Comments on: Why the US is doomed to high taxes, high spending and progressive socialism http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/ There Is Nothing To Fear From Truth Wed, 21 Dec 2011 06:16:13 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Tyson Mendez http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/comment-page-1/#comment-30208 Tyson Mendez Fri, 06 May 2011 10:23:17 +0000 http://www.moneyhoneyblog.com/?p=597#comment-30208 GOOD ARTICLE LOVE THIS. Keep give more informations Your Great ! GOOD ARTICLE LOVE THIS. Keep give more informations Your Great !

]]> By: fotos graciosas tuenti http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/comment-page-1/#comment-30039 fotos graciosas tuenti Thu, 05 May 2011 01:24:12 +0000 http://www.moneyhoneyblog.com/?p=597#comment-30039 Que tal. Me ha encantado el artículo. Suerte con el blog Que tal. Me ha encantado el artículo. Suerte con el blog

]]> By: The Mid-term Results – My Thoughts http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/comment-page-1/#comment-9802 The Mid-term Results – My Thoughts Fri, 05 Nov 2010 02:34:36 +0000 http://www.moneyhoneyblog.com/?p=597#comment-9802 [...] Colonel? Next to nothing, but I just wanted to add my own opinion to the discussion. Notes:CBO 2006 figures (Money Honey Blog) ↩ [...] [...] Colonel? Next to nothing, but I just wanted to add my own opinion to the discussion. Notes:CBO 2006 figures (Money Honey Blog) ↩ [...]

]]> By: The Thinking Housewife › Election Realities http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/comment-page-1/#comment-9666 The Thinking Housewife › Election Realities Wed, 03 Nov 2010 16:48:36 +0000 http://www.moneyhoneyblog.com/?p=597#comment-9666 [...] about politics in America: a very small number of people pay the bills. As the MoneyHoney Blog wrote earlier this [...] [...] about politics in America: a very small number of people pay the bills. As the MoneyHoney Blog wrote earlier this [...]

]]> By: Petra http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/comment-page-1/#comment-3584 Petra Fri, 23 Jul 2010 02:23:45 +0000 http://www.moneyhoneyblog.com/?p=597#comment-3584 Yes, Jack, meant the other 50%+. It's the same here in the UK (and every other statist/socialist paradise) - except our taxes are even higher than yours. Great podcast - very useful + love the fact you tell it as it is! Yes, Jack, meant the other 50%+. It’s the same here in the UK (and every other statist/socialist paradise) – except our taxes are even higher than yours. Great podcast – very useful + love the fact you tell it as it is!

]]> By: ModernSurvival http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/comment-page-1/#comment-3556 ModernSurvival Wed, 21 Jul 2010 02:49:41 +0000 http://www.moneyhoneyblog.com/?p=597#comment-3556 Petra wrote, "I think most Americans would agree taxes are heading higher. Yet, curiously, most may not care. (A Gallup survey shows 45% of Americans are happy with their tax rates and 3% believe them to be too low.) In fact, I suspect a significant portion of the population may welcome the tax increases with hardly concealed joy." I guess you are talking about the more that 50% that effectively pay zero federal taxes, because the rest of us working our asses off, creating businesses and jobs and paying our share plus theirs are pissed and frankly tired of pulling our weight plus that of a few freeloaders and paying the bill for welfare, medicaid and other socialist nirvana bullshit. Anyway nice blog and thanks for friending me on facebook. Jack .-= ModernSurvival´s last blog ..<a href="http://feedproxy.google.com/~r/survivalpcast/~3/PJS91H5Ll-8/back-from-big-bend" rel="nofollow">Back From Big Bend</a> =-. Petra wrote,

“I think most Americans would agree taxes are heading higher. Yet, curiously, most may not care. (A Gallup survey shows 45% of Americans are happy with their tax rates and 3% believe them to be too low.) In fact, I suspect a significant portion of the population may welcome the tax increases with hardly concealed joy.”

I guess you are talking about the more that 50% that effectively pay zero federal taxes, because the rest of us working our asses off, creating businesses and jobs and paying our share plus theirs are pissed and frankly tired of pulling our weight plus that of a few freeloaders and paying the bill for welfare, medicaid and other socialist nirvana bullshit.

Anyway nice blog and thanks for friending me on facebook.

Jack
.-= ModernSurvival´s last blog ..Back From Big Bend =-.

