The Liberal Tax Revolt: Is it a Game-Changer?
by Larry KudlowThe liberal tax revolt, as the Wall Street Journal is calling it, is a very important topic — especially for investors and small-business entrepreneurs. And for new jobs.
The so-called revolt is comprised of three Democratic senators: Kent Conrad, Evan Bayh, and Ben Nelson. They want to extend all the Bush tax cuts. That includes taxes on the wealthy, or the top personal tax rate, the investment taxes on capital gains and dividends, and the estate tax.
So is this revolt a game-changer, or merely wishful thinking?
With a strong pushback against the revolt by President Obama, Treasury man Tim Geithner, and House Speaker Nancy Pelosi, right now it looks like wishful thinking. But with Democrats getting badly paddled in various polls, you never know.
When Tim Geithner told me in a CNBC interview a few weeks ago about his 20-20 rule for the top tax rate on capital gains and dividends, I blogged that this was a good thing — in particular the story for dividend taxes, which could go to 39.6 percent. But no increase at all on investment taxes would be even better.
Let’s say you’re an investor who went long stocks in March 2009 and now has a long-term capital gain. You could sell right now at a 15 percent tax rate before it goes up to 20 percent. In a nutshell, this is the tax-hike story that has hung over the stock market this year like the proverbial Sword of Damocles. Year-end tax-related selling could still be in front of us.
So the liberal tax revolt is a very important issue for investors. It could mean a potential stock market rally in the second half of the year.
It’s also important for job seekers. Just take a look at the new Investor’s Business Daily poll by the accurate surveyor Raghavan Mayur. He notes that the average length of joblessness has soared to over 35 weeks, nearly two-times greater than the previous high for any downturn. And his polling data show that nearly one-half of households can be categorized as “job-sensitive.” That’s a huge number. These are the people who are either looking for work or fear that they may be laid off — or both.
Regarding the direction of the country, confidence in the job market, the likelihood of a second recession, and satisfaction with federal economic policies, Mayur’s polling shows that the large job-worrying population is extremely pessimistic. Come November, that’s going to translate into votes against the Democratic Congress. And this pessimistic, jobs-sensitive group is undoubtedly thinking, along with the tax-hike-revolt Democratic senators: What sense does it make to raise taxes on anyone? Or on any business, large or small?
Then there’s the confidence-threatening war between business and the White House, which is also related to the liberal tax revolt. It’s still a battle royale between the nation’s business leaders and the administration over taxes, spending, regulation, and trade.
Treasury man Geithner made lite of this war at a Christian Science Monitor breakfast this week. A Daily Caller headline read: “Geithner Bored by Complaints from Business about Obama Policies.” White House chief of staff Rahm Emanuel also doesn’t seem that concerned. In a Wall Street Journal interview with Jerry Seib, Emanuel was a bit more conciliatory about reexamining regulatory issues, but he was still inconclusive.
There are two big things that businesses want right now: One is an across-the-board corporate tax cut, including cash expensing for investment. This is the single most powerful job-creator of all. The other is a senior business executive in one of the key economic policy slots in the White House. Neither of these requests seems to be on the table. But to conclude that the White House is burying the hatchet with business you’d have to see these conditions met.
So far it ain’t happening.
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97 Comments
We won't return to the policies that got us into this mess… like the Bush tax cuts!
*someone whispers in his ear*
What? Our poll numbers are down!?…. *Ahem* I call on President Obama to keep the Bush tax cuts in place!
"Dear Britain: Lift the Ban on Michael Savage!"
watching ABC This week … new word … over and over .. wow – BUSH RECESSION !!! BUSH TAX CUTS DID NOTHING !!!!
This is such a WEAK "CAT" administration .. and you wonder why they are scared of Glenn Beck !!!!
So sad !!!
Liberal tax revolt? Don't buy it…They are just saying things they think we want to hear, to try and save their sorry asses…
If they really supported tax cuts, how could they remain dimbulb Dimocrats?…
No this is just a ploy to keep from losing Congress by an epic margin..
The way it looks now, only the Black Caucus will remain…
This sounds like a scam to save the dims in Nov. If memory serves, it's more or less a promise. There's nothing yet in writing. Beware of false prophets, especially if they are of the progressive, dim persuasion.
