March 7, 2011
Today, there are derivatives being created and sold in the hundreds of millions of dollars in value. Today there are financial derivatives and exotic financial instruments being created (manufactured). Today stocks and bonds are being sold, traded. purchased every single minute by the the hundreds of millions of dollars in value. In total, all of it is being swapped, traded, bought, sold and manufactured as well as exported and imported across nations. I would say that in and of itself, starting now – would solve the deficit problems.
And, just as we pay taxes on milk when it is bought, there are other taxes on the suppliers which are paid, on the retailers which are paid, on the properties housing it which are paid, on the truckers that deliver, on the gas they buy to deliver it, on the farms and farmers which produce it and sell it in the first place. So, why in the world wouldn’t these tremendously expensive products being created every minute of every day not be taxed in the same way with the same sales taxes, manufacturing taxes, product taxes, VAT and ad valorem taxes, export and import duties, and state taxes?
(etc. – from my post on March 7)
March 7, 2011
A tax of even 20% on the total value of credit default swaps, credit derivatives, stocks, bonds, and other financial derivative instruments would put nearly every nation including and especially the United States, Great Britain and the European Union in the black instead of facing huge deficits.
(etc. – from my post on March 7, 2011)
Also from the above post –
If a corporation makes a dollar in sales or revenue (gross) then from the gross, they pay America 25%. And, they can give another 1% on top of that gross to the states where they did business.
If the sales were made in the US, then the sales and business revenues are taxed 25% with no deductions, no loopholes, no adjustments against “losses” – nothing. And, every industry subsidy that is being paid out right now in the hundreds of millions of dollars can simply be stopped immediately this budget, this year, right now.
This plan works. This plan works right now. These two plans together work even better (the one here and the one for taxing the financial products every time they change hands – bought, sold or traded).
These work to pay off the debt that the US owes right now and then no interest would have to be paid on it any longer as of right now.
And, that would actually fix the deficits in the US Federal budget, the EU budgets, the UK budget, the NY budget and the rest of the budgets of the 50 US states.
– cricketdiane, 03-07-11 (and the few days before that.)
March 6, 2011
I bet they could figure out a better way to work out balancing these budgets if they wanted to do that. Maybe their rich friends in the business world could be putting in their fair share instead of working every trick in the book to cheat America out of any of what they make here. There could be a simple tax put on businesses with no loopholes whatsoever.
If a company gets a dollar gross in revenue in the US, they could pay 25 cents of it to support the infrastructure where they’ve gotten it. No loopholes, no more corporate subsidies, no more tax breaks. No taxes after the net is calculated, and regardless of what is paid to whoever the jackasses are running the company, no matter what is paid to shareholders in dividends.
– CricketDiane, March 6, 2011)
My Note –
Before the US House of Representatives under the demands of the cutting budgets theme – dismantle, unfund, eviscerate and destroy the agencies, programs, employment, skills banks represented there, the systems and processes already in place – without regard to our national interests, they need to consider simply using the existing sales tax and ad valorem laws to raise the revenues from the financial industries who put all of our nations into this economic mess.
If the “exclusions for the financial and credit derivatives” were removed from the existing laws – it would quickly require them to pay the same as every other product and creator of products and consumer is required to pay on every other thing.
That could immediately fix the needed revenues to complete the payoff of the entire US debt this year – right now with the interest, and have a surplus besides. Every state’s budget could be brought into the black before the strength of our nation is weakened any further by increasing unemployment by these severe cuts, and before decimating our education systems, our state agencies, our social safety nets for the communities and before leaving our next generations without any opportunities for economic participation.
We need to be competing with the other world nations – not supporting them and their assets which are often corrupt slush funds for the elite controlling the countries and not helping to make the world or the US in any way better.
With the US debt greater than any of us will see in our lifetimes – the fact is that we are spending more on the interest for the debt than on most all of the domestic spending programs combined. That means – there is where the money is going and about to go instead of being available to help anyone. I would say that is the real problem.
( – cricketdiane – found on the post below halfway down)
March 6, 2011
And, apparently, they don’t know how to fix an economic situation adequately either or they would be doing it to increase the revenues across these states rather than diverting the funds as they are doing, hiding them, redistributing them and decimating their states and the nation in the process.
We don’t need everyone in America fighting for the sustenance of a little bread and a roof over their heads with so much stress that they beat the hell out of each other in their own homes and have the incentive to thieve simply to live. That won’t work to help us match the competitive economic war grounds in the world with a matched competence and increased chance of winning.
And, that is what is going to be the most important for the future, both immediately and in the far-reaching distance.
– cricketdiane, 03-06-11 (from the post linked below)
We are the only nation that I know whose children are not learning to speak two or three languages. We are one of the few nations that are taking our best and brightest, putting them on a football field and having them beat one another’s brains into permanent brain damage. We are the only nation that insists on taking music and art out of the schools while we pay for it to be added to every back woods, backwaters place in the world to help students learn to develop their abilities for math, science, engineering, ordered thought, creativity and innovation all at the same time.
