US loses AAA Rating

[Warrenlm]

.... EVERYONE needs to pay a fair share of taxes including rich businesses, .

Businesses pass their taxes on to consumers. How about drastically controlling what is an expense and making perks, bonuses, etc.--anything nicer than a GS12 office-- come out of after tax income and make dividends ordinary income. NOW you're talking. Ooops that messes up Dennis' income strategy. But it shouldn't increase the cost of toothpaste.

 

[Warrenlm]

[/h]Good question.

They were busy being part of the Wall Street in crowd and attending parties in the Hamptons.

 

[Birchtree]

Dividends are already taxed twice - once at the corporate level and then at my level. I use my margin interest rate deduction to offset that income. I'm going to carry some of this interest deduction forward into 2012 to help offset some profits I plan to take. Congress needs to do something drastic like free me up from paying capital gains and I'd be glad to knock back some profits and dump those gains into the economy - that's exactly what JFK did in 1963 and the economy boomed.

 

[James48843]

 

[clester]

Of course- there are those who continue to be in a state of denial. But the fact is that the market wanted to see a serious effort made towards balance- that means TAX INCREASES as well as spending cuts, and when all it got was the republican "cut, cap" plan that cut spending, but does absolutely nothing towards increasing revenues (fixing the illogical tax breaks given to rich people) , then the rating people responded.

I put the downgrade firmly at the feet of the right-wing who refused to adjust taxes to fix the deficit.

Taking us to the edge of the cliff is what they did. We need a national sales tax!

 

[burrocrat]

You can't get a welfare recipient to work like that

Fortunately that's all about to change,

Everbody wants to work when they're hungry.

 

[burrocrat]

I have a married woman with two kids from Nicaragua who comes in every 5 weeks and works for five hours nonstop and takes away $100. You can't get a welfare recipient to work like that, be serious. We could wipe out chronic poverty tomorrow if only women would get married before having children or give up their illegitimate kids for adoption. But there's no money in doing what's right.

5 hours 20 bucks per = 100?

no way. you mean i can make that much sitting on my ass doing nothing? what am i working for then?

 

[Birchtree]

My house girl also works for a hotel and has several other homes she cleans - she's a working machine. Anything she makes from me is under the table. That's known as the underground economy.

 

[burrocrat]

My house girl also works for a hotel and has several other homes she cleans - she's a working machine. Anything she makes from me is under the table. That's known as the underground economy.

OK, I vote for a consumption tax then, she's still going to come out way ahead.

 

[Boghie]

Senator Bernie Sanders:

Sen. Sanders on S&P downgrade: I find it interesting to see S&P so vigilant today in downgrading the US credit rating. Where were they 4 years ago when they, and other credit rating agencies, helped cause this horrendous recession by providing AAA ratings to worthless sub-prime mortgage securities on behalf of Wall Street investment firms? Where were they last December when Congress and the White House drove up the national debt by $700 billion by extending Bush's tax breaks for the rich?

Good Question.

Why didn't S&P, Moody's, and Fitch downgrade Fannie Mae and Freddie Mac when they started backing that crap and securitizing their garbage?



Here, I got it...

They blew it. They blew it bad. They thought the party was on and a tiny turd in the puch bowl would not be noticed.

Do you want them to blow it again?

 

[Boghie]

Taking us to the edge of the cliff is what they did. We need a national sales tax!

Clester,

I'll pay a 20% national sales tax if you wipe out the Federal Gubmints authority for an income tax and a Social Security tax and a Medicare tax. I' give up ALL my deductions as well. I bet the Gubmint will come out ahead. But, bro, everybody pays that 20%.

I want the authority for the Feds to tax outside the national sales tax removed via Constitutional Amendment. I have NEVER seen a spending cut no matter what they say. I have actually never seen a balanced budget - the Clinton budget included 'investment' of Social Security assets. I also would want the sales tax ceiling to be limited by a GDP ratio or some sort.