Tim Geithner – "We also think it's responsible to let the tax cuts expire that just go to 2-3 % of Americans … we think that's the responsible thing to do."
That's easy for him to say, he doesn't worry about paying taxes.
It's nice he informs us as to what is responsible behavior.
Good point.
Just like the war on terror. The Dems have always talked tough when they need to pick up votes.
Marxists can't redistribute that wealth until they steal it first (Taxes).
"Collecting more taxes than is absolutely necessary is legalized robbery." Calvin Coolidge.
BS! Remember where these assholes were during Stimulus, Barrycare, Financial Reform. Sorry Washington, ain’t gonna work this time!
Libs trying to save there job, since when do they want to reduce taxes, uh, NEVER
And considering 2/3rds – 4/5ths of current Government spending is Un-Constutitional….it's clearly NOT absolutely necessary.
"Elections are when people find out what politicians stand for and politicians find out what people will fall for."
Don't fall for it.
Mr. Kudlow, I listened to your radio show on wls saturday, and I think you highlighted the problem that you and beltway republicans have. You talked about John Kerry and his new, 7 million dollar yaht. You started out saying that you had met Mr. Kerry, you got along okay and that he was a nice guy. You told the story that as a tax and spend guy, John Kerry bought the yaht and if he docked it in Massachuesetts, where he lives, he would pay over 500,000 dollars in taxes. I don't know if this is a one time tax or if it would by yearly. You then related that he parked his yaht in Vermont to avoid those taxes. My problem with you and the beltway republicans is that you are part of the problem. You called John Kerry a "nice guy" and that you were not going to bash him about avoiding the taxes. Mr. Kudlow, John Kerry is not a "nice guy." He passes horrible tax burdens, that put people out of work, and close down businesses. People cannot provide for their families because of this man. And then he avoids paying those crippling taxes himself the very taxes he supports and votes to pass. What do you call a man who hurts your family Mr. Kudlow? What do you call a man who takes food off your table, Mr. Kudlow? What do you call a man who does this and then uses his wealth and power to avoid paying, "his fair share" of the taxes he forces on everyone else, especially the "little" people. That slogan by the way, is the one he uses to bash other people who don't vote for these crippling taxes. You are part of the problem because you let this villain get away with it. You can have a good time with him in a social gathering while the little people are crushed by men like him. You are in a position to call him out, to make it clear to people what he does, and not just in a "just to let you know" way. Shame on you Mr. Kudlow. You are a big part of the problem and why we are where we are now. John Kerry is not a "nice guy."
Liberals are now caught in a trap of their own devising and their own ideology prevents them from contriving the circumstances that would allow them to gain enough solace to conquer the coming tide of electoral rage that will end the Obama presidency (by electoral or impeachment process – one or the other will be used).
To understand this we need only look at what happened in Russia following its Bolshevik Revolution in 1917. The idea was that state-control would break the stranglehold on prosperity that was perceived by socialists to exist in the merchant class (which included banking) and in agriculture. The idea was to have the state buy-up these enterprises (and later seize those that were too big and powerful to be cowed into selling). Eventually, state control was ordered without and compensation at all – it was all re-distributive in nature. The problem was (and is today) that all beings on planet Earth act in deference to their survival (self-interest) at all times and state control of economic policy cannot change this fundamental law of existence that economists call Rational Choice Theory. The central core of the Bolshevik Revolution (and the corrupt world socialist movement) is that people willing to subordinate their pursuit of their own self-interest if it can be demonstrated that a greater purpose (envisioned by the "right leader") could be shown to give them a better quality-of-life outcome than their own ignorance of the relevant matters of business, labor and capital market issues would otherwise allow them to understand and apply for their benefit. The resulting Soviet (village council) model was to say a collective body would be better suited to making these decisions than any one person. Yet this held a terrible flaw that plagues the liberal-progressive movement to this day that cannot be sutured, cannot be reckoned with and cannot be obviated.
That flaw is the nature of the application of self-interest exists and cannot be obviated because the benefits it provides result in consistent and sustainable markets as Rational Choice Theory finds the heart of self-interest lies in survival and survival is the satisfaction of want. Want can only be satisfied by an adequate supply of the commodities that sustain life and that is how supply-and-demand economics evolved over the past 10,000 years.
