Are there limits to taxation? As we wrap up what has been a good year (in terms of taxes) the prospects for the period ahead are troubling indeed.
We jump into a discussion of the “right role of government” after our final ChartPack for 2020 and some headlines worth mentioning. Including a pile of economic data releases just out.
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Forget the Georgian Republicans they’re no help. Don’t get me wrong “Republicans” do have a sweet slogan, “Conservatives” but in practice forget it.
Even Homeboy Cruz, such a Conservative darling, funneled loot to his sponsors in the last bailout.
“Ted Cruz Got $35 Million For Billionaire Fracking Donors In Last COVID-19 Aid: Report”
“It’s only $35,000,000.”
“Republicans” do have a sweet slogan”
All political parties have sweet slogans.. unfortunately.. they are all convinced early on to follow the broad path of the beltway political process.. what I think is that no one goes in to do a rotten job. They go in with the image of making broad vast positive changes to a broken system placing them in history as the knights in shining armor.
Can’t wait to have Mark chime in on this one.
https://www.businessinsider.com/trump-tops-the-list-for-most-admired-man-in-2020-beating-obama-poll-2020-12
https://www.washingtonpost.com/news/retropolis/wp/2018/02/20/the-10-worst-presidents-besides-trump-who-do-scholars-scorn-the-most/
It appears some don’t agree?
WaPo, no surprise there.
Also, many say that you cannot judge a presidency while it is ongoing or in the immediate aftermath, you need to see how their policies shake out.
Finally, I can provide 444 malaise-infested reasons why our current president does not deserve to be the worst on the list of all presidents (or all presidents in most of this site’s readers’ lifetimes).
HideyHo -dsGeorge,
– gotta winnawinnachickendinnah of an investment strategy for Ure reading pleasure – well not deepstates per-say, as U already be an “Oscar”. Year end investment performance review has generated the following idea:
– Re-balance the IRA , taking some profits and losses – Convert to ROTH,if not already converted – Re-Invest >50% in GBTC-the Grayscale Bitcoin trust. Deal with “taxable” Gains in the future – just like Con-gress.
After all – Its one big Con.
– just like ret. Israeli Defense Minister recently admitted – except the “Federation” of Worlds Council he spoke of is DIS-INFO designed to CONFUSE.
– they are working with Orions & Dracos aka tall whites and reptos = The Farmers/Ranchers of Humanity.
-that dark & vile uneasy “federation” – the Deal – advanced tech – 4 food, cept We beesthefood.
But U already knew that – just like U knew TRUMPS Tax break was REGRESSIVE – just like U swore up and down how he hosed the middle classes in favor of the Richie Riches of this world.
How the lying scum/ Orange-man-bad/DST’s gonna splain the following:https://libertarianhub.com/2020/12/29/trumps-tax-cut-turned-out-to-be-progressive-a-few-lessons-for-illinois-and-beyond/
Hooray 4 Polident elect bribem & his side blow – now where did I put the 5 gallon tub of anal-ez ?
https://www.theamericanconservative.com/articles/the-american-system-is-one-big-grift/
All together now -“nonono I dont want no Bitcoins nomore- tired of waking up with Gross profits in my account”..
Maybe try easing of the Crystal Meth for while my friend.
yeah he might be on crystal meth but dont know what all you facists are on
Those ‘top heavy’ taxers in your graph (countries paying the most taxes per capita) are also the HAPPIEST! (Hint: the sinister motives of Socialism, like caring for the poor, may be the biggest bliss giver there is…you know that 2nd Commandment b.s…..)
https://www.forbes.com/sites/heikkivaananen/2020/05/26/what-makes-finland-the-happiest-country-in-the-world/?sh=7a73363475cc
‘love thy neighbor as thyself’, Matthew 22, King James Bible:
https://quod.lib.umich.edu/cgi/k/kjv/kjv-idx?type=citation&book=Matthew&chapno=22&startverse=34&endverse=40
http://world.tax-rates.org/denmark/income-tax
https://www.justlanded.com/english/Denmark/Denmark-Guide/Jobs/Tax
Now.. they are listed as one of the higher taxed nations.. but take another look.. we tax much much more.. they have a basic tax OVER poverty level..
We would be toing great to.. IF… we quit giving it all away.. what is it ten times what we invest in our own country goes out to buy friendships with people that could give two cents about our well being.. that hate us for how we act… if we cut the write offs.. and tax deductions that are there just for the wealthy and went a similar tax structure as Denmark.. we to would be one of the happier countries.. it would require change and no one in the USA Congress wants it to change..
