LITEROTICA PODCAST
LIT CAMS (200 Free Tokens)ADULT TOYSVOD MOVIES

wall street supporting biden's plan to reverse trump's tax cuts

butters

butters

High on a Hill
Joined
Jul 2, 2009
Posts
85,729
Many financial services executives are supporting Joe Biden over President Trump — even though a Biden win could be a slight negative for the industry.
Deregulation championed by the White House and Congress and low interest rates ushered in by Jerome Powell, Trump-appointed Federal Reserve chairman, have helped fuel a market rally in the past few years that was — at least until Covid-19 hit — very good for bank profits.

But according to a recent analysis from S&P Market Intelligence, Biden's proposed tax plan could lead to a combined $7 billion increase in corporate taxes annually for the nation's top 10 banks.
Click to expand...
https://www.cnn.com/2020/10/09/investing/bank-earnings-preview/?iid=ob_lockedrail_longstory_pool
 
Our debt is over 27 trillion. That is paying EXISTING bills and obligations ONLY. The majority of this is mandatory spending. Required by law. There are only 3 ways to lower this.

1) Cut spending. But this won't work because the spending is mandatory. That means...Congress MUST pass new spending requirements.

2) Increase TAXES. The only revenue source the Federal Govt has.

3) A combination of cut spending and increase taxes.

Pretty obvious which option it should be.
 
Dribble said:
Our debt is over 27 trillion. That is paying EXISTING bills and obligations ONLY. The majority of this is mandatory spending. Required by law. There are only 3 ways to lower this.

1) Cut spending. But this won't work because the spending is mandatory. That means...Congress MUST pass new spending requirements.

2) Increase TAXES. The only revenue source the Federal Govt has.

3) A combination of cut spending and increase taxes.

Pretty obvious which option it should be.
Click to expand...

First step is a balanced budget.
When you're in a deep hole stop digging.
 
So...what about discretionary spending dribble? It is roughly 1/3 of the total budget. Well...52% of it is military spending. Everything else...everything that dimwitted people want to cut...is somewhere in the 48%. Only problem...it isn't the part of the budget that is growing exponentially. We can eliminate ALL discretionary spending...and in 5 years...we will again be 27 trillion in debt. The problem is the non-discretionary...or MANDATORY spending. That can only be fixed by Congress.
 
In the period between 2012 and 2017 our small firm paid about $500,000 pa in tax in the USA. Since the Trump reforms - zero. However, the old regime had one feature which we want back: stability.

So many new schemes and investments have been put off because of instability, that we have missed numerous growth opportunities. We would prefer to grow our business and are prepared to pay what was not a particularly onerous tax burden anyway.

The Tax system needs reform but neither party is at all likely to provide it.
 
.
Biden would have to go a lot further than undoing the Trump tax cuts for the rich to even begin to undue the last 40 years of wealth transference from lower and middle class workers to the top 10%. Biden would have to pass his entire tax plan as constructed to even begin the re-balancing of the tax burden.

Unfortunately, I believe all he will get is a watered down version of his plan, meaning president AOC will have to do the real work. She will probably also have to do the real work on climate change and social justice as well.
 
There is an astounding amount of waste in Government. Pure waste. Throwing money away.

The constant redecorating of Judge's Chambers is just one example. When a new Judge comes in, the whole Chambers and Courtroom gets redone at high cost even if it was just recently done.

At the end of a Fiscal Year, any money that was left unspent is tallied, moved to other accounts and spent on consumables. I personally implemented a program that saved our office over $100,000/year, every year. That money was never returned in any way or carried over into the next year. It was rapidly spent in the last month or so on silly shit like copier paper. We had rooms full of pallets of copier paper but the money had to be spent. If it wasn't, the budget for the next year might have been reduced.

Well, DUH!!! That was the point ... to reduce the next year's budget.
 
icanhelp1 said:
First step is a balanced budget.
When you're in a deep hole stop digging.
Click to expand...

Yep you are right, and I agree, so why did you support Trump's tax break, and yet not demand an offsetting reduction in Government spending?
 