Rational and self-sustaining market activity reduces the opportunity for corruption as markets that are self-regulating in nature are the antithesis of conditions required for the liberal-progressive to realize their core objectives in the economy: the stealing (redistribution) of wealth from those who create it to the liberal-progressive as a result of government regulatory policy (government induced corruption). The issue is always the same: you can only steal so much from those who create wealth before they contrive the means to prevent the stealing from continuing or they cease creating wealth as the venture no longer meets the requirements of risk versus reward (again, Rational Choice Theory playing out).
Ultimately, the solution is the realization that tinkering with tax policy will not create an end to the problems our economy experiences with increasing rapidity; they are but the precursor of the decline of our democracy the structure of our economy makes unavoidable. Our doom was cast the day we adopted income taxation as the means for paying for government, because; in a democracy, government spending is an unlimited activity and taxation is a limited resource. This is why every democracy in history has lasted an average of two hundred years; their citizens voted themselves gifts (entitlements) from their treasury until the country was bankrupted.
This tells us something rather telling and visceral about our economic society: the way we go about paying for government is going change. If we stay with taxation as the means for paying for government, then the end of our society will come (sooner rather than later) as we are already historically overdue for our demise. This tells us that tyranny and a return to economic feudalism is what await our children and their children courtesy of a bankrupt political ideology (on the one hand) and a refusal to recognize that doing things the same way will never create a different outcome (on the other hand). Our salvation truly rests in our own hands, but not in our current system. I'm sorry, the laws of mathematics are not open to "interpretation" and Rational Choice Theory's impact has shown us that the politicians in Washington (be they Democrat, Republican or other) will never reduce spending because they are not being made to pay the consequences of their decisions (literally and figuratively). This means we must recognize the salient fact that the advanced nature of communications and our ability to organize capital markets means we can finally make the investment-income method of paying for government work as this is the only way (i.e.: as demonstrated by Lovellian economics) that can work as it matches up an unlimited activity (fiscal spending in a democracy) with an unlimited resource (investment-income is an unlimited resource).
pay attention to the man behind the curtain and ignore those dems screaming looky here, looky here. And support that herbal genius Savage to go to Scotland since the PM infers it's independant enough to allow murderers free.
Ben Nelson, give me a break, his tax "revolt" is pure and simply for self-serving political survival. The little weasel is up for re-election in two years with ObamaCare tattooed across his forehead. He's hoping to deflect his major part in that. I'm so sick of so many of these smarmy little congressional critters and the media that carries water for them.
Way to stay in the saddle, Stan! Let's ride 'em hard and put 'em up wet. Political Earthquake November 2010…be part of history!
Attack of the 50ft Pelosi.
http://vimeo.com/11850008
We Teach Our Children.
http://vimeo.com/12433678
Be sure to share these with everybody you know. The right change for US.
Promise them anything until the election,,,,and then screw them in the lame duck session.
Democrat Strategy????
The only things a government can legitimately tax are transactions; not income, not property, not capital gains, and not estates (An inheritance is already yours for fu¢k sake).
When I hear politicians admitting that, I'll call it a tax revolt. Until then, it's all a scam… especially when it's just Democrat knot-heads trying to save their bacon.
PJTV Salutes Charlie Rangel, Mr. Tax-Law-Writing-Tax-Evader" was interesting and hope you do too.
http://www.pjtv.com/v/2479
Go to a national sales tax (NOT A VAT) and do away with all other taxes. Just think of how many IRS agents could go get real jobs
Heard this crap before. Every time a liberal gets into trouble with the voters, he pretends to be a conservative. He preaches conservative values: he becomes patriotic; he stands up for the unborn; he champions lower taxes – and after he wins reelection, he returns to the "dark side". Don't believe these guys. They're lying. Lying is a cornerstone of liberalism/socialism. They never really change, but they think you're dumb enough to believe that they can.
It expires by Congress doing "nothing". Doing nothing is simpler to get done than having to vote on something. I don't see this as anything more than posturing for their constituents.
GADZOOKS! The Middle-Class Task Force report is in…..and it doesn't look good:
http://spnheadlines.blogspot.com/2010/03/middle-c...
Peace!
Please excuse the grammatical errors. I wanted to edit them out, but the board keeps timing out the connection. I will endeavor to do a better job of it in the future and tax the patience of my fellow denizens a bit less.
