Dow Drops More Than 500 Points

[drew54]

What I don't understand is the unwillingness to cut tax loopholes like the oil subsidies and private jet tax credit.

It always seems the message is the free market knows best, but don't mess with our sacred cows that are propped up.

[Dirtbag59]

Originally Posted by drew54

What I don't understand is the unwillingness to cut tax loopholes like the oil subsidies and private jet tax credit.

It always seems the message is the free market knows best, but don't mess with our sacred cows that are propped up.

I only know so much about this, but a lot of people want to hit a lot the corporations with heavy taxes which from a basic economic standpoint makes little sense. First it raises prices in an economy where many are either unemployed or underemployed. Then it encourages these companies that could be providing jobs to pack up and leave all together for more tax friendly countries.

There needs to be a more amicable solution then just going hard at the corporations with taxes. Only thing I can think of is tax breaks for companies that hired unemployed workers. Make it worth their while.

[drew54]

Originally Posted by Dirtbag59

I only know so much about this, but a lot of people want to hit a lot the corporations with heavy taxes which from a basic economic standpoint makes little sense. First it raises prices in an economy where many are either unemployed or underemployed. Then it encourages these companies that could be providing jobs to pack up and leave all together for more tax friendly countries.

There needs to be a more amicable solution then just going hard at the corporations with taxes. Only thing I can think of is tax breaks for companies that hired unemployed workers. Make it worth their while.

I was thinking more along the lines of all of these tax incentives that are unnecessary. Do you really need a $7,000 credit to go buy an electric car. If you cannot afford the car don't buy it. Do oil companies need an incentive to drill for oil? Do people who want to fly on a private jet need an incentive to own one? I would much rather see that money go into fixing the highway I have to drive to work on every day. Except not fixing those pot holes is a stimulus plan for suspension and tire manufactures.

I agree the main problem is that there is no incentive to keep jobs in the US right now. Lower taxes for the top individual bracket alone is not going to do that. Better corporate taxes might.

[Slingin Sammy 33]

Originally Posted by drew54

I was thinking more along the lines of all of these tax incentives that are unnecessary. Do you really need a $7,000 credit to go buy an electric car. If you cannot afford the car don't buy it. Do oil companies need an incentive to drill for oil? Do people who want to fly on a private jet need an incentive to own one? I would much rather see that money go into fixing the highway I have to drive to work on every day. Except not fixing those pot holes is a stimulus plan for suspension and tire manufactures.

I agree the main problem is that there is no incentive to keep jobs in the US right now. Lower taxes for the top individual bracket alone is not going to do that. Better corporate taxes might.

Check out the FairTax.
- Eliminates corp taxes (brings US business back from off-shore, brings foreign business here)
- Everyone keeps their full paycheck
- underground economy is taxed (all unreported income)
- significantly reduces (almost eliminates) the IRS
- simplifies the tax code (you don't need HR Block, etc to do your taxes...you don't do taxes)
- eliminates all tax loopholes provide by Congress to pet constituencies

Americans For Fair Taxation: Americans For Fair Taxation

[saden1]

This great...I got extra money laying around amd now I have a place to put them. Everything is on sale....buy buy buy!

[GMScud]

Originally Posted by saden1

This great...I got extra money laying around amd now I have a place to put them. Everything is on sale....buy buy buy!

?? drunk thread maybe?

[saden1]

Originally Posted by GMScud

?? drunk thread maybe?

No, it's called Value Investing Strategy...one of the pillars of investing is to buy more when the stock price of solid companies drop. It makes sense plus it doesn't hurt that Warren Buffet uses this strategy.

[Schneed10]

Originally Posted by saden1

No, it's called Value Investing Strategy...one of the pillars of investing is to buy more when the stock price of solid companies drop. It makes sense plus it doesn't hurt that Warren Buffet uses this strategy.

Yep. Buy low, sell high.

[JoeRedskin]

Originally Posted by Schneed10

Yep. Buy low, sell high.

Wow!!! Wish I had thought of that.

[GMScud]

Originally Posted by saden1

No, it's called Value Investing Strategy...one of the pillars of investing is to buy more when the stock price of solid companies drop. It makes sense plus it doesn't hurt that Warren Buffet uses this strategy.

Yeah I get that. Your post read like a drunk man, that's all I was saying. All good.

[saden1]

The Chinese work for 10 cents a day. Short of going back in time there is nothing America can do to compete with that.

[Ruhskins]

Glad to see the good news about the job market. I'm not trying to be political, I'm just glad something positive about the economy has happened.

[12thMan]

Unfortunately, this is very political. The state of our economy and it's pending recovery is centered around our politics and our ability (or inability) to come up with a solution. It's not just the employment numbers and other economic data driving global uncertainty, but the uncertainty coming out of Washington and whether or not our lawmakers can find common ground and signal to the world that we're not going to let the ship sink. No one really liked the debt deal. It's nearly economicaly impossible to prime the economy through austerity measures.

The recent debt ceiling fight left all political players badly wounded and people are now asking how to do we get from here to there if there are no more tools in the toolbox. The Fed is out of bullets, the White House can't/won't get any sizable economic package through this Congress. So it's really wait and see from here on out. I guess economy heal thyself will be the new theme coming out of Washington.

[Ruhskins]

Originally Posted by 12thMan

Unfortunately, this is very political. The state of our economy and it's pending recovery is centered around our politics and our ability (or inability) to come up with a solution. It's not just the employment numbers and other economic data driving global uncertainty, but the uncertainty coming out of Washington and whether or not our lawmakers can find common ground and signal to the world that we're not going to let the ship sink. No one really liked the debt deal. It's nearly economicaly impossible to prime the economy through austerity measures.

The recent debt ceiling fight left all political players badly wounded and people are asking how to do we get from here to there if there are no more tools in the toolbox. The Fed is out of bullets, the White House can't/won't get any sizable economic package through this Congress. So it's really wait and see from here on out. I guess economy heal thyself will be the new theme coming out of Washington.

Good points. I meant to say that I wasn't being political with my statement. I'm just glad to get some type of good news. It seems that for the past couple of weeks any news about the economy was bad and depressing.

[saden1]

Originally Posted by 12thMan

Unfortunately, this is very political. The state of our economy and it's pending recovery is centered around our politics and our ability (or inability) to come up with a solution. It's not just the employment numbers and other economic data driving global uncertainty, but the uncertainty coming out of Washington and whether or not our lawmakers can find common ground and signal to the world that we're not going to let the ship sink. No one really liked the debt deal. It's nearly economicaly impossible to prime the economy through austerity measures.

The recent debt ceiling fight left all political players badly wounded and people are now asking how to do we get from here to there if there are no more tools in the toolbox. The Fed is out of bullets, the White House can't/won't get any sizable economic package through this Congress. So it's really wait and see from here on out. I guess economy heal thyself will be the new theme coming out of Washington.

Republicans championed gridlock and they got it.