Taxes as a share of GDP:
https://www.taxpolicycenter.org/briefing-book/how-do-us-taxes-compare-internationally
loob, the Finns are not Denmark, try some accuracy in your rebuttal,
Finland starts it’s top tax rate (58.4%) at 1.9x the average wage, U.S. starts top tax rate (46%) at 9.3x the average wage, yes Virginia, the rich get richer in the U.S.!
https://www.americanexperiment.org/2019/12/finland-is-a-high-tax-country-because-its-taxes-everybody-heavily/#:~:text=In%20Finland%2C%20the%20top%20marginal,the%20average%20wage%20(%24511%2C047).&text=It%20was%2015.4%25%20in%20the%20US.
Foreign Aid constitutes 1% of the budget, not your xenophobic fictional 25% (what most think it is)
https://www.brookings.edu/policy2020/votervital/what-every-american-should-know-about-us-foreign-aid/
don’t forget Donny nearly gave away the store ($2.3 trillion tax cuts, adding to the deficit)
https://en.wikipedia.org/wiki/United_States_federal_budget
“Finland starts it’s top tax rate (58.4%) at 1.9x the average wage, U.S. starts top tax rate (46%) at 9.3x the average wage, yes Virginia, the rich get richer in the U.S.!”
Yes it does How you look at taxes..
but take a deeper look at those tax structures…its deceiving.. it looks as if their tax is higher but how the USA figures it is by breaking it apart into several taxes and nailing everyone from different directions..the only ones that benefit are those at the very top.. flat tax no deductions over poverty level do away with tax free enterprise..many hide it in their companies. even if you live outside the USA if you make a buck you pay a buck.. tax incoming goods and services. Tax companies that outsource .. tax automation robotics .
Now look at the usa..and our taxes..
Federal income tax
State income tax
Local income tax
Employee social security tax (your employer pays the other half)
Employee Medicare tax (your employer pays the other half)
Property taxes
Road toll charges
State sales tax
Driver’s license renewal fee
TV Cable/Satellite fees & taxes
Federal telephone surtax, excise tax, and universal surcharge
State telephone excise tax and surcharge
Telephone minimum usage and recurring/nonrecurring charges tax
Gas/electric bill fees & taxed
Water/sewer fees & taxes
Cigarette tax
Alcohol tax
Federal gasoline tax
State gasoline tax
Local gasoline tax
Federal inheritance tax
State inheritance tax
Gift tax
Bridge toll charges
Marriage license
Hunting license
Fishing license
Bike license fee
Dog permit/license
State park permit
Watercraft registration & licensing fees
Sports stadium tax
Bike/nature trail permit
Court case filing fee
Retirement account early withdrawal penalty
Individual health insurance mandate tax
Hotel stay tax
Plastic surgery surcharge
Soda/fatty-food tax
Air transportation tax
Electronic transmission of tax return fees
Passport application/renewal fee
Luxury & gas-guzzler car taxes
New car surcharge
License plate and car ownership transfer taxes
Yacht and luxury boat taxes
Jewelry taxes & surcharges
State/local school tax
Recreational vehicle tax
Special assessments for road repairs or construction
Gun ownership permit
Kiddie tax (IRS form 8615)
Fuel gross receipts tax
Waste Management tax
Oil and gas assessment tax
Use taxes (on out-of-state purchase)
IRA rollover tax/withdrawal penalties
Tax on non-qualified health saving account distributions
Individual and small business surtax (page 336 of Obamacare)
Estimated income tax underpayment penalty
Alternative Minimum Tax on income
Business Taxes & Fees
Federal corporate income tax
State corporate income tax
Tax registration fee for new businesses
Employer social security tax
Employer Medicare tax
Federal unemployment tax
State unemployment tax
Business registration renewal tax
Worker’s compensation tax
Tax on imported/exported goods
Oil storage/inspection fees
Employer health insurance mandate tax
Excise Tax on Charitable Hospitals (page 2001/Sec. 9007 of Obamacare)
Tax on Innovator Drug Companies (Page 2010/Sec. 9008 of Obamacare)
Tax on Medical Device Manufacturers (Page 2020/Sec. 9009 of Obamacare)
Tax on Health Insurers (Page 2026/Sec. 9010 of Obamacare)
Excise Tax on Comprehensive Health Insurance Plans, i.e. “Cadillac” plans
Tax on indoor tanning services
Utility users tax
Internet transaction fee (passed in California; being considered in other states and at federal level)
Professional license fee (accountants, lawyers, barbers, dentists, plumbers, etc.)
Franchise business tax
Tourism and concession license fee
Wiring inspection fees
Household employment tax
Biodiesel fuel tax
FDIC tax (insurance premium on bank deposits)
Electronic waste recycling fee
Hazardous material disposal fee
Food & beverage license fee
Estimated income tax underpayment penalty
Building/construction permit
Zoning permit
Fire inspection fee
Well permit tax
Sales and Use tax seller’s permit
Commercial driver’s license fee
Bank ATM transaction tax
Occupation taxes and fees (annual charges required for a host of professions)
I just tossed 600 out the window on useless mandated charges.. I could save 2 plus dollars an hour paid out for schools..