Straight from the horses mouth, that's their plan. If November proves fruitful for their opposition, we will see all kinds of wacky moves by this lame (and I emphasize lame) duck session all orchestrated by obama.
http://www.salon.com/news/politics/war_room/2010/...
Sounds good, but won't work. It's a structural issue that makes the idea mathematically unworkable.
There will be a huge party in November. Democrats are not invited.
I usually don't read posts like yours but I'm glad I did…
I agree with everything you said about Kudlow..
He, (and especially the Kerry-type dims), remains the problem as long as he thinks we can just go along to get along with the fools behind the curve on well, everything..
All these Freedom sapping Libtards need to be thrown out and gagged for at least 20 years, so we can straighten out this mess eventually…
And please spread out your post so it is more readable…I don't see as well as I used to…
Who are these corrupt pols trying to kid. History determines what one's values and views are. Not expedient retorical BS. God, they think we are stupid!
From SDS member to bankster apologist – you have come a long way! What is it about your tribe that is bent on tearing down societies? It is really getting noticed lately….
Obamm is in the pocket of wall street and the FED. The bank bill just empowered the the 4 big banks and the FED to have total control over every single transaction. That is who the fascist progressive tribe is.
If the dims were really concerned about jobs, etc, they would be looking seriously at ceasing the runaway spending, cut corporate taxes to 20%, cease the giveaway visa program, entice business and jobs to return to the US, and drill for energy independence. That is if the dims are serious. I think their blabber is nothing more than political speak to save their sorry butts in Nov.
I agree with Rush Limbaugh on the subject:
"It's amazing how the progressives and liberals suddenly get common sense just before elections. Think how smart they'd all be if we had elections every year. We should demand to have elections every single year just to make sure they don't get stupid."
It's the promise everthing to everbody crowd spinning their poll numbers. "We will fix it as soon as we get re-elected PROMISE!"
Until there are term limits there will never be accountability. 2 and out for all, no retirement benefits for any elected official or office. You are supposed to be serving us not yourselves. All federal pay raises voted on during the general elections not congress.
And who is his chief of staff?
I'd invite them. If it was a Going Away Party, with a big cake decorated to say "Good Luck in Your New Job".
Now this is a comment I can read…!
Are you a lawyer?
They are setting the scene for Bill and the Hill to take over. One term BO has gotten, or will get all that he wants and with his ADHD move on to the next neighborhood to organize. The follow thorough is never as exciting as the initial drive. That is how "movers & shakers" work. Set it up so someone else can do the work. Meanwhile, Hill is doing her best to be noticed by Soros, so she props up his best friends. Ya gotta love those special gifts she brings when she comes to town. Every other week it's a few million here, a few million there.
"Stuck on Stupid"
One of the greatest lines of all time and it was delivered to the main stream media
reward your friends with money and jobs, penalize your opposition.
Is it any wonder a bulk of the stimuous money went to projects that only unionized workers could get?
Is it any wonder that the states with the most stimulus projects are BLUE?
Is it any wonder that obama is helping FL and leaving MS and LA to wallow?
Is it any wonder the drilling moratoreum is hitting jobs in Red states?
Is it any wonder the most frequent visitors to the WH are UNION bosses?
Is it any wonder that the only people on commissions to fix of our economy are Academics, and Union reps?
No wonder at all, The Chicago patronage, partisan, crony capital politics at work!!
Ben Nelson never holds on this kind of opposition. He has based his whole career off of weaseling around and trying to appeal to everybody. In the end, he always shows his incredible lack of cajones. See ya, Ben. It's all over already.
Those who forget past Demonrat scams are doomed to reelect 0bama.
Out with ALL Dems and RINOS — sham feints to the right notwithstanding. We must not be snookered again.
Larry: you know economics and finance, but you're not a Big Picture guy.
They've created a straw man on taxes. Sure, they'll talk a good game, but in the end? Meh. We've seen the same thing on the health care vote. And all the republicans who talk of repealing that mess?
I say again, meh.
Sorry, my faith in either party has been sorly tested with this evil administration. Ever since obama has taken the oath, it's been nothing but a progressive holliday on how to rape the american public and screw the constitution.
Bayh is retiring from the Senate,
and moderating for a Presidential run in 2016 (or 2012?).
I hope you are right about Congress, let's party like it's 1894
LMAO. Enter the clowns. Extend the tax cuts, however,we're going to vote you commie RATS out. There!
