The Treasury Department is considering bypassing Congress to grant a $100B tax cut. The maneuver would slash capital gains taxation by adjusting for inflation, fulfilling a long-held ambition of many investors, NYT reports. The Treasury also predicted the U.S. government’s borrowing needs in the second half of this year will jump to the most since the financial crisis, with net borrowing of $769B (and $1.33T for the year). Copied from "Seeking Alpha, a financial news organization". Net government borrowing at the highest rate since the financial crisis! This at a time of a healthy economy. This greed is crazy. Can someone please explain how this isn't going to destroy our future economy?
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5 comments
Feel free to reply to any comment by clicking the "Reply" button.Bad on the deficit shit. The very rich need to pay more, for many verifiable reasons.
Great on the cap gains bit: a house purchased in 1950 should have the sale basis adjusted per inflation to current dollar value to assess taxable value. This is only reasonable.
JacarC
Level 8
Aug 1, 2018
0
I believe the first $500,000 profit is tax-free for a married couple.
@rogueflyer The majority of those punished by the historic approach have been family farmers, and other small businesses, who have been fucked by the stupidity of not adjusting the base for inflation. Adjusting the base will result in much more fair tax paying for all.
Capitalism will destroy itself, and 90% of the people who are enslaved in the system.
Piece2YourPuzzle
Level 8
July 31, 2018
1
I hope capitalism doesn't self-destruct. It has brought us one of the highest standards of living in the world. I see the problem being a lack of critical thought in the election process and a lack of ethics in the Congress and the executive branch.
@rogueflyer Well it does depend on how people use what they have, but I also believe that capitalism is a self destructing ideology. It's a snake eating it's own tail because it thinks it's nourishing itself. Capitalism by nature is greedy. It wouldn't be capitalism if it wasn't. Maximize profits and minimize costs...at all costs.
@Piece2YourPuzzle That may be true in some or most cases such as Wells Fargo or the trump organization but depending on the corporate culture there are organizations that value the welfare of the customer and happiness of employees. The greedy CEO makes the news but you only hear about the ethical employer when you talk to an employee or a customer that had a good experience.
Capitalism is not the problem. Criminality is.
We live in insane times. I keep wondering how much worse it will get until the entire country collapses and we never recover.
AmelieMatisse
Level 8
July 31, 2018
0
I hope it does... I hope it does... greed is the snake that will eat itself. They will try anything that will give them one more vote in mid term election.
GipsyOfNewSpain
Level 9
July 31, 2018
1
It's not going to, it's already destroyed. The greed of the 1% will be the downfall of this country for sure. They need us peons to do the work but they're also killing us off.
starwatcher-al
Level 7
July 31, 2018
2
Ya gotta keep the worker bees happy but this is too far, too many people are struggling just to keep heads above water.
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