]]> By: Petra http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/comment-page-1/#comment-1681 Petra Wed, 28 Apr 2010 05:08:57 +0000 http://www.moneyhoneyblog.com/?p=597#comment-1681 Thanks for your comment, G. As for God given qualities - yes, but what matters is what one makes of them (and an awful lot of people these days prefer to take the easy way, wasting those qualities or not even developing them). Regarding your concern about US brokers; well, they have to withhold tax on dividends - even at present (except that at the moment it's 15%), so that's nothing new. I agree that inflation will in the next few years become a larger problem than most expect. We certainly have had plenty of precedents of paper money becoming quite worthless. Tt - yes, agree. We tend to confuse freedom and liberty with democracy, when democracy in fact more often than not represents a threat to individual rights and liberties. The US was meant to be - and was, for just over a century - a Constitutional Republic, not a democracy; sadly the wisdom of the Founders has fast been forgotten. Trying to force China (which, I believe, was also intended to be a republic) to adopt our style of democracy, ignoring all historical evidence, is inexcusable. (That's not to say China's current system is ideal, they still have a long way to go - but hopefully in the right direction.) Warwick - true. As Jefferson said, "Democracy is nothing more than mob rule, where fifty one percent of the people may take away the rights of the other forty nine." Not so sure about practical merits of a twin house system; it didn't appear to have helped us much in the end. Thanks for your comment, G. As for God given qualities – yes, but what matters is what one makes of them (and an awful lot of people these days prefer to take the easy way, wasting those qualities or not even developing them). Regarding your concern about US brokers; well, they have to withhold tax on dividends – even at present (except that at the moment it’s 15%), so that’s nothing new. I agree that inflation will in the next few years become a larger problem than most expect. We certainly have had plenty of precedents of paper money becoming quite worthless.

Tt – yes, agree. We tend to confuse freedom and liberty with democracy, when democracy in fact more often than not represents a threat to individual rights and liberties. The US was meant to be – and was, for just over a century – a Constitutional Republic, not a democracy; sadly the wisdom of the Founders has fast been forgotten. Trying to force China (which, I believe, was also intended to be a republic) to adopt our style of democracy, ignoring all historical evidence, is inexcusable. (That’s not to say China’s current system is ideal, they still have a long way to go – but hopefully in the right direction.)

Warwick – true. As Jefferson said, “Democracy is nothing more than mob rule, where fifty one percent of the people may take away the rights of the other forty nine.” Not so sure about practical merits of a twin house system; it didn’t appear to have helped us much in the end.

]]> By: Warwick Lucas http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/comment-page-1/#comment-1654 Warwick Lucas Mon, 26 Apr 2010 13:43:04 +0000 http://www.moneyhoneyblog.com/?p=597#comment-1654 The way in which democracy eventually gives way to tyranny through the useless 51% voting themselves benefits from the other 49% is 2500 years old - Socrates and Plato banged on at length about it. Rabble democracy is best constrained by a twin house system. As an outsider, the real motives of Labour in attacking the House of Lords becomes apparent. And no wonder Churchill's comment that democracy was the worst political system except for all the others. The way in which democracy eventually gives way to tyranny through the useless 51% voting themselves benefits from the other 49% is 2500 years old – Socrates and Plato banged on at length about it. Rabble democracy is best constrained by a twin house system. As an outsider, the real motives of Labour in attacking the House of Lords becomes apparent. And no wonder Churchill’s comment that democracy was the worst political system except for all the others.

]]> By: tt http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/comment-page-1/#comment-1573 tt Thu, 22 Apr 2010 03:42:31 +0000 http://www.moneyhoneyblog.com/?p=597#comment-1573 You've touched on one of the best known problems to modern civility, nothing earth shattering here... In my humble opinion, it is less of an economic problem than a political one. At the heart of the issue lies the western belief regarding democracy, which is that grass root civilians collectively have better intelligence and higher integrity than a class of "ruling elites" (such as in the case of China) do. And therefore, the will of majority shall prevail. Under such systems, socialism is but inevitable, when the majority want to maximize its entitlement at the cost of the minority who actually can afford to pay. Of course, eventually those who give will be squeezed into the ones that can only take. Any politician who doesn't deliver this transfer of wealth will be kicked out of office, by the design of the system. Either that, or the mob has a revolution and takes it from the minority by force. Karl Marx famously predicted that the path to socialism is democracy, and that capitalism is its own grave digger. I do not know of a better sustainable system, to be clear. Everything is in slow morphing to the direction that ends in doom for most of us. The question is always about at what stage the morphing is. As an investor one can only hope he/she can have the scope and means to invest in places that reward the risk taking. You’ve touched on one of the best known problems to modern civility, nothing earth shattering here… In my humble opinion, it is less of an economic problem than a political one. At the heart of the issue lies the western belief regarding democracy, which is that grass root civilians collectively have better intelligence and higher integrity than a class of “ruling elites” (such as in the case of China) do. And therefore, the will of majority shall prevail. Under such systems, socialism is but inevitable, when the majority want to maximize its entitlement at the cost of the minority who actually can afford to pay. Of course, eventually those who give will be squeezed into the ones that can only take. Any politician who doesn’t deliver this transfer of wealth will be kicked out of office, by the design of the system. Either that, or the mob has a revolution and takes it from the minority by force. Karl Marx famously predicted that the path to socialism is democracy, and that capitalism is its own grave digger.