Folks this is a give away. These three KNOW there's no way the dems will keep the tax cuts so they can say keep them all they want. They know it won't happen BUT it makes them look good. Its like Obama voting against the war. He knows the war would happen anyway and his vote doesn't matter in the slightest so he votes against the war to get his voters to back him. Kind of like Code Pink protesting against the war. They know their sorry butts will be protected by marines regardless of their position so they can sit in the princess tower and criticize all they want… nothing will happen.
These guys don't believe in the tax cuts, they are just voting to keep them cause they know their vote means nothing.
Obama is never going to let the tax cuts not expire if he has his way. His heals are dug in and he will have to answer to Soros and whom ever else control his strings.
I was afraid I would run out of room. Some of these response areas have a limited number of characters that you can use. I can see from the one below mine that there is a lot more room than I thought so next time I will space bigger. Thanks.
I hear Lucifer is very charming also.
Understand the enemy……Communism: http://kasamaproject.org/2010/07/24/a-critical-hi...
It's called bait and hook. Any fish that falls for it is not the brightest fish in the pond.
I honestly believe it would take elections every 3 or 4 months to keep a progressives brain functioning correctly. I don't think they understand that if you let these tax cuts expire that you punish working stiffs like me who will end up paying 25% income tax instead of 22.3% income tax. But never fear the MSM will cover and will never hold the great one to the same standard they held George Bush Sr. to with his "read my lips no new taxes" came back to haunt him. Ahhhh nothing like progressive and liberal consistency of being inconsistent.
No, my public high school education seems to be showing…
I would not blame investors one bit if they were liquidate their investments wholesale at the end of the year. What would be the sense in leaving those funds exposed to a higher tax rate?
Unfortunately that is the quandry isn't it. Raise the taxes to raise revenue only to dry up the source of the revenue. As the investments are liquidated the businesses they were investing in have less working capitol. If the businesses have less money they employ less people. If they employ less people more people are collecting unemployment. As more people collect unemployment the government has less revenue to pay for unemployment insurance. So they borrow more money to pay out with, increase the debt, but have less revenue to pay for it.
Relatively simple economics so easily over looked by so many over educated, unintelligent, ideologs. It's either capitolism or socialism. Capitolism for it's flaws have created the greatest society in history, we have improved in many areas over the generations. What has socialism ever created besides oppression and misery.
Remember, they aren't put into office until the November elections. That Wednesday they will all have a change of heart or get amnesia and pass these tax increases in a lame duck session.
Interesting read. I think the "democracy" aspect is the inherent problem. We are (were?) technically a democratic republic. The problems we are facing I feel are due to a democratization of our constitutional govenment. State government officials and the poplulation have consistantly subjegated authority to the "one".
Absolute power consumes / corrupts all and that would include our federal government. Despite what many may think (or want you to believe I think) I feel our federal govenment has a very important role to play in our system. Unfortunately their task has been burdened by roles both assumed and foisted upon it.
Your right, look for Cap and Trade, Tax increases, Net Neutrality, the whole kitchen sink during the lame duck session. They will throw it all at the wall and see what sticks!
The only true comment on this board.
Too little, too late. They all need to go.
"So is this revolt a game-changer, or merely wishful thinking?"
The "wishful thinking" here would be any temptation on your part to believe in the sincerity of big-government liberals who claim to have "found religion." Surely your memory is not so bad that you have forgotten the way Barack Obama presented himself as a Presidential candidate?
Barack the Truthful? Barack the Post-Racial Conciliator? Barack the Moderate? Barack the Deficit Hawk?
Larry? Are you awake, Larry? Why do your eyes have that glazed-over look? Speak to us, Larry ! Focus ! ! !
"Marxists can't redistribute that wealth until they steal it first (Taxes). "
That's not completely true. They can do it by printing money which diverts goods and services from people who produce them to people who don't.
It's how governments deal with massive debt. After WWII the US national debt was 120% of GDP. The debt was "monetized". That's the polite form for "driven out of existence by inflation". The government just reduced the value of money until the debt was dramatically reduced.
That's how every government with debt problems "pays" the debt. The US will do it too, as they did before.
I wish people would stop calling them the "Bush tax cuts." They are not. They are "Bush's new tax rates." It wasn't like he lowered them from some magical "standard tax rate." They are simply an adjusted tax rate and what Obama is planning to do is raise taxes.
