JTH's Account Talk

[Mapper]

Looks like the 20 day has bottomed and is primed to make an assault on the 50 day. This is the SMA, right? I went back to Tom's blog from today to compare with the EMA of the S&P. Doesn't look quite so pronounced as this. Definitely an intriguing visual though. Doesn't make me feel good about my position in F.:worried:

Charts can be interpreted in many ways. My concern right now is Friday's action will get a little "9" above it and a new channel line created by connecting numbers 8 & 9. Not what I want to happen but notice the 20day had a previous little bump up and could be forming it's own little head and shoulders...a compressed version of what we see in the May-June zone.

I think the next earnings season is going have a fairly large impact on the prevailing wind direction.

 

[Boghie]

You are correct this is the 20SMA, I'll tell you one thing I am optimistic about. The government will find a way to screw up this rally...

You have to know 'The Black Swan President' is hopping. He wants to take flight and caw out a Buffett Tax

 

[Birchtree]

Obummer has no credibility - there will be no new taxes on anyone. I would like to see the Fed buy equity indexes instead of bonds. That would give them a return on all that company rich cash.

 

[jkenjohnson]

Obummer has no credibility - there will be no new taxes on anyone. I would like to see the Fed buy equity indexes instead of bonds. That would give them a return on all that company rich cash.

I agree he will back down on th Buffet Rule. Federal employees will take a hit though.

 

[Boghie]

So FWM,

• You want the 'marriage penalty'. That is, a family with two working significant others (yuk, yuk) not getting two standard deductions? Just asking...
• You want to fund the structural spending increases of the past three years. Do you see the benefit of the additional $500 Billion in annual spending? Just asking...
• The spending in the Medieval East accounts for 1/13th of the deficit. This years deficit would be around $1,216 Billion if you zeroed out war spending. Maybe you want to cut DOD spending elsewhere as well...
• You want the same tax code as Reagan in 1984/85? Very crafty. Increase taxes on the lowest brackets. Nice, very nice. Wipe out the child tax credit, reinstate the marriage penalty, reinstate a tax schedule with 15 brackets? Eee gads, I would be in the tenth bracket and the tax on that brackets income would increase from 25% to 33%.
• And, finally, the tax code back in 1984 had lots of loopholes - you could write-off credit card debt and invest in tax shelters - the Charlie Rangle Dream Code!!!

FWM, what bracket would you be in.

Think it through FWM.

 

[RealMoneyIssues]

A "Buffet Tax" is a good 1st step.

Checking greed/selfishness at the door in exchange for fiscal sanity would also involve gong back to the 1999 tax rates.

Even quicker...go back to the tax rates of the mid Reagan years...1984-85

No new spending programs other than those already in place...phase out of military action in the "Medieval" East.

Budget would be balanced in 5-7 years.


No one elses plan even comes close to balancing the budget.

Of course, the only way to fix our spending problem is to increase our taxes...

And once we run out of "other peoples money", then what????

 

[SteelSaving]

Utopia!

 

[Boghie]

Hey Bro's,

Look at the tax brackets before Reagan flattened them. Way too funny.

I think I would have off'd myself if I had to deal with the pre-Reagan tax code. Ridiculous.

By the way, the Buffet tax will only accrue 1/20th of this year's deficit. Why do we have a $500 Billion dollar annual increase in spending?

 

[jkenjohnson]

Hey Bro's,

Look at the tax brackets before Reagan flattened them. Way too funny.

I think I would have off'd myself if I had to deal with the pre-Reagan tax code. Ridiculous.

By the way, the Buffet tax will only accrue 1/20th of this year's deficit. Why do we have a $500 Billion dollar annual increase in spending?

This may get a lot of disagreement, but I am tired of paying a higher percentage of taxes than the welthiest people in the US. I am conservative and do not support our Super Leader, but everybody should pay their fair share in my opinion.

 

[jkenjohnson]

S&P has just downgraded Italy.

 

[Birchtree]

If you are paying any property taxes you are supporting a public school system that is in ruin. Try sending your children to a public school where they are bused to a trash dump full of illegitimates. I'm glad I'm done with that failed social engineering policy. SAT scores continue to drop nationwide.

 

[RealMoneyIssues]

Hey Bro's,

Look at the tax brackets before Reagan flattened them. Way too funny.

I think I would have off'd myself if I had to deal with the pre-Reagan tax code. Ridiculous.

By the way, the Buffet tax will only accrue 1/20th of this year's deficit. Why do we have a $500 Billion dollar annual increase in spending?

Scary numbers... I would be poor under these rates...

This may get a lot of disagreement, but I am tired of paying a higher percentage of taxes than the welthiest people in the US. I am conservative and do not support our Super Leader, but everybody should pay their fair share in my opinion.

Fight for a flat tax !!! or a national sales tax to replace our income tax !!!

 

[Boghie]

FWM,

Back in 1999 more people paid into the system. There were fewer tax credits (I do think we should go back to the Clinton era here) and a lower unemployment.

I am all for shared sacrifice, but I have no trust that Congress or this Administration will share. Hard decisions on spending have to be made - and, sorry, nowadays, I HAVE to see them before I sacrifice. I am NOT Charlie Brown. And, I can watch these boozers spend. Cut that $500 Billion in ANNUAL spending growth (inflation adjusted) that magically appeared during this Presidency and I WILL accept a higher tax burden. Till then I am hard line.

By the way, JKenJohnson, folks making more than $1 million per year paid 29.1% in income tax on average - I bet neither you nor I approach that number. We are talking actual income tax - not marginal brackets. I paid about 15% after deductions this year while our marginal rate was 25%. That seems fair for a middle class family, own (kinda) a condo and a Saturn and a Civic - so not very rich, eh.

Buffett and the right wingers are playing games here. Flat tax all income.

