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I happened to be visiting a colleague in his office yesterday when his broker called. Felt bad for the broker, no new business for him. My colleague and his wife decided due to the inevitable increase in dividends and capital gain taxes they felt the market may slide. Not sure about that per se probably already built in prices but nonetheless no new investment, extra money will go towards paying off mortgage.
I wonder how many decisions like this are being made nationwide?
It started in November for end of year investment decisions.
If you want to do a wash to claim a loss there is a 30 day wait to repurchase so sales have happened already.
Mid Nov -end of the year is typically when you make your investment decisons to buy, sell, take the gain, take the loss, etc. The impending tax changes are just adding to it with more people debating whether or not to act this year and the tax ramifications of waiting with hope that BAU will be extended.
If we do, we have to bring back all the deducitons (and there were a TON of them) that existed at the same time.
There's more today than in the past. The wealthiest people have had their tax burden reduced over the last decade. What has happened? The deficit grew, the economy tanked, and the wealth gap has grown dramatically.
At this point, I think it is pointless to debate with anyone who thinks taxing wealthy people less makes any sense considering all the evidence we have seen over the last decade.
Hoover advocated government not getting involved in the economy and shrinking the money supply would instill confidence in the market. It didn't work. Sounds like the GOP platform of 2012.
Hoover cut spending as the Depression worsened. Sounds like Mitch McConnell.
It wasn't until the New Deal's stimulus did the economy improve.
Obama's goal isn't to raise revenue, it is (and this is the most important thing you'll read today), to PUNISH SUCCESS and the SUCCESSFUL. It is the American version of giving intellectuals the Pol Pot Treatment.
That is correct. Obama even stated this in the 2008 debates. I like the Pol Pot comparison- an academic with the best of all intentions who ruined a nation.
There's more today than in the past. The wealthiest people have had their tax burden reduced over the last decade. What has happened? The deficit grew, the economy tanked, and the wealth gap has grown dramatically.
At this point, I think it is pointless to debate with anyone who thinks taxing wealthy people less makes any sense considering all the evidence we have seen over the last decade.
There are very few deductions now. In the past, for example, ALL Interest was deductable, not just home Interest (Mortgage), and many, many others. Rates were exchanged for deductions.
Hoover cut spending as the Depression worsened. Sounds like Mitch McConnell.
It wasn't until the New Deal's stimulus did the economy improve.
Funny-
I think that you failed to look at the end of your graph. The economy was going south again in 1939-1940. It was only the advent of WW2, not FDR that saved the US economy. I really enjoy the selective presentation of data to falsely "prove a point". Why not show the whole graph, MTA?
Now a 15% VAT only initially slows spending, due to higher prices. A VAT tax allows tapping into the entire US economic activity, which is the only way to generate the "revenue" that is needed. That, of course, would have to be coupled with fiscal restraint, such that only very modest spending cuts would be required. Certainly draconian cuts in the current economy would be disasterous. However, Obama needs to understand as well that increased taxes on business, increased regulations, and Obamacare are job killers which will keep the economy weak. I really don't think he cares.
In the end its a trade off in taxes.The capital gains tax will shiuft investment just has even QE hasn't convinced investors into equities which it favors> But fiscal cliff;propose compormises will not come close to solvig our long term deficit probems which wil continue to weight o the markets besaides avoidig higher cost of risk by higher taxes. We already see investors prepariing for coming cliff or higherr taxes.Its the same as they adjusted to the recession.
Hoover cut spending as the Depression worsened. Sounds like Mitch McConnell.
It wasn't until the New Deal's stimulus did the economy improve.
1937 was a depression within a depression. Even FDRs treasury sec. Said we were spending too much with little to show for it.
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