I do not know of a better sustainable system, to be clear. Everything is in slow morphing to the direction that ends in doom for most of us. The question is always about at what stage the morphing is. As an investor one can only hope he/she can have the scope and means to invest in places that reward the risk taking.

]]> By: goldstandard http://www.moneyhoneyblog.com/why-the-us-is-doomed-to-high-taxes-high-spending-and-progressive-socialism/comment-page-1/#comment-1546 goldstandard Tue, 20 Apr 2010 17:50:03 +0000 http://www.moneyhoneyblog.com/?p=597#comment-1546 Hi Petra, good to hear from you again! Im most interested in taxes. Im one of those who are net payers, as opposed to net receivers. In Czech, clearly more than ½ are net receivers. Im also quite concerned about what is going on and I read your article with great interest. Philosophically, from a christian - protestant point of view (not necessarily my view), those who work harder and those who are cleverer have received those qualities from the God. Therefore, they should give something away. Just comment to your point on fairness. However, I guess it is way too much, today. This philosophy does not bother me. What bother me are practical consequences. Recently, I decided to find US based broker to buy more US securities. (So far Charles Schwab is the best in my view, but it is irrelevant). From what you wrote, I m afraid I should better stop thinking about US stocks and brokers. Im afraid, that US based brokers will be forced by Uncle Sam to tax all dividends and capital gains first, according to the US rules. Than, they send to me what remained, to cope with Czech tax system. For practical reasons, I summarize situation in Czech for stock investors: there are no capital gain taxes for people who own stocks (even US stocks), if you hold them ½ year or more. On the other hand, companies have to pay 20% tax out of capital gain, even if unearned. (Berkshire Hathaway would not work here ). Dividends are taxed by 15 % at the source. I agree, that those taxes You describe look terrible, however, there is one more dangerous tax: inflation. Taking into account also this one, we come back to the boring idea of physical gold ownership. Government will not probably agree to expropriate gold. If they do, patriotic people will not hand their gold over, anyway. Its difficult to find, you must search the house or deposit boxes to find it and that’s unlikely. It is transportable, no one knows you own it, capital gains can not be investigated easily. Moreover, I believe that taxation of capital gains is a preparation for inflation. Maybe Im giving too high credit to politicians, but it can happen anyhow. Than, you tax twice: first you inflate and than you collect capital gain tax . Im not big fan of gold, as it is difficult to assign an intrinsic value to it. But Im certain that intrinsic value of paper money is eventually zero. With taxation, value of stocks can decrease as well. Gold is not taxed, yet. So far, some banks trade gold with 5% spread, for cash only. No credit cards, to be sure there is no record left. They do not ask your name. VAT is zero for gold. I agree, it is not ideal, but it is something. Perhaps not a great investment, but it is something. Have a nice day, G. Hi Petra, good to hear from you again!
Im most interested in taxes. Im one of those who are net payers, as opposed to net receivers. In Czech, clearly more than ½ are net receivers. Im also quite concerned about what is going on and I read your article with great interest.

Philosophically, from a christian – protestant point of view (not necessarily my view), those who work harder and those who are cleverer have received those qualities from the God. Therefore, they should give something away. Just comment to your point on fairness. However, I guess it is way too much, today.

This philosophy does not bother me. What bother me are practical consequences. Recently, I decided to find US based broker to buy more US securities. (So far Charles Schwab is the best in my view, but it is irrelevant). From what you wrote, I m afraid I should better stop thinking about US stocks and brokers. Im afraid, that US based brokers will be forced by Uncle Sam to tax all dividends and capital gains first, according to the US rules. Than, they send to me what remained, to cope with Czech tax system.

For practical reasons, I summarize situation in Czech for stock investors: there are no capital gain taxes for people who own stocks (even US stocks), if you hold them ½ year or more. On the other hand, companies have to pay 20% tax out of capital gain, even if unearned. (Berkshire Hathaway would not work here ). Dividends are taxed by 15 % at the source.

I agree, that those taxes You describe look terrible, however, there is one more dangerous tax: inflation. Taking into account also this one, we come back to the boring idea of physical gold ownership. Government will not probably agree to expropriate gold. If they do, patriotic people will not hand their gold over, anyway. Its difficult to find, you must search the house or deposit boxes to find it and that’s unlikely. It is transportable, no one knows you own it, capital gains can not be investigated easily. Moreover, I believe that taxation of capital gains is a preparation for inflation. Maybe Im giving too high credit to politicians, but it can happen anyhow. Than, you tax twice: first you inflate and than you collect capital gain tax .

Im not big fan of gold, as it is difficult to assign an intrinsic value to it. But Im certain that intrinsic value of paper money is eventually zero. With taxation, value of stocks can decrease as well. Gold is not taxed, yet. So far, some banks trade gold with 5% spread, for cash only. No credit cards, to be sure there is no record left. They do not ask your name. VAT is zero for gold. I agree, it is not ideal, but it is something. Perhaps not a great investment, but it is something.

Have a nice day, G.

]]>