 

[Boghie]

By the way, I think JTH's thread has been hijacked.

Since the conversation is edging political (but, so far numbers are in play) it might be best on Beltway. Otherwise, maybe here or in a new thread.

JTH seems to be a good guy and probably wants to use HIS thread for HIS comments, eh. This conversation - while fun and valuable - is not about TSP investment and/or market technicals.

Gotta go to the doctor. Practically cut my toe off a couple of weeks ago. Maybe I can deduct some Medical expenses this year!!!

 

[RealMoneyIssues]

How do you like your Saturn?
Bought an Ion just before Saturn got discontinued. Better drive than Civic or Corolla...maybe not as nce inside but much better engine/pickup. For thousands less.

I used to support a flat tax when I heard it from Huckabee a few years ago. Not anymore.
We have too big a gap between the classes...more than ever before, and a flat tax would just widen that. The reason we have a "progressive" tax rate is that a median persons income goes mostly for food/shleter, and other neccesities...with little disposable income left over. Higher incomes have a much lower % of their income going towrds neccesities...with a bigger chunk of their paycheck for "disposable income". Thats why a flat tax would only benefit the wealthy, and make life tougher on those having the toughest time getting by.

Yup, because we need to tax success as it is the only way to make more revenue... Shouldn't the tax burden be shared by all so that people who "take" from the government have a little skin in the game?

I don't know why I even say any of this FWM, you are all about wealth envy.
If we went back to the 1981 tax rates, I would be defaulting on all of my payments and needing help from the USG... But then again, maybe thats what you want...

 

[kam]

If "skin in the game" is your rationalization for a flat tax, you won't be comparing amount of skin to amount of skin. The rich guy is giving up his/her superficial squamous cells, while the poor guy has donated his organs for transplant. The idea of a progressive rate structure is to equalize the "amount of skin," so to speak, since government doesn't have a price tag to measure worth to any given purchaser. In economic terms, it is like equalizing the utility of the last dollar spent by each of them for the government services provided.

 

[Bquat]

Hello JTH are you there somewhere. I think not topping 1220 on the S&P three times may prove the market to be bearish. Even with bigger volume on the push up yesterday we still show more volume on the down side and we went down again today after reaching it. I think small money will stop following big money in just to lose it end of day or after market. I think the dips are bought just to drag people in and that this short time bull channel is just computers swinging between buys and sales at the top and bottom of the channel. Shortly when they notice small money not following their lead, it will break down. There's to much buying pre market and selling post market to my likeing. So I hope we break either way and get it over with so a dependible channel can be formed. JMHO

I'm a little bear in the pond pondering.

Hi guys.

 

[amoeba]

WHEEEEEEEEEEEEEEEEEEEE - don't ya just luv roller-coasters?

bquat is on spot - IMO:

Additionally, low volume SELLING is not a good sign; buy and holders getting stiffed. I smell one of those blind-siding big days coming that nobody is anticipating.....a non-news whopper that comes out of no where.

BO's job bill is toast. Around me (Sacto CA), Cheapo houses, new, in the outlying areas (e.g., Castle Oaks, Ione) which asked ~$229K last year, are advertised for $159K today. They were $299K less than 3 yrs ago. BAC has decided to give non-loan-payers the leather boot the last two months; no more temporary payment programs, no keeping losses off books.

A new meaning for CountryWide; the next wave of foreclosures and it is gonna be a whopper. And this is the high season for home sales?

Get ready for another roller-coaster ride.......and this time.....no democratic rhetoric or stimulus is gonna stop it.

 

[RealMoneyIssues]

If "skin in the game" is your rationalization for a flat tax, you won't be comparing amount of skin to amount of skin. The rich guy is giving up his/her superficial squamous cells, while the poor guy has donated his organs for transplant. The idea of a progressive rate structure is to equalize the "amount of skin," so to speak, since government doesn't have a price tag to measure worth to any given purchaser. In economic terms, it is like equalizing the utility of the last dollar spent by each of them for the government services provided.

I don't remember making "skin in the game" a justification for the flat tax. If I did, sorry. My point was that so many people "take" from the system but don't put anything into it. They get used to it, they become dependent, and they are encouraged by some politicians to stay on it. It is easier to submit for federal and state assistance than to apply for a job... Where has our self-esteem gone America?

This dependancy kinda reminds me of those in Europe who are rioting because the government might stop paying them to sit on their arses... (I know it's a 'little' more complicated than that)

Y'all are talking about fairness and I can't see anything more fair than a flat tax.

As to your point about a progressive tax, how fair is that? Because I make more, I have to pay more (% wise) just because I am successful? Interesting, but bred by class envy. FWM, as usual, brings up class envy too, but he calls it a "gap between the classes." That gap was not created by those that 'have' not giving it to those that don't, but rather by a government that takes from the rich and gives it to people who: can't work, are unable to work, have too many kids to work, etc. While some people who receive the dozens of "support" programs are in legitimate need, there are a increasingly large percentage who are not.

Too many times I have heard "people in need" talk about how they make more money on Welfare/WIC/Food Stamps/etc than if they got a job. Many times I overheard these conversations in between them answering their BlackBerry while walking towards their 2011 Cadillac Escalade...

You complain about all the corruption in congress, start complaining about all the corruption in our "give away" programs; then move on to Medicare and Medicaid...

While I'm at it, let the USG spend within it's means, stop base line budgeting, quit finding more of MY money to steal and then finding socialistic ways to spend it. It is MY money, not the governments, and I know how to spend it better than the government... keep your(being generic here, don't get angry) greedy hands out of my pockets !

We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

 

[Appatite]

Roller coasters are great, when you have more than 2 IFT's.

But I have no more left and would like to move back in before the end of this month.

Oh well.