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Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter During their second term, Presidents become obsessed with “legacy.” One of the yardsticks to measure their success is the stock market. Many people can relate to it. Retirement depends on it. It’s mentioned even on NPR several times a day. Outside of a few shorts, everyone wants it to go up. But President Obama must now be biting his fingernails down to the quick. The stock market bragging started with [...] by Charles Hugh-Smith of OfTwoMinds blog, Raising taxes is the “solution.” Too bad incomes are declining. What will raising taxes do to household savings, spending and the economy? We all know cutting Federal spending is politically impossible, so that leaves raising taxes as the only “solution” to the “fiscal cliff.”
Since most income tax revenues flow from household income, let’s look at some charts of the workforce and household income: As a percentage of the [...] Up to $280bn is lost in tax revenues as wealthy individuals park financial assets in offshore tax havens. Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280bn in lost income tax revenues, according to research published on Sunday. The study estimating the extent of global private financial wealth held in offshore accounts – excluding non-financial assets such as [...] From FT: The most controversial announcement in Chancellor George Osborne’s budget was the cut in the top rate of income tax from 50 per cent to 45 per cent from next year. Most of the opposition party’s response was directed toward this single measure, although it accounted for a mere £50m of estimated lost revenue in its first year. Mr Osborne must have calculated that the economic gain would outweigh the [...] “When Congress imposed a 10 percent luxury tax on yachts, private airplanes and expensive automobiles, Sen. Ted Kennedy and then-Senate Majority Leader George Mitchell crowed publicly about how the rich would finally be paying their fair share of taxes. What actually happened is laid out in a Heartland Institute blog post by Edmund Contoski titled “Economically illiterate Obama, re: Corporate Jets” (7/12/2011). Within eight months after the change in the law [...] When is the breaking point ? http://www.bloomberg.com/news/2010-09-17/paychecks-could-be-whacked-if-u-s-tax-vote-slips.html Americans’ paychecks may shrink next year, at least temporarily, even if Congress decides not to let tax rates rise. Unless Congress votes by November to extend tax cuts enacted under President George W. Bush, the Internal Revenue Service will advise employers to increase deductions from paychecks beginning Jan. 1, payroll experts said. The reason: The IRS needs time to prepare and distribute tables used to calculate withholding [...] The dollar may very well benefit as this plays out. It may fall in value and rise in price or if this contagion spreads globally, it could even show a rise in value to most currencies. How to know what the dollar is doing in value will be to watch resource nation currencies, gold, food basics like grains, etc. If this spreads globally, I look for oil to drop significantly [...] A decline in personal income tax revenues collected by the federal government through the end of April 2010 suggests that state governments may suffer significant declines in such tax collections compared to 2009, a period which itself was down dramatically from the year before, according to Rockefeller Institute fiscal experts. The weeks just after the April 15 filing deadline for income-tax returns is the most important tax-collection period of the year [...] |
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