I do not trust these yahoos.

 

[Mista_Magee]

You are still blinded by your hatred for those that succeed. I really do feel sorry for you.

Here I go to the Pen

And it is obvious to everyone that "you are still blinded by your hatred" of any and everything that James and FWM has to say. I enjoy and appreciate reading their comments as much as, or more so than anyone else's. "I really do feel sorry for you" and your bitter attitude toward certain posters. You tend to spoil or sour the intent of the board. I have read every one of your posts which began just a few months ago when you were clamoring for advice, help, etc. Now you're the EXPERT, especially on every post that James or FWM makes.

 

[Birchtree]

I actually think their comments are comical most times - forgive them Father for they don't know...

 

[ExtremeWX]

Businesses pass their taxes on to consumers. How about drastically controlling what is an expense and making perks, bonuses, etc.--anything nicer than a GS12 office-- come out of after tax income and make dividends ordinary income. NOW you're talking. Ooops that messes up Dennis' income strategy. But it shouldn't increase the cost of toothpaste.

I agree 100%, business will pass it on to consumers, but when GE pays no taxes...that's getting a little ridiculous. I don't think we should increase taxes on businesses, just make the ones not paying or underpaying, put in their fare share. Again, the main problem is not the taxes, it's the spending.

 

[Mista_Magee]

I actually think their comments are comical most times - forgive them Father for they don't know...[/QUOTE

I must admit, I got a good chuckle out of this one. Enjoy your posts most of all BT, besides, they're educational as well as entertaining..

 

[Buster]

And it is obvious to everyone that "you are still blinded by your hatred" of any and everything that James and FWM has to say. I enjoy and appreciate reading their comments as much as, or more so than anyone else's. "I really do feel sorry for you" and your bitter attitude toward certain posters. You tend to spoil or sour the intent of the board. I have read every one of your posts which began just a few months ago when you were clamoring for advice, help, etc. Now you're the EXPERT, especially on every post that James or FWM makes.

Sounds like you are the one with a hard on for RMI..So put a cork in it, Mista post count 52 Magoo and stop souring the intent of this thread.

 

[James48843]

Hey, it's not just me.

A lot better financial minds than me can clearly see the writing on the wall:

Is the U.S. Credit Rating a Victim of GOP Sabotage?

By Daniel Gross | Contrary Indicator

(snip..)

Recent events have sapped the agency's confidence that the government can and will do what is necessary to align revenues with spending commitments. And it's difficult to escape the conclusion that America's credit rating was intentionally sabotaged by Congressional Republicans.

It has long been obvious to all observers -- to economists, to politicians, to anti-deficit groups, to the ratings agencies -- that closing fiscal gaps will require tax increases, or the closure of big tax loopholes, or significant tax reform that will raise significantly larger sums of tax revenue than the system does now. Today, taxes as a percentage of GDP are at historic lows. Marginal rates on income and investments are at historic lows. Corporate tax receipts as a percentage of GDP are at historic lows. Perhaps taxes don't need to rise this year or next, but they do need to go up in the future.(snip)

Yep. Not just me. A lot of people see it, and are now writing about it.
More:
http://finance.yahoo.com/blogs/daniel-gross/u-credit-rating-victim-gop-sabotage-021622372.html

 

[burrocrat]

Treasury Takes Exception to S&P’s Math, Saying Downgrade Doesn’t Add Up

[url]http://www.bloomberg.com/news/2011-08-06/s-p-downgrade-may-cloud-obama-re-election-bid-even-as-it-damages-congress.html[/URL]

The U.S. Treasury Department said there is “no justifiable rationale” for Standard & Poor’s move to downgrade the nation’s credit rating
... or ...
“It ought to push them more toward reality and the reality is if you spend a buck and borrow 41 cents, you have to be very stupid,”

Really? No reason? I wonder what news they been watching. Decide for yourself.

 

[clester]

Premarket down about 2%

 

[nnuut]

Viva Las S&P!