Already Looking forward to 2011!!!

[alevin]

Current state liabilities-per capita. told you my state goes bankrupt next year.

http://money.cnn.com/news/storysupplement/economy/state_debt/index.html

 

[Boghie]

Alevin,

I don't know your home state, but anything 'inland northwest' is a piker compared to my Kalefornea.

I'll take your per capita debt and raise it 2K:toung:

I think I should be proud rather than embarrassed. We Kalefornean's might be able to vote for more spending in November!!!

Current state liabilities-per capita. told you my state goes bankrupt next year.

http://money.cnn.com/news/storysupplement/economy/state_debt/index.html

 

[Boghie]

Tom,

I think you have your answer.

However, I think the Tri-Pointed hat folks (Tea Party Movement) are adjusting the equation. The market will adjust to a new Congress clipping the wings of this administration.

You have to wonder what this is going to do to stocks over the 2nd half of the year...​

Six Months to Go​

- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%​

Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171##ixzz0sXtHYopD

 

[Boghie]

Silverbird,

It is now September 1, 2010 (on the East Coast:nuts and still no Congressional action limiting the tax rate increases to only the unearned gains of the corpulent wealthy!!!

Get ready for the Marriage Penalty, yea

I really, REALLY want to be WRONG.

It will hurt the little people...

 

[Silverbird]

You're right, no action before it's too late for changes for 2010 taxes is looking more and more likely.

 

[Boghie]

Hey folks,

It looks like we will get a massive 1% cost of living salary increase. That is probably valid since our economy is stagnant or deflating. There is no inflation - YET. But, when it does rear its ugly head (and it looks like the market is projecting just that for next year) you will get the joy of dealing with it for almost a year before you get another cost of living adjustment.

And, it is becoming more and more apparent that the bozos in Congress and this Administration will take flight in a giant migration of Black Swans. This Congress will not get their act together (the massive Democratic majorities cannot agree on who the corpulent wealthy are - who cares about the Republicans) in time to make the necessary changes to save the take home pay of the sub-super-rich populace. This President has yet to push for the necessary changes to save you from paying your fair share. He, and they, want your money. They need your money. But, you are probably already figuring out ways to shield it from them – aren’t you…

So, we will get change in November. However, that change cannot do anything till at best February.

Thus, enjoy your 1% cost of living pay increase.

• And, your 3%+ increase in income tax.
• And, the return of the marriage penalty.
• And, the 13% increase in capital gains tax.
• And, the massive increase in dividend taxes.
• And, the corporate tax avoidance gaming concurrent with balance sheet adjustments that will continue to take place as a result of taxing coupon clipping oldsters more on their dividend checks.

This will be a Lesson Learned folks.

 

[Birchtree]

You forgot the 4.8% hidden medicare tax on dividends. And yes inflation will eventually take another toll - and that's why I'll stick with equities and ride out the storm.

 

[Boghie]

Hey folks,

I forgot to mention...

Those of you who greedily deduct the interest on your student loan will be in for quite a surprise.

Better get it paid off quick.

You will only get to deduct it for five years once the Evil Ones tax code changes for the corpulent few expire. The Unnamed One changed the tax code to allow you to write off the interest for the duration of the loan. How stupid was that!!!

So, lets say you graduated in 2005.

As of 2011/01/01 you will no longer get the deduction.

 

[Boghie]

You forgot the 4.8% hidden medicare tax on dividends. And yes inflation will eventually take another toll - and that's why I'll stick with equities and ride out the storm.

I will be moving more into equities as the political solution becomes more apparent.

Regardless, equities are generally better than 2% yield bonds in periods of inflation - eh

 

[Birchtree]

And to think a lot of students fell for the hype and voted for this clown - serves them right.

 

[Boghie]

This will be a lesson learned for lots of folks.

And the 'Economic Black Swan' is not the only flock out there. We have the Mid-East Peace Chaos Process. We have Iran. And, we have Europe getting sanity.

Can President Carter take over :cheesy:

 

[Birchtree]

I hope 2011 is the year yellowback Jimmy finally drops dead or at least does so before I do. It will be a time for glorious celebration and may I metaphorically micturate on his grave.

 

[Birchtree]

Folks, I apologize for my rant. The true flowers of my generation were the only ones that didn't run to Canada. The homosexual didn't qualify to serve his country and thus was safe from induction. When Carter offered the draft dodgers amnesty 52,000 of my countrymen rolled over in their graves. That's when I became a born again conservative.

 

[Boghie]

Folks, I apologize for my rant. The true flowers of my generation were the only ones that didn't run to Canada. The homosexual didn't qualify to serve his country and thus was safe from induction. When Carter offered the draft dodgers amnesty 52,000 of my countrymen rolled over in their graves. That's when I became a born again conservative.

That rant caught me wrong... Carter I is known as a fool… That is good enough for me!!!

