and what I'd love to see as one needed step is to tax capital gains a sordinary income, except for the purchase of IPO(s) or Industrial Bonds with a Defined purpose of adding/building new US production facilities. All the other WS transactions are simply transfers of liquid assets for existing equity-useless to society.
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Old 02-02-2012, 10:10 AM
 
19,337 posts, read 16,932,211 times
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Quote:
Originally Posted by bobtn View Post
I agree, and what I'd love to see as one needed step is to tax capital gains a sordinary income, except for the purchase of IPO(s) or Industrial Bonds with a Defined purpose of adding/building new US production facilities. All the other WS transactions are simply transfers of liquid assets for existing equity-useless to society.
I like the exemption on industrial bonds idea. I don't agree that selling your shares will have no use. That would leave that market to the rich who don't care about liquidity. What I do think is the underlying assets that increase in value as an economic rent should be taxed. I think I would be for progressive taxation on capital gains which is now a flat tax.
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