TerryJim
"I hope you are right about Congress, let's party like it's 1894"
Or 1794…Bayh isn't the only Dem talking like this, only the most prominent…
One more small nail in obama's coffin.
Or building them up. I would personally like to thank Moses, King David, Jesus Christ, Moses Maimonides, the entire banking community of the Venetian Ghetto circa 14th century for the revolution in economics, Albert Einstein, Benjamin Disraeli, Simcha Blass for his drip irrigation breakthrough currently keeping agriculture alive in my home state, Dov Moran for inventing the USB flash drive and saving me the headache of burning my college-era homework to a CD, the Israel Development Center in Haifa for saving Intel and its market share with their Core 2 Duo processor, the Israeli medical community for its breakthroughs in the treatment of multiple sclerosis and cancer, as well as the world's first prosthetic hand to fully replace the mobility and sensory input of a lost hand, J. Robert Oppenheimer for inventing the atomic bomb and saving millions of American soldiers and Japanese from dying in an American invasion of the Japanese home islands, Lise Meitner for the discovery of nuclear fission, Richard Feynman for his work in quantum mechanics, Niehls Bohr for his work on understanding atomic structure, Joshua Lederberg for his discovery of viral transduction…and this could go on and on.
I would add a thanks for these men for building, enhancing and protecting the rise of Western Civilization, and for putting up with anti-Semitic retards in the process.
Theft is theft by any other name it is still theft.
Jesus threw the money changers out – what do you think he would have done to Goldman Sachs? Good luck trying to spin the "banking community" (cartel would be more appropos) in to something positive – they destroy nations time after time – especially through war.
When will the US tax payers be saddled with supporting a WHITE HOMELAND – I'm sure they will have inventions they can show off, too. Just need to do an little ethnic cleansing like Israel – if it is ok for them to do it then we can, too.
More likely the inner workings of your frontal lobe – education can only insert the media/information needed into your brain so that pattern recognition/generation leading to executive function/decision making can occur.
I really like your frontal lobe's product above – "If you ignore human behavior, you do so at your peril"
Spot on billy!!!!!
Kudlow and his ilk want to maintain their status as the ruling elite. One must maintain the illusion of outrage with respect to be invited to social events.
Principle 2nd, agenda 1st.
Thank you. Someday when the powers of erudition actually come into my possession I hope you will enjoy the product still more…
Having said, what good are economic systems that do not acknowledge the obvious traits of human behavior and structure systems to use these for everyone's benefit instead of in their spite?
That banking community of the Venetian Ghetto was responsible for the financial revolution that paved the way for European exploration of the world. It was those eevviiilll bankers that fronted the capital necessary for expeditions to be made, made possible the colonization of the Americas, kept the Ottoman Turks at bay and paved the way for the industrial revolution. It was Jewish banker Nathan Rothschild who helped financed single-handed the British war-effort against Napoleon in Spain, thus ensuring the defeat of the tyrant Bonaparte.
Israel is not a WHITE HOMELAND(Caps are obviously your dear, dear friend), moron! They happen to comprise Jewry white, yellow, brown and black from all over the world, not to mention a million Christian and Muslim Arabs, hundreds of thousands of Druze and thousands of Armenians.
No, it is a Jew homeland. What I'm saying is others need a homeland if they get one paid for by the tax payers.
British war effort? LOL! Wow you really are naive. It was Napoleon who threated the International (read: "Jew") bankers by daring to have his own monetary system that wasn't based on DEBT SLAVERY. The bankers from their viper's nest (hmmm, funny Jackson referred to them as "vipers" don't you think?) in London sent the British to be cannon fodder in their war for THEIR sake and THEIR profits. Remember what Mel said about who has started all the major modern wars?
"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes… Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."
Napoleon Bonaparte, 1815
So Mel Gibson is the go-to man for historical reason? Right, moving on.
Debt slavery? Again, debt is the engine for global prosperity. Without a system of credit we would be stuck in the mercantilist system, which resulted in the stagnation of all nations it ensnared. There's a reason it was Britain and not Spain that dominated the globe up till the First World War.
Napoleon's economic system was defeated by the superior British and Dutch-based economic systems. All of Napoleon's economic measures were laughable failures, from his retarded Continental System to his attempts to strangle the British economy. Napoleon himself was a tyrant and murderer akin to Alexander the Great and Adolf Hitler, responsible for the deaths of millions on the European continent.