Anyway, I stopped donning Birkenstocks and Burlap Sacks when a promotion and largish pay raise resulted in a smaller take home check.

You see, I got my pay raise (with all the miserable duties associated with managing people) literally the same pay period that President Clinton implemented his tax increase. I was already spending the money – yuk, yuk.

What that experience taught me was that the corpulent wealthy pigs in the trough included me.

And I was driving a five year old Ford Probe and living in an apartment.

See the wealth, hear the clink, smell the caviar.

Now, folks, its your turn!!!

 

[Boghie]

Re(1): 'On Economy, Democrats Face a Lack of Unity and Time', NYT, Jackie Calmes
Re(2): '2010 Election - Battle for the House', RealClearPolitics

Hope and Change


As an aside, why does the media constantly whine about conservative Republicans not supporting liberal Democrat policies.

1. Any tax code adjustments start in the House. Any desired change to the tax code can be passed without ANY Republican support in the House - whether they be liberal, moderate, or conservative Republicans. Maybe the liberal Democrats and the media should take a hint.
2. Only one liberalish Republican vote is needed in the Senate to pass a change in the tax code. Is the Democratic Party leadership admitting that their desired adjustments are not mainstream enough to entice Olympia Snow?
3. And, finally, watching the pretzels being made regarding the Evil One's tax code is getting fun. Why are those who campaigned against Satan Incarnate suddenly trying to figure out a face saving way to continue his policies - albeit temporarily? I, as a fiscal conservative, have NO desire to enact temporary extensions to the current tax code. I want it permanent.

Nice poison pill President Bush, nice poison pill

Oh, the schadenfreude
Timed just months after the election.
With Financial Advisors ranting daily on the radio

 

[Silverbird]

In the sense that the Evil one said that they end this year? :toung: This is how they were supposed to work, yes?

 

[Birchtree]

Can anyone imagine how handsome my dumbo eggplant would be if he were to grow out his hair into a full blown mulatto afro style. Now that would be change I could live with.

 

[Boghie]

In the sense that the Evil one said that they end this year? :toung: This is how they were supposed to work, yes?

Actually, yes Silverbird - that is just how this little poison pill was supposed to work.

The sunset was forced on President Bush because he did not have the votes to make his tax code changes permanent without it - remember that rock ribbed conservatives like John McCain didn't support Bush's policies. The dating of the sunset is absolutely funny. Why date it seven years into the future. Why, ha ha ha...

Because Karl Rove KNEW we would be having this debate. He didn't know who would be in power. He didn't know the state of the economy. But, he did know we would be having this debate just months before the election.

And, why shouldn't we be having this discussion.

It is time for the debate.

Bring it on

 

[Birchtree]

Does anyone have any idea how much it costs the government to bring an illegitimate child into the world? Never mind the welfare support for the next 21 years. It's really abominable when you really think about it. A 72% illegitimate rate among the minority at risk population - it's shameful. And the eggplant administration ignores the issue because it buys votes.

 

[Boghie]

Ha,

ha,​

ha...​

So, Peter Orszag - one month and seven days separated from the Obama Administration - writes an OpEd in the New York Times presenting a case for extending the Bush tax code another two years...

His Reasoning:

Higher taxes now would crimp consumer spending, further depressing the already inadequate demand for what firms are capable of producing at full tilt.​

Now, that sounds familiar. And, since the corpulent rich spend like pigs in the trough (and they really don't have to) I contend that we want them to spend like drunk Liberals three years from now!!! Orszag doesn't, my opinion. Why entice them to stop

But, of course we can continue running up massive debt:

And since financial markets don’t seem at the moment to view the budget deficit as a problem — take a look at the remarkably low 10-year Treasury bond yield — there is little reason not to extend the tax cuts temporarily.

A benign bond market, however, is a luxury we won’t enjoy forever if we fail to tackle our long-term fiscal problem. What’s more, losing the confidence of the bond market could prove painful, since it is widely known that our fiscal trajectory is unsustainable and market sentiment may therefore shift quickly and unpredictably. In any case, as the economy recovers, the dominant problem will move from depressed demand to excessive budget deficits.​

Thus, he recommends an immediate cancelation of the Bush tax code two years hence.

Mr. Orszag, here is another solution :

At this point, it would be helpful to recall how much spending Democrats have added to the annual federal budget since taking control of Congress: over a trillion dollars. The final budget from the Republican-controlled Congress, FY2007, spent $2.77 trillion and had a deficit of just under $200 billion, even with the war included. The last budget from Democrats came in at over $3.8 trillion, with a $1.3 trillion deficit. That’s a 38% increase in just three years.

Are we to believe that Congress can’t find $400 billion in annual spending to trim out of the massive expansion committed by Democrats?​

Remember, folks, we are talking only about the structural growth in spending authorized by this Administration and this Congress over the past two years.