The Argument for A Wealth Tax

[Toddsterpatriot]

Bullshit. Every bank that's a member of the Federal Reserve System (Member banks), is a shareholder.
You could start a bank today, jump thru all the proper hoops and you'd be a shareholder too.

That would never happen and you know it.

Why not? Be specific.

 

[Natural Citizen]

What we HAVE is a pragmatic system that WORKS (yes that's redundant).

What had before the Fed was Depressions about every ten years and an economy that got so out of balance with money flowing to the top that JP Morgan had to simply GIVE the government hundreds of millions just to keep playing the game

It's just not working for the middle class and the poor. It's working for Wall Street, though.

Ah well. I need to get some work done. Thanks for the lively debate, Lesh. We need more of that kind of thing around here.

 

[bendog]

What do you think inflation is?

And what happens to that $1000 once it's repaid?

It goes away. RIght back to the ether it came from but in the meantime...whoever borrowed that money was able to USE it to build or create or whatever

Yes. That is the simplest way to describe the transaction.

Why charge interest via a Fed?

Why not SPEND it into circulation and have it build or create or whatever?

Why the interest and who benefits from said interest, and why should they benefit from said interest when they have provided or contributed ZERO value?

But the "fed" doesn't charge interest. The fed does loosely control how much for profit banks charge for loans, and the relative ease/difficulty it is to get a loan.

Are you advocating that the govt, either through congress or a relatively independent govt entity like the fed, just give it to borrowers free of interest? If so who decides who is "more worthy" of the largesse? Frankly, I think this is how Putin works, and why he is very dangerous.

But the "fed" doesn't charge interest.

They do. It's called the Discount Rate.

That is not interest. The govt is NOT a moneymaking institution. Nor is the fed. Our private banking system is regulated. There is a distinction and not respecting the distinction makes any discussion about money supply and interest and inflation .... false.

That is not interest.

It certainly is. Currently 3.00%.

View attachment 243314

https://www.frbdiscountwindow.org/

The govt is NOT a moneymaking institution.

Ok. So what?

Nor is the fed.

And yet, the Fed makes a lot of money.

Our private banking system is regulated.

So what?

We're done.

the fed's discount rate is not a money making tool. It is a tool to affect the money supply and overall amount of economic borrowing (growth) in the economy. No borrower ever pays interest to the fed. Member banks do pay interest but only pay it to increase the amount of money they hold.
How the Federal Reserve Discount Rate Controls All Other Rates

 

[GWV5903]

Let’s be clear, you have no interest in obtaining anything on your own. You also have no idea what you’re talking about, the 53% or there abouts pays virtually nothing in FIT and instead receives a refund that is based on a level of fraudulent info that the IRS is not going to chase.

Why don’t we entertain spending less, quit funding the worlds problems, and a interesting piece I recently saw was we cut checks in excess of $4.2 BB to illegal immigrants annually, true story. The IRS Inspector General admitted it on camera! The idiots we currently have in Congress are failures we keep electing because we are too stupid and we continue to believe their lies, just a thought...

 

[Toddsterpatriot]

Yes. That is the simplest way to describe the transaction.

Why charge interest via a Fed?

Why not SPEND it into circulation and have it build or create or whatever?

Why the interest and who benefits from said interest, and why should they benefit from said interest when they have provided or contributed ZERO value?

But the "fed" doesn't charge interest. The fed does loosely control how much for profit banks charge for loans, and the relative ease/difficulty it is to get a loan.

Are you advocating that the govt, either through congress or a relatively independent govt entity like the fed, just give it to borrowers free of interest? If so who decides who is "more worthy" of the largesse? Frankly, I think this is how Putin works, and why he is very dangerous.

But the "fed" doesn't charge interest.

They do. It's called the Discount Rate.

That is not interest. The govt is NOT a moneymaking institution. Nor is the fed. Our private banking system is regulated. There is a distinction and not respecting the distinction makes any discussion about money supply and interest and inflation .... false.

That is not interest.

It certainly is. Currently 3.00%.

View attachment 243314

https://www.frbdiscountwindow.org/

The govt is NOT a moneymaking institution.

Ok. So what?

Nor is the fed.

And yet, the Fed makes a lot of money.

Our private banking system is regulated.

So what?

We're done.

the fed's discount rate is not a money making tool. It is a tool to affect the money supply and overall amount of economic borrowing (growth) in the economy. No borrower ever pays interest to the fed. Member banks do pay interest but only pay it to increase the amount of money they hold.
How the Federal Reserve Discount Rate Controls All Other Rates

the fed's discount rate is not a money making tool.

Who said it was? You said they don't charge interest. I proved you wrong. Next?

No borrower ever pays interest to the fed.

You're wrong. Any bank that borrows from the Fed Discount Window pays interest.