FescueFan said:
But free everything for everyone comrade!!!
Click to expand...
Five times in a row over just the last 40 years, republican presidents have grossly overspent the budget while also cutting taxes, each time with a tax cut advantage to the wealthy. Five times in a row the promise has been the resultant increased business would increase tax revenues to pay back the past overspends. Five times in a row the republican trickle down economies fell into recession and not a single $ 0.01 of the massively increased debt has ever been paid back. Each $ trillion overspent represents an average of $ 3000 debt for every U.S. citizen... from the one day old new born to the oldest citizen. Thanks to trump's FAILED economy we're now $ 27 trillion in debt... so every U.S. citizen owes about $ 80,000 AND the average interest (2%) on that debt means we're now all paying an average of $ 1600 annually... just for interest on the national credit card. Worse is... to re-establish the economy is going to require massive overspending yet again... so the national debt will balloon to about $ 33 trillion... with interest payments at an average of $ 2000 per year per citizen. If we don't pay the debt, it will be passed on to our children, grandchildren and their children... that is the republican legacy... stealing from our children.
Of course, if trump balloons the debt, he and the trumpettes will state its necessary and brilliant but if Biden balloons the debt, the trumpette douche bags will claim its democrat tax and spend... just like they did Obama when he inherited Bush II's near depression. That's why if trump is elected, we're going to become Argentina or China (a ruling class and everyone else poor)... if it's Biden, then he is going to do ALMOST exactly what republicans have done for 40 years... he's not going to cut but he's going to hold the line on taxes for middle class and poor, raise taxes on corporations and the top 5%, pass legislation that requires any corporate tax breaks to be spent on improving efficiency and productivity rather than stock buybacks to enrich the already wealthy, and he's going to massively spend... just like Reagan, Bush I, Bush II and trump did... neither president will have a choice but for Biden, after all, if republicans can fuck over our children, then in dire times when there's no other way out, democrats should too... right trumpettes? Maybe Biden should cut taxes and spend even more... just like republicans... I mean if we're going to fuck over the kids then lets really fuck em over.
Over the last 40 years, it's the extremely wealthy that have collected all the wealth from the overspent budgets in the biggest transference of wealth in U.S. history. The U.S. standard of living is collapsing in this oligarchy... the corporations and the very wealthy are going to have to endure higher taxes... we're going to have to significantly cut the military budget and it'll still be more than the next 10 countries combined... which we should have been doing all along... just think, we won't be able to go around with the big swinging "might is right" dick so freely, we'll actually have to negotiate better, what a concept... and if spend our money wisely, unlike republican fear programs, we can use less money to dramatically improve our security... we'll have to end most farm subsidies, oil subsidies and ethanol subsidies... thank Christ... and we'll have to invest in technologies and exploration which will actually create new technologies and new better paying jobs that don't exist elsewhere yet.
The tariffs will end and prices will fall for a lot of everyday products. The idea of bringing obsolete product manufacturing back to the U.S. was always ridiculous... but the trump messiah got the trumpettes to believe even thought the economics never made sense. We will have to embrace renewal energy, space and ocean exploration... we should move to a single payer health care system because the amounts of money we already spend are FAR more than we would spend in a single payer system... republicans will pay twice as much for something so long as the amount they pay is not called a tax... if they pay twice as much to capitalist business then it must be better than a government initiative... ROFLMFAO... the level of delusion is incomprehensible. And yes, I realize every republican will cry and whine "socialism"... be afraid... and they'll never admit to the fact that we've had government programs in the U.S. for a very very long time and they've never come close to threatening capitalism.

So yes Fescue... free public education through college is not a bad idea... getting the U.S. back to leading the world in education is a very very good idea for the future of the U.S.
 
WillJ8787 said:
This is pretty much the word on wall street... Everyone is planning for a big Biden win and a resurgence of better and more predictable earnings across every industry.

Trump had his chance and blew it and big business wants him out because he is a train wreck that can't be reasoned with and he creates instability.
Click to expand...

Biden would sell out every industry you have to China if he could.
 
jaF0 said:
There is an astounding amount of waste in Government. Pure waste. Throwing money away.

The constant redecorating of Judge's Chambers is just one example. When a new Judge comes in, the whole Chambers and Courtroom gets redone at high cost even if it was just recently done.

At the end of a Fiscal Year, any money that was left unspent is tallied, moved to other accounts and spent on consumables. I personally implemented a program that saved our office over $100,000/year, every year. That money was never returned in any way or carried over into the next year. It was rapidly spent in the last month or so on silly shit like copier paper. We had rooms full of pallets of copier paper but the money had to be spent. If it wasn't, the budget for the next year might have been reduced.

Well, DUH!!! That was the point ... to reduce the next year's budget.
Click to expand...


Spot on!!!
 
You must log in or register to reply here.

Similar threads

VaticanAssassin
So the Wall Street crew are marching for this guy?
Replies
12
Views
1K
akatrex
akatrex
Obama_Sucks
Your Assignment: Compile Obama’s Flip-Flops
2
Replies
33
Views
4K
Pad_Foot
Pad_Foot
L
Hey Republicans. How's Bush's "Ownership society" principle going? How's your 401k?
Replies
2
Views
319
Le Jacquelope
L
S
AP study finds $1.6B went to bailed-out bank execs
Replies
0
Views
150
southerntierguy
S
L
Stop bashing Bill Gates! He does nothing but good for the world!
2 3
Replies
53
Views
1K
Le Jacquelope
L
Back
Top