C-SPAN 2 to cover the entire Rally for the Republic

[Fritz]

Not to nit pick but...you complained about raising taxes and an increased deficit in the same post. Even with significant cuts to all sectors of government spending our deficit is so big at this point I can't see reducing the deficit without some kind of increase in taxes.

Oh and unless we're using different terminologies, the estate tax only applies to the transfer of property after a person's death and then only affects those with an estate of over $2 million ($4 million for a couple). I'm guessing you're referring to a different tax law which I have no knowledge of. To go off on a tangent, can you imagine how much money our government would save if the tax code was simple and the IRS could be gutted?

[MorGrendel]

Whoops, I meant Capital Gains Tax. Obama will reduce the Estate tax. Sorry for the confusion.

I am aware that I bring up two seemingly contrary points. Let me attempt to put this into an anology.

Say, I have a credit card that I run up to $10,000 and I don't have a $10,000 dollars to pay it. This debt sits in an account that the credit card company charges interest at a rate of 19%. So in one year, I now owe 11,900, and in six years time I will owe 28,397 meaning my debt will nearly triple.

Now in this example, say my credit card company is nice and I'm a valued costumer so they offer me a lower rate, say 15% or even 3 years at 0%. Though the rate changed, I am not better off, I'm still worse off. If nothing changes but the rate I will still double my debt.

Now in this example, say I stop eating out so as to afford gas for my recently purchased $10,000 dollar car. Now that I have gas and a vehical, I can go and get a second job too. Now between the money I save and the money I earn, I can begin paying my bill. With luck I will be able to pay more than 19%, and pay down my principle amount.

Yes, I want to see a cut in taxes. I honestly don't think the current rate is just or effient. If my credit card rate was 19%, I would actively seek a new credit card. However, the rate has no effect on my principle, just the total amount of my debt. If I want to reduce my principle, I need to actively engage in ways to cut spending, save money, and increase cash flow.

As you mentioned, Tax Policy Center:

Tax studies have shown that when tax cuts are deficit funded and they're paid for by raising taxes in the future, "the economy is worse off than if you didn't cut at all," Burman said

[MorGrendel]

And a quick thank you.
Thanks Fritz for debating this. People are reading it and it is raising interest. That is all I could hope for.
Thanks Serban for making me think in anology . . . don't be mad at me for the long posts, they are Serban's fault :)

[hypo]

you credit card company sucks. Those rates are suppose to be annual rates not monthly rates. No one would be able to pay off a credit card at that rate

[MorGrendel]

Actually my first credit card was around 17% I believe. My first CD was at 8.5% on a 6 month (however, when I broke it 3 years later it had fallen to 6.6%). You'd be lucky to get 3% now on a year long CD.

[hypo]

17% per month or 17%APR

[MorGrendel]

Stay on subject! :P
APR . . . I've never heard of a monthly card that was not a flat fee (AmEx)

[hypo]

your math is fuzzy. If you are gaining intrest on a credit card at 19%APR and in one month you go from $10,000 to $11,900. I say you are getting ripped off.

You would only have to own somewhere around $158.00 in intrest for that month not $1,900.00

You owe interest on a Annual Percentage rate not a monthly percentage rate!

[MorGrendel]

Ohh, I get what you're asking now. Damn you "C"s. Miss the point of the story because of a detail. Yes, for the sake of the story insert Year where I said Month.

Actually that would be more like our govenrment anyway as they only seem to look at the finances every year (or really every 4 years).

Down with McBama!

[ahrimen]

why is it that liberals always want to be charitable with MY money?
http://www.nydailynews.com/news/politic ... s_loo.html

but dont want to give shit of theres away? Someone once told me that consevatives have to hold to the christain value of charity or there hipicrits, i argue bieng generious with some one elses money is not, its actualy stealing. biden made 2.4 mil$ and gave 3,960$ ???????? obama made 3.5mil$ and gave 10,000$ better, but c'mon! %wise I GAVE MORE TO CHARITY !!!!!!!!!!!!!!!!!!!!!!! AND IM DIRT FUCKING POOR!!!!!!!! I LIVE IN A GODDAMN TRAILER!!!!!! THERESA AND I MAKE UNDER 50K A YEAR!!!!!!
im not saying any one should do anything but what they want with thier money, but dont gimme bullshit about caring for the poor with other peoples tax money when your own wont surfice.
http://www.huffingtonpost.com/2008/03/2 ... 93376.html

wile McCain gave 20% to 25% of his income to charity.
http://harpers.org/archive/2008/02/hbc-90002519

if you dont like these links google your own there are hundreds.


had to rant i just heard this and it pissed me off! sorry

[MorGrendel]

err... Maybe you should have read the article. It basicly calls McCain a crook because his "donation" went to a "Foundation" he set up, to which he was the sole donor and which gave "charity" to the elite prep schools his kids go to. . .

It’s impossible to know how much McCain has saved in taxes through his foundation’s donations since he has thus far refused to release his tax returns (and won’t commit to releasing them after formally becoming the nominee either). There’s nothing illegal or improper about the foundation’s contributions, but it’s not exactly the pattern of giving you’d expect from someone who has cultivated an anti-elitist image.

***

However, If you are looking for something to be pist off at, consider that Merril- Lynch just got bought up by Bank of America for 50 Billion - Where is all the money people have invested, in say, their retirement. Seem to me too much like what happened to pensions. Companies were allowed to dump their pensions at the door of the government (PBGC) after the 1990s collapse of the stock market. We don't learn. How long until the Gov't tells these companies they can drop 20-25% of their 401-K to reach luquidity, and the Gov't will absorb the rest (i.e. John Q Taxpayer).

[Fritz]

I have a simple question before I give my 2 cents on Dan's latest rant: Are charitable donations 100% tax deductible? Meaning you can give all of what would be tax money to charity? I wanted to make sure before going off of that assumption. I've always just taken a standard deduction so I frankly have no idea.

[hypo]

All so confusing, are you saying that you gave more than $10,000 in charity last year if so you can't afford to be doing that; I don't think any of us are that well off. Or were you talking a percentage wise. I hope you not equating tax giving to charity giving that is not the same thing at all.

[MorGrendel]

On the quick, I believe not all charitable deductions are 100% tax free, and from my experience cash donations are usually taxed. I know you can donate a car to a foundation, and that (I seem to remember) is 100% tax free (but that may be because cars are expensive or part of the charter of the foundation, I don't know). Also I know that there is a way to give a percentage of your pay pre-tax to the Maryland Park System, so it would seem to me that their is a way around being taxed on you donation.

[hypo]

When donating Clothing or household items there is a maximum dollar limit that you can claim each year as well. I have it down some where and I think it is around $1500-$2000 but you set the value??? That to me makes no sense??? It is not like they can go back and audit your donation, but then again what is $2000.