What the Governors and Republican conservatives in particular, are doing in disrupting this opportunity for our nation is to set the future course of America on a downward trajectory rather than a higher one where we would have more security, greater prosperity and sustenance, better more extensive opportunities for all and a better world including the future living environment across America.
March 6, 2011
Wisconsin budget, Washington DC budget cut battle, Republicans War on Americans, on Unions, on Small Businesses, on All of US
My Note – (also from the above post)
We essentially bought the toxic assets that the banks and financial firms were using to play their gambling games. Their ideas about how things had to be done left us all with the bills to pay on it and then to have us blamed for it. They were running things. Their Republican buddies were decision-making. They chose to do it that way and then chose to have us all pay for it when it went horribly, horribly wrong for them. That is bullshit.
The bully does not win though he may think he does in each battle against another to set himself above everyone else. The pain and difficulties he causes are born by the whole group each and every time and over the entire course of when the bully is allowed to perpetrate his wrongs upon others. How many harms did the bully ever fix? How many of those whose suffering he caused are ever put right by the bully? And, when life finally rears its ugly head upon the bully, how can he possibly be ready or internally strong enough to know what to do or how to handle it when everything has only seemed to go his way without ever being real, character building, genuine experiences that build strength?
He always loses. History tells us that. In small ways, from the playground view of the bully to the great lessons from history of mankind, we have seen that the bully loses – Nero lost, Caligula lost, Louis the whatever that no one can even picture in their own mind to this day – definitely lost. They did not win.
(etc. – from above post)
The Republican Conservatives striving to undermine the US government, to divert resources in state and national budgets, to unfund every single program and agency that serves the public good – are bullies. And, five years from now when they say – “oh well, maybe we shouldn’t have done that,” – how many children’s lives will have been left uneducated, how many families will have beat each other to death in despair, how many public consumer safety, food safety and worker safety program will exist to effectively insure the public good? The costs that the bully perpetrates on those around him are too great for this to be tolerated any longer. We can little afford it as a nation or as members of any state in the US.
(added just now – cricketdiane)
And this is pathetic when the domestic spending cuts won’t even solve the problems which could easily be solved by simply including the financial instruments being manufactured by Wall Street and bankers in the sales taxes collected, the other taxes and fees that manufacturers and retailers pay and ad valorem taxes that are placed on multiple things, export duties and import duties as everything else has to pay – and similar fees.
03-10-11 (cricketdiane – Pay Off the US Debt Right Now Plan – 2011)
They’re paying $4 Billion dollars a week of our tax dollars to play war in Afghanistan. They’re giving $3.2 million dollars a day to each of a vast number of countries which makes that figure multiplies by that many. And, that is just for military equipment and military training to these nations. The other money going from our tax dollars to pay for every other kind of thing, rarely even enriches the public good of those nations because of the corruption that diverts it. But, we have to cut domestic spending budgets?
No. That has created enough nonsense already.
All of it has.
And this published on CNN was interesting – but do any of them know of the above plans that would simply pay off the US debt this year exactly as it stands now –
‘Gang of Six’ may solve U.S. debt mess
By John Avlon, CNN Contributor
March 10, 2011 7:55 a.m. EST
Every day the United States adds $4 billion to our national debt. We need to raise the debt ceiling this spring or America will default on its payments to creditor nations like China, which is using U.S. interest payments to fuel its rise while we borrow money to just pay for benefits to an aging population.
Chairman of the Joint Chiefs Adm. Mike Mullen has described our national debt as the greatest national security threat facing our nation, and it’s easy to see why: The world’s biggest debtor nation cannot remain the world’s sole superpower indefinitely.
The heroes of this story are the so-called Gang of Six. The group is led by Democrat Mark Warner and Republican Saxby Chambliss, who are joined in meetings by Senate veterans of the president’s deficit reduction panel — Republicans Tom Coburn and Mike Crapo and Democrats Kent Conrad and Dick Durbin. The group’s off-site negotiations have attracted more than 30 of their Senate colleagues.
My Note –
Why shouldn’t these speculators, hedge funds, traders and commodities market brokers trading, buying and selling these contracts that drive our price of oil, gasoline, heating oil, natural gas, gold and silver – pay at least a sales tax on the amount of the contract just as we do when we buy any gallon of milk or gallon of gas at the store?
That would solve our debt crisis without having to cut anything and it would actually solve the problem of our $4 billion dollars a day being paid on the national debt. It would actually solve it in the next six months of this year.
Why can’t our legislators simply do that? It is fair, it is reasonable, it actually works to solve the real problems in the national budget and solves the national debt with its interest costs. It works.