What is the true cost of an apple..
Follow the pyramid..of taxes.. I buy an apple fifty cents..four cents sales tax now take a peek at the hidden taxes..I drive it home and pay the average gas tax is evened out to what 24 cents..
The tire disposal tax is five dollars road tax etc.. after it’s broken down that fifty cent apple from the time of your purchase evens out to a dollar and fourteen cents and that’s if you don’t cook it or prepare it for any other purpose.
Now back that fifty cents apple back to the farm..what is the true value of that fifty cent apple to the owner of the orchard. It can get pretty dam interesting if you really dig into it.
“don’t forget Donny nearly gave away the store ($2.3 trillion tax cuts, adding to the deficit)”
The deficit will increase exponentially no matter who the president is … the interest on the deficit.. we need to cut the rope on international aid.. stop our military intervention into other peoples problems and focus on our own.our infrastructure is in a shambles .. we are set for multiple systems failure at any time. Now. I seriously think it’s to late.. we have outsourced so much that at this point I doubt we can stop what is coming..
Of course that is just how I see it.. and I ama nobody so some really smart men could creatively figure this out.. forty million foreclosures. Not counting the people about to default on credit card costs.. the cost of covid that will show up on next years books.. the loss of tax revenue..
For meat the bottom it looks pretty scary.. I can only imagine what it looks like for them on the high driving board.. stocks bonds cash about to devalue to unimaginable low values..or to new heights.. only time will tell in my opinion..
loob, don’t look too far outside your box…the facts are out there!!
2020 (with Covid costs), largest deficit since 1945 (16% of GDP). If Trump had immediately responded to the virus in a responsible manner, it may have been a much lower amount…
https://www.marketwatch.com/story/u-s-budget-deficit-to-hit-record-3-3-trillion-this-year-cbo-says-11599070944
Trump inherited a booming economy, had to mess that up, added $1 trillion to the deficit (before Covid costs), Obama shrunk the deficit, after healing a weak economy!)\
https://www.forbes.com/sites/chuckjones/2020/02/01/trumps-deficits-are-racing-past-obamas/?sh=4e5cf6fe4819
“If Trump had immediately responded to the virus in a responsible manner, it may have been a much lower amount…”
I agree .. TFAOT…Trump should have gone option 1..large and in charge… instead of option 2..
I also see the reasonings as to why Trump went the way he did.I think If he had gone option one..froze the velocity of cash during the shutdown.no gain no loss.. left only essential services stopped all transportation and went the rations route..the virus would not be as costly. A couple of months and everything could boot back up.. But I think with that runs a Complete different set of fears.. that could open the doors for a different form of government than what we are accustomed to..
i think war is getting real close . and im on coffee and cigarettes
give up the cigarettes Len they are bad for your health….
Don’t switch it to doughnuts either..fried foods are bad for you and in the ghetto everyone will suspect you are a plain clothes police officer and you would be attacked if you drove through there….
yep thats your reason for your little game of madness . war.. you dont destroy the USD and have negative divergence to yellow dog or the stocks without something huge . no buy signal
Excellent report today. Sad, but sobering, thought-provoking, highly valuable content. And very well written, love your style. Thank you.
I’m honored when a happy subscriber offers applause…. (hang head modestly, grinning like mad…)
Brace yourself. Behold the power of theUSD on a March . You seem to haveALL forgotten
“Ure crazy! That wouldn’t be legal.”
…And now the “Founders’ Loophole” has a chance to finally bite us all!
It is generally understood amongst scholars that the Constitution must be taken along with the Declaration of Independence, as the Law of our land. This is why learned historians refer, not just to the Constitution, but to our “Founding Documents.”
“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and Property (or “Estate.”)…”
Jefferson and the others wrestled with this for months. He wanted to codify a Right to own Real and Personal property, but not slavery, or an absolute right to own the fruits of another’s labor. (IMO Jefferson was a student of Locke, but recognized his as an ideal, and not attainable in Colonial America at the point in-time in which he lived.) He eventually settled on “the Pursuit of Happiness,” a phrase George Mason enshrined in the Virginia Declaration and which Ben Franklin favored.
It is this “Pursuit of Happiness” phrase in our Founding Documents, which would make Federal property taxation legal. The Constitution sets limits on what government can do. Because “property” (Jefferson), “Estate” (Locke), or “Dower” (English common law) are not specifically excluded from the reach of our government, the intent of the phrase can be bastardized, and a tax (or other levy) imposed…
Surely they jest? New Year’s Day fare on the movie channels features Contagion, Outbreak, and Andromeda Strain.
Locally one hopes for further advice on any extension to provincial code red restrictions set to end Jan. 8th pending the return from holiday break by the chief medical officer. There appears to be an increase of pet grooming service ads on Kijiji. Pets are allowed to have a haircut under the lock down, but people can’t.