Member banks do pay interest

Duh.

Were you under the impression you could borrow from the Discount Window? LOL!

but only pay it to increase the amount of money they hold.

No kidding.

 

[bendog]

Let’s be clear, you have no interest in obtaining anything on your own. You also have no idea what you’re talking about, the 53% or there abouts pays virtually nothing in FIT and instead receives a refund that is based on a level of fraudulent info that the IRS is not going to chase.

Why don’t we entertain spending less, quit funding the worlds problems, and a interesting piece I recently saw was we cut checks in excess of $4.2 BB to illegal immigrants annually, true story. The IRS Inspector General admitted it on camera! The idiots we currently have in Congress are failures we keep electing because we are too stupid and we continue to believe their lies, just a thought...

I'm not sure this is relevant to the topic, but then other posts seem to be talking in languages unique to some of the posters.

But, there's some truth to your post. A clusterfk

Generally, illegal immigrants don’t qualify for Social Security, Medicare or other federal benefits, except for emergency medical treatment in hospitals. And since passage of the 1996 welfare reform law, they have been ineligible for the refundable portion of the Earned Income Tax Credit as well.

At that time, Congress required that a valid Social Security number be filed for those claiming the EITC, and that requirement saved an estimated $300 million a year. But Congress did not enact a similar requirement when it created the child tax credit, which went into effect in tax year 1998 at $400 per child, and was increased to $500 the following year.

Initially the credit wasn’t refundable in most cases (only for families who had three or more children and who also met certain income tests). So the issue of illegal workers claiming credits did not arise at first. But the 2001 Bush tax cuts made more parents eligible for refundable credits, and increased the amount in steps to $1,000 per child.

So by 2005, the recent IG report said, 796,000 persons without valid Social Security numbers claimed refundable child credits totaling $924 million, and in 2008, these claims had risen to 1,526,276 persons claiming $2.1 billion in refunds.

from way back in 2012
Tax Credits for Illegal Immigrants - FactCheck.org

 

[bendog]

But the "fed" doesn't charge interest. The fed does loosely control how much for profit banks charge for loans, and the relative ease/difficulty it is to get a loan.

Are you advocating that the govt, either through congress or a relatively independent govt entity like the fed, just give it to borrowers free of interest? If so who decides who is "more worthy" of the largesse? Frankly, I think this is how Putin works, and why he is very dangerous.

But the "fed" doesn't charge interest.

They do. It's called the Discount Rate.

That is not interest. The govt is NOT a moneymaking institution. Nor is the fed. Our private banking system is regulated. There is a distinction and not respecting the distinction makes any discussion about money supply and interest and inflation .... false.

That is not interest.

It certainly is. Currently 3.00%.

View attachment 243314

https://www.frbdiscountwindow.org/

The govt is NOT a moneymaking institution.

Ok. So what?

Nor is the fed.

And yet, the Fed makes a lot of money.

Our private banking system is regulated.

So what?

We're done.

the fed's discount rate is not a money making tool. It is a tool to affect the money supply and overall amount of economic borrowing (growth) in the economy. No borrower ever pays interest to the fed. Member banks do pay interest but only pay it to increase the amount of money they hold.
How the Federal Reserve Discount Rate Controls All Other Rates

the fed's discount rate is not a money making tool.

Who said it was? You said they don't charge interest. I proved you wrong. Next?

No borrower ever pays interest to the fed.

You're wrong. Any bank that borrows from the Fed Discount Window pays interest.

Member banks do pay interest

Duh.

Were you under the impression you could borrow from the Discount Window? LOL!

but only pay it to increase the amount of money they hold.

No kidding.

Shape shifter.

 

[Toddsterpatriot]

But the "fed" doesn't charge interest.

They do. It's called the Discount Rate.

That is not interest. The govt is NOT a moneymaking institution. Nor is the fed. Our private banking system is regulated. There is a distinction and not respecting the distinction makes any discussion about money supply and interest and inflation .... false.

That is not interest.

It certainly is. Currently 3.00%.

View attachment 243314

https://www.frbdiscountwindow.org/

The govt is NOT a moneymaking institution.

Ok. So what?

Nor is the fed.

And yet, the Fed makes a lot of money.

Our private banking system is regulated.

So what?

We're done.

the fed's discount rate is not a money making tool. It is a tool to affect the money supply and overall amount of economic borrowing (growth) in the economy. No borrower ever pays interest to the fed. Member banks do pay interest but only pay it to increase the amount of money they hold.
How the Federal Reserve Discount Rate Controls All Other Rates

the fed's discount rate is not a money making tool.

Who said it was? You said they don't charge interest. I proved you wrong. Next?

No borrower ever pays interest to the fed.

