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F@ck the Rich — Let’s Tax the $hit out of them
invite response
2007 Jul 19, 8:28am 29,327 views 254 comments
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NEW YORK (Reuters) - Countrywide Financial Corp. (CFC.N) Chief Executive Angelo Mozilo said the U.S. housing market is unlikely to recover before 2009, as lenders and homeowners work through oversupply, stagnating home prices, and the excesses of recent lax lending standards in much of the mortgage industry.
He he he...
SP
Randy H
2007 Jul 24, 6:06am
I miss Usenet. I used to participate quite a bit in rec.poetry, but then again back then I had youthful ideals and a lot more hormones.
Randy H
2007 Jul 24, 6:08am
Actually, has anyone tried to revive Usenet by facading it with blog-like interfaces? I have to think through why, but it sounds like there might be something there.
Randy H Says:
Actually, has anyone tried to revive Usenet by facading it with blog-like interfaces? I have to think through why, but it sounds like there might be something there.
Of course. Google groups covers that. G bought out Dejanews' content and rolled it into http://groups.google.com/
In many ways, Usenet as a discussion platform was further evolved than most blogs are today.
SP
I'm visiting CA as I write. Why don't you tax the crap out of cigs? I can't believe they are only $3.50 a pack. I thought CA was so into health and whatever! Back in Chicago $7.00 is a deal and the state is about to increase the tax by another 75 cents. Imagine what the state could do for health care and high speed rail with the extra $3.50 to $4.00 a pack! WOW!!!
Yeah, but the CEO of Countrywide is going to make a mint, no matter how well or poorly the company does:
http://www.reuters.com/article/email/idUSN2543727420070725
Even if Countrywide Financial Corp.'s profit falls sharply in 2007, Chairman Angelo Mozilo still could pocket a maximum incentive of $10 million, thanks to a change in his employment contract that does not require earnings growth.
Mozilo, the son of a butcher who built Countrywide into the largest U.S. mortgage lender, is used to receiving handsome compensation. Over the past five years, Mozilo has received $387 million from pay and stock option gains.
monkframe
2007 Jul 29, 1:56am
Missing from this discussion, and admittedly I didn't peruse every word in 249 previous comments, is corporate avoidance of taxes.
Large corporation's share of the tax burden has fallen from 35% in the 1940's to something around 10% today. Multinational corps. largely run the government and write the laws ( see the credit card bill of a few years ago, the current farm bill, the operation of our intelligence gathering) and they increasingly operate without any restrictions whatsoever.
As to all the "welfare queen" bashers: I hope there is no karmic coming back in another life to enlighten you as to what it is to be poor in America.
You're all wrong! Just kidding, however there is a solution that I didn't see posted above, the Henry George "single tax". Take a look at www.henrygeorge.org but don't reject the idea until you are sure you really understand it. It takes a little study since it flies in the face of common preconceptions and it is very easy to think you get it when you don't. Just keep in mind the principle - don't tax that which you want more of!
By the by, the FairTax is, IMHO, only very slightly better than the current mess. It is far from a good solution.
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We've often had lively debates here at Patrick.net about tax policy (flat tax vs. progressive tax, taxing wages vs. passive capital gains or consumption, what constitutes a "luxury" good vs. "staple" good, framing the inheritance tax as the evil "death tax", etc.).
Personally, I would like a much less complicated and less loophole-ridden tax structure that accomplishes the following economic and social goals, which are important to me:
While these goals are important to me, I recognize that everyone has their own priorities and agenda, which may be different from mine. Although I tend to lean in favor of a (greatly simplified) mildly progressive tax structure that treats all asset classes and income sources equally, and eliminates pretty much all corporate and individual subsidies (call it "Flat Tax Lite"), I'm open to other suggestions. I consider myself a fairly practical, pragmatic person, not so bound to one particular ideology that I'm unwilling to consider reasonable alternatives and/or compromises.
So, there you go. Have at it.
HARM
#housing