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So all those loans the EU gave to struggling countries like Ireland may never get paid back. At least some are calling for that to happen.
If it happens, won't that be like not honoring a CONTRACT? Aren't contracts holy documents that should never, ever be violated? I mean these loans were funded by taxpayers throughout Europe. Weren't they promised to be paid back? But hey, the leaders of Ireland signed these deals without the approval of the people of Ireland, right? ...Sound familiar?
Read more....
German academics push for EU sovereign default plan
"We call on the German government to take measures in event of a failure of the European rescue mechanism and to quickly establish with European partners a detailed plan to manage the bankruptcy of heavily-indebted eurozone countries," said a text published by the Frankfurter Allgemeine Zeitung daily."
__________________ "No one walking this earth knows what is truly righteous"
Last edited by PatriotsReign; 02-27-2011 at 12:45 PM..
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I don't think people realize how bad the debt problem is in the western world.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
I don't think people realize how bad the debt problem is in the western world.
That and they're oblivious to the fact the people don't want to pay more taxes. That is what is at the core of most socio-economic issues around the developed world tody. "We'll just raise taxes" is no longer an option. At least regarding the average citizens of these countries.
__________________ "No one walking this earth knows what is truly righteous"
Last edited by PatriotsReign; 02-27-2011 at 01:36 PM..
That and they're oblivious to the fact the people don't want to pay more taxes. That is what is at the core of most socio-economic issues around the developed world tody. "We'll just raise taxes" is no longer an option. At least regarding the average citizens of these countries.
I don't think there are any tax movements like those in the US. In most advanced nations, the people accept the high taxes, but they also expect the government to perform. Naturally, in tough economic times there's more pressure to keep taxes low, but a lot of that is coming from efforts organized by the wealthy since they are the likeliest targets of any tax increase.
You cant income tax the rich. Its physically impossible.Their money is no longer being earned in the conventional sense. Its all invested, either in equities, bonds, commodities or in their corporations. All shelterd, all moveable to foreign entities. Or if on the earnings of the corporations, passed onto the consumer. Taxing the rich is a myth. The only tax that would work is a VAT.
Its counter productive and difficult to income tax the wealthy, trying to get rich. Many of the same apply to them, and they can hide much of their standard income in their fledgeling corporations and entities. Besides, these people are the engine that produce jobs.
The people who take it up the can with income tax is the middle class. Any tax hike will really need to be made against us. For different regions of the country and the world, the numbers vary, but anyone over the working class status, here. Someone who owns a home, has decent furnishings and fixtures, has solid dependable automobiles, can afford to send the kids to sports camp or catholic school. Yet the middle class largely still relies on earning wages and salaries every week to do these things. This spans the spectrum from tradesmen to doctors. We pay the freight for everyone elses free ride.
The working class and the poor have been tax recipients, not payers for decades.
Those are the facts. So unless you want the government to seize property of the rich and trying to be rich in a communist power and wealth grab, stop pretending we can "tax the rich" outta this.
End the income tax. End the current corporate tax structure and install an across the board sales and VAT. The more you consume, the more you pay. Yet if you try to pass off too much of the VAT, you lose a competitive edge. Hence it becomes truly equitable.
You cant income tax the rich. Its physically impossible.Their money is no longer being earned in the conventional sense. Its all invested, either in equities, bonds, commodities or in their corporations. All shelterd, all moveable to foreign entities. Or if on the earnings of the corporations, passed onto the consumer. Taxing the rich is a myth. The only tax that would work is a VAT.
Its counter productive and difficult to income tax the wealthy, trying to get rich. Many of the same apply to them, and they can hide much of their standard income in their fledgeling corporations and entities. Besides, these people are the engine that produce jobs.
The people who take it up the can with income tax is the middle class. Any tax hike will really need to be made against us. For different regions of the country and the world, the numbers vary, but anyone over the working class status, here. Someone who owns a home, has decent furnishings and fixtures, has solid dependable automobiles, can afford to send the kids to sports camp or catholic school. Yet the middle class largely still relies on earning wages and salaries every week to do these things. This spans the spectrum from tradesmen to doctors. We pay the freight for everyone elses free ride.
The working class and the poor have been tax recipients, not payers for decades.
Those are the facts. So unless you want the government to seize property of the rich and trying to be rich in a communist power and wealth grab, stop pretending we can "tax the rich" outta this.
End the income tax. End the current corporate tax structure and install an across the board sales and VAT. The more you consume, the more you pay. Yet if you try to pass off too much of the VAT, you lose a competitive edge. Hence it becomes truly equitable.
Why can't you tax the rich? To sustain their standard of living, they must have income, and whether they, as Romney's wife put it years ago when referring to her struggles to get through college, have to "chip away at their stock" or get income off their stocks, they are going to pay tax. In addition, many of the wealthy do in fact get high salaries and have to execute options (or lose them) each year, which represents significant income in some cases.
Why can't you tax the rich? To sustain their standard of living, they must have income, and whether they, as Romney's wife put it years ago when referring to her struggles to get through college, have to "chip away at their stock" or get income off their stocks, they are going to pay tax. In addition, many of the wealthy do in fact get high salaries and have to execute options (or lose them) each year, which represents significant income in some cases.
The Rich can and do move their money to protect and shelter it, and reconfigure their distributions to exempt themselves from taxation.
The working class and the poor have been tax recipients, not payers for decades.
Although I agree with much of your post, I'm not sure about the above statement. How has the middle class been tax RECIPTIENTS and NOT payers for decades?
__________________ "No one walking this earth knows what is truly righteous"
Although I agree with much of your post, I'm not sure about the above statement. How has the middle class been tax RECIPTIENTS and NOT payers for decades?
I didn't say middle. I said working. The class above the poverty line that pinches every penny just to stay in a crummy apt, but works for a living. They recieve benefits, find themselves in no tax status and recieve tax distributions such as the earned income credit. Yet they struggle on, trying to earn more and become independent of government subsidy. That is not the middle class.
Patters, I believe when shirtsleeve says it's impossible to income-tax the rich, he means you can have as high a marginal rate as you like, but they won't show up as earning that income. That is to say, they won't just generate a paycheck that says (dr. evil impression) "one million dollars." Instead they'll get stock options, for example. And that's the "working rich," rather than the majority of the rich who have their money work instead.
This observation is easily met by the taxing of capital gains as income. Just because they don't work to get money, does not mean they don't get the money.
He adds the VAT as another alternative to tax the rich, although again, buying, getting lots of gains, and selling at the top, would only get pinged at a flat rate, at the same rate you and I pay on a pack of cigarettes, for example. (Unless of course we retain sin taxes in the VAT structure.)
So there are at least two strategies by which we could effectively get at taxing the rich, by taxing investment income the same way you tax sweat-of-the-brow income.
European Countries Should Contemplate Default
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