Again, debt is the engine for global prosperity.
Now I see your mind is truly corrupt.
Without a system of credit we would be stuck in the mercantilist system…
One has nothing to do with the other, but mercantilism is working great for China. We are running it in reverse and it is destroying this country.
Your crowing about the superiority of your economic system reminds me of the common American dumb-sh*t thinking he is rich because he bought a big tv on credit. All short term stuff – already it is becoming apparent that I am right and you are wrong and the financial collapse that has resulted from YOUR mindset hasn't even begun.
Barry Kudlow: The new Alan Greenspan, although on second thought 'new' may not be the proper adjective here.
And don't forget Alan and Larry's obsession iwth Ann Rand. To me, that would have been a signal post writ large!
I am sure that Bayh is completely honest in saying that he wants tax cuts but not what ordinary people think of as tax cuts.
I've never heard a modern progressive/liberal support any kind of generic tax reduction, only special interest tax cuts that they euphemistically call "directed" tax cuts. I'm sure that Bayh will come forward and say that the cuts must be ones that promote the common good with "common good" being defined by K Street lobbyists. Therefore there will be tax cuts for alternative energy, home builders, companies employing union workers, banks that lend in blighted areas, etc.
To progressives there is no separation of private wealth and government wealth. It all belongs to the government. What the government leaves in private hands is justified by how those private entities use the money. If they spend it in "socially beneficial" ways, meaning ways that promote government policies, then they get to keep more of the money. Ultimately, there is no concept of "rights" or "private property". It is only a question of whether you spend the money on a government approved purpose or if the government takes the money from you and then spends it on that purpose.
Totally agree, NoHALO. When Liberals/Democrats/Commies (all one and the same, really) agree with me on anything, I automatically ask myself this question:
What's in it for them to suddenly agree with me?
Whatever it is, it has to be big. Because, let's face it, they'd never agree with me otherwise.
What's in it for them is to try and narrow the margin of defeat in Nov…
That's all …they never get economic "religion"……. if they did they'd be at least RINO's…
EVERYONE KNOWS GOVT EXPENSE MUST BE CUT. THERE IS A NEW COST CUTTING PROGRAM. ITS NAME IS " YOU CUT " AND YOU GET TO CHOOSE WHAT ITEM TO CUT FROM A LARGE MENU. I HAVE DECIDED WHAT TO CUT, SINCE I DONT DO THE CUT OFTEN I WANT TO MAKE THE CUT 10 TIMES NOW. MY CUTS WILL BE THE MAXIMUM AMOUNT ALLOWED. MY CHOICE IS THE PRESIDENTS SALARY.
shut up, butsezcrap (that's its last name — talkzalot butsezcrap)
Will they filibuster what is left of the President’s agenda so the rest of the Senate Dems will go along? Will the House go for it? Doubtful, an extension will have to wait till at the very least January. The reality is that the President lusts for higher taxes and will only compromise for, perhaps, a middle class tax cut after the election to get what he wants through congress. Anything more will be flat out vetoed with wall to wall coverage of the Prez sticking it to those nasty rich folk. Retiring senators coupled with a goofy one, sadly, have little sway. Besides, if the Dems cared about jobs they would never have subjected us to their irrational agenda in the first place. Sorry, but sorely need tax relief will have to wait till 2013 which will be made permanent but this will start the cycle over with the Dems attacking Republicans as only looking out for the rich. Well… let’s hope by then we learned our lesson and don’t fall for their repetitive and antiquated sophistry.
LOL! That's rich. China's running a mercantilist economy? Do you even know what mercantilism is? China's buying up debt left and right, and their own economy's leveraged to the hilt as it is.
The free flow of credit created the modern world. Credit funded the expeditions that started the first colonies in the Americas. When credit is abused, like your example of an average American buying a TV, it becomes debilitating.
It wasn't the flow of credit that brought about the economic collapse, but the social engineering from the government on down that mandated credit be open to people had no business taking on debts, and thus started chain-collapse of the mortgage industry.
You don't seem to understand economics at all, though given your "Jewish bankers start wars for profit" theme, it's obvious.