You're wrong. Any bank that borrows from the Fed Discount Window pays interest.

Member banks do pay interest

Duh.

Were you under the impression you could borrow from the Discount Window? LOL!

but only pay it to increase the amount of money they hold.

No kidding.

Shape shifter.

You're welcome.

 

[mudwhistle]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

Still trying to destroy jobs?????

What happened the last time Democrats raise taxes on the rich???

Google the 2008 economic collapse

 

[Lesh]

Just as I can keep my job, while the money supply shrinks by half, and I can still pay my mortgage.

If the money supply shrinks that much we'll likely be in a Recession and you likely won't have a job

 

[Lesh]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

Still trying to destroy jobs?????

What happened the last time Democrats raise taxes on the rich???

Google the 2008 economic collapse

2008 had NOTHING to do with tax increases.

How fukken stupid are you?

 

[Lesh]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

Typical left wing someone has more than I think they need so I'll support taking from them bullshit.

Instead of worrying about what someone else has, why don't you concentrate on making yourself better, if that's possible.

That sounds so noble...and it's such bullshit

 

[Toddsterpatriot]

Just as I can keep my job, while the money supply shrinks by half, and I can still pay my mortgage.

If the money supply shrinks that much we'll likely be in a Recession and you likely won't have a job

And if I do, the falling money supply won't prevent my mortgage from being paid.

 

[Lesh]

And if I do, the falling money supply won't prevent my mortgage from being paid.

Tough to pay a mortgage with no money but we digress

 

[Winston]

Well the central banks of the world operate more or less on a monetarist policy. So Keynes seems almost quaint, although in ways Reagan's deficits through our current double supply side tax cut despite near zero interest rates .... are Keynesian stimulus.

I agree. Reagan was probably the clearest example of a Keynesian. That's one of the reasons why I hated him.

Reagan was a monetarist

 

[mudwhistle]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

Still trying to destroy jobs?????

What happened the last time Democrats raise taxes on the rich???

Google the 2008 economic collapse

2008 had NOTHING to do with tax increases.

How fukken stupid are you?

Apparently not as fucking stupid as you.
There was alot that went into the causes of the 2008 collapse (One major reason was Democrats took back Congress). But tax increases was one of them. But I don't have the fucking time to explain it all to your dumb fucking ass.

 

[danielpalos]

How about spending less than what you have?

And if you have almost nothing?

Work!

for less than minimum wage in some slave labor job, is that really your answer?
If you want personal responsibility you need to insure that jobs are available that pay living wages for people who want to work.

Other than waiters and migrant farm workers which is less than a few million people, nobody works for less than minimum wage.

Waiter's do not work for less that minimum wage. Restaurants are allowed to pay their wait staff less than minimum wage. They are also required to pay a % of their sales to the house too!

wait staff should not be dependent on the vagaries of food service industry. they should make the minimum wage, plus tips.

 

[Slyhunter]

How about spending less than what you have?

And if you have almost nothing?

Work!

for less than minimum wage in some slave labor job, is that really your answer?
If you want personal responsibility you need to insure that jobs are available that pay living wages for people who want to work.

Why should a burger flipper where there isnt much talent needed be paid the same as a brick layer or carpenter which those jobs are rarer, but are now being given to illegal aliens? If you want to have a living wage, then you need to use your God given talents to find your ultimate working skills, that make you a valuable asset to the company. But no, that requires work, and a lazy ass liberal will avoid work, like a vampire avoids garlic. Cut off welfare and soon everyone will be working, or in jail, because they tried to take something from someone else.

The new face of SNAP? Food stamps buy lobster for surfer and his buddies [VIDEO]

Greenslate, a 29-year-old La Jolla California surfer and musician who sings that he does not want a “motherfucking job” and has “fuck no” guilt about living on $200 of what he calls “free money ” — or what the government called Supplemental Nutrition Assistance Benefits — while he avoids a job to hang out on the beach, sing and chase women.

maybe a Carpenter or Bricklayer should be paid more then.

 

[Lesh]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

Still trying to destroy jobs?????

What happened the last time Democrats raise taxes on the rich???

Google the 2008 economic collapse

2008 had NOTHING to do with tax increases.

How fukken stupid are you?

Apparently not as fucking stupid as you.
There was alot that went into the causes of the 2008 collapse (One major reason was Democrats took back Congress). But tax increases was one of them. But I don't have the fucking time to explain it all to your dumb fucking ass.

Tax cuts had ZERO to do with the BANK FAILURES....stupid...that caused the crash.

Jesus save us from these cretins

 

[Natural Citizen]

He called the 2008 crash long before it happened. Keynesian economics is the reason. And the complete monetary policy change in 1971 when the dollar was delinked from gold is also correctly mentioned. Ahem.