Only a game changer if they actually proceed with what would be called Targeted Tax Cuts, as Ms Fironi calls them [picking up the Clinton era term]. [What a choice we have in California]. And the game changer would only work for some of us, whose opinion turns on that proverbial dime because these Leftists will do anything to win and then go back to who they are. Lets see; would they now be called The Obama Tax Cuts or Pelosi Tax Cuts ?
Larry Kudlow, come on amigo you're better than this pap you just wrote. Election season is before us and the pols have reverted back to that tried and tested method of "throwing us a bone," so we'll go away and chomp on the scarce fragments of meat left. Yup, pre-occupy us by throwing us the scraps then go back to working on the final acts of taking those scraps away. This was a coordinated message floated with the blessing of Harry Reid and the Senate Democratic leadership. A message like this one just does not happen as a high minded act out of concern for the little people. Game changer?!?!?! Larry, you want to intellectualize and analyze this act when you all you need to do is look at Lucy, the football, and Charlie Brown. C'mon Kudlow, quit wasting your time and our time.
The Democrats would be wise to extend the tax cuts. If they do not expect to see the economy turn downward after the start of the new year. The one concern that I have is that the Democrats will ACT LIKE they want to extend the cuts up to the elections without passing any legislation to do so, then will do nothing or pass MORE taxation on us to further ruin our recovery. If they are serious they should be writing the bills and be trying to gather more support now. If we revised our tax system, I think that either a national sales tax would be worth considering, but a flat tax might be better.
Kudlow blew this one with his "Neville Chamberlain-like" take on a bad guy.
This is damning for liberals for two reasons:
1) It's an ADMISSION THAT TAX CUTS WORK! It keeps the economy vibrant and alive and allows for investment. The ONLY reason to increase taxes are for punitive "social justice" BS. Anger is not a good basis for tax policy
2) The people insisting on tax hikes are TAX FRAUD like our good ole secretary of the Treasury. Do they really want to remind the public that they are pushing for us to pay more while they evade taxes YEARLY ?!?!
Do you even know what mercantilism is?
Export more than you import – especially with government support. How are they not?
It wasn't the flow of credit that brought about the economic collapse, but the social engineering from the government on down that mandated credit be open to people had no business taking on debts, and thus started chain-collapse of the mortgage industry.
Oh, same in 1929?
What a bunch of BS!!!! Bush Tax cut are the problem. They didn't create this great booming job expansion. Hell Bush only created one million jobs in eight years. Where are the jobs Kudlow, where are the jobs? You got these idiot on the "Right" beleiving your line of crap but the proof in in the pudding. Rpeublican economics DON'T WORK!!! never have, never will. Bush Tax Cuts are done and thank God for that!!
By they do you mean Liberals? If yes you weren't going to vote for them anyways so what's your point!!!
Econ 101 refresher…86% of taxes are paid by the top 5% of earners. The tax cuts were meant for those who pay those taxes and what Geithner fails to say is that those who are not the top earners don't deserve freaking tax cuts. That,in my book is welfare. If you don't earn a certain amount, you don't pay taxes. i wish people got that. The tax cuts are for taxpaying people!!
Tim Geithner – "We also think it's responsible to let the tax cuts expire that just go to 2-3 % of Americans … we think that's the responsible thing to do." No, Tim. It's time to start making all earners bear the burden of taxes. No gimmes.
I mean, no one, most thinking folks anyway, will vote for the libtards, assuring most dims will lose in NOV, except for the Black caucus members…
"Those who are not earners don't deserve a freaking tax cut". Interesting comment. So people who make a living on capital gains down earn, so they shouldn't get a tax cut right? How about Paris Hitlon and the "lucky Sperm" group? They don't earn so no tax cut for them either right? How about people who are retired, no tax either right?
"Those who are not earners don't deserve a freaking tax cut". Interesting comment. So people who make a living on capitol gains down earn, so they shoudln't get a tax cut right? How about Paris Hitlon and the "lucky Sperm" group? They don't earn so no tax cut for them either right? How about people who are retired, no tax either right?
The people who pay *NO* taxes by default do not benefit by the nature of the tax structure because they do not earn enough to pay taxes. Don't be an idiot.
Capital gains are taxed as are retired people. The point being, that Geithner's statement makes it sound as if the smaller wage earners are getting the shaft and they are not. Learn something about income levels and taxes before you make ignorant statements.
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