The High Cost Of Complying With Obama’s New Tax Code

Proof • May 24, 2009

Have no fear, America, Obama is stimulating economic growth by bloating our already bloated tax code up to the extent that some banks internationally may not even accept Americans as customers any more. In fact, Obama’s tax changes are so burdensome and complicated that foreign investors are actually thinking about pulling out of American markets.

The decision, which would make it hard for Americans in London to open bank accounts and trade shares, is being discussed by executives at Britain’s banks and brokers who say it could become too expensive to service American clients. The proposals, which were unveiled as part of the president’s first budget, are designed to clamp-down on American tax evaders abroad. However bank bosses say they are being asked to take on the task of collecting American taxes at a cost and legal liability that are inexpedient.
Andy Thompson of Association of Private Client Investment Managers and Stockbrokers (APCIMS) said: “The cost and administration of the US tax regime is causing UK investment firms to consider disinvesting in US shares on behalf of their clients. This is not right and emphasises that the administration of a tax regime on a global scale without any flexibility damages the very economy it is trying to protect.”

This illustrates the basic error in Obama’s approach to the economy. He claims to want to create more jobs and economic growth, yet what he’s doing is making it harder for the people who actually create jobs and create economic growth through investment and trade by raising taxes and further complicating our regulations/tax code. And he does this in the name of accumulating more power and more money at the federal level so that government can fix everything.
But the government can’t fix everything. The government doesn’t produce anything. The government can’t do anything without first taking something away from someone else. If we want more jobs and more prosperity we need to make it simpler to hire people. To buy things. To sell goods and services. That means less regulation, not more. Lower taxes, not higher taxes. Less inane government meddling. Not more.

Tags: Asshats, Domestic Issues, Politics

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Instant gratification is rampant. Saving is dismal. One thing that hopefully will come out of this is downturn is that people will take into consideration to wait and save.
This of course would mean a greater slow down in the economy as people build up there cash but in the long run it should calm down and we can have a slow steady stable growth.
If you build a house as fast as you can and not build a good foundation or structure it falls down. Same thing has happened with the economy, we built it fast without a good base and it came tumbling down.
Credit will always be needed especially for the larger purchase, house, home etc. but credit being supplied to people who can’t afford credit is just plain stupid, witness the mess we are in now.
For the smaller purchase, tv, clothes, furniture etc save up and purchase when you can afford. Buy now pay later is not smart.
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“If you are honest to your conscience then it is ok. Remember, hell waits for the lier”
11B40

Greetings:

Back in my economics-studying days, there was a concept that you don’t hear much of anymore. It was called “forced savings” and it referred to the aggregation of capital by entrepreneurs and investors by foregoing current consumption in the hopes of greater future benefits. The stereotypical example, in the Adam Smith -”Wealth of Nations” sense, was the farmer producing a surplus corp which provides him the capital to enlarge his farm or invest in other enterprises. On an even more “micro” level, it could be viewed as saving up to buy an automobile as opposed to taking out a loan (someone else’s forced savings) to get it now.

For many long years, this nation’s people have had an incredibly low rate of savings to the point where “forced savings” is no longer a functioning part of most of our culture.
I have long believed that one of the main reasons for this is the “double” taxation that the government applies to “forced savings” in the taxation of interest bearing accounts or investments. If I pay income tax on the original income and then do some “forced savings”, the government, my confiscatory silent partner, comes around again to put its ever growing hand in my pocket.

Thus, we find ourselves, once again, in the position of our government punishing its people tax-wise for sound economic growth behavior.
Bat One

The infamous Smoot-Hawley tariff helped propel the American economy downward, making a depression out of a recession and effectively exporting that depression to much of the rest of the industrialized world.

Obama is doing essentially the same thing to the global financial service industry that Smoot-Hawley did to the agricultural and industrial industries of the 1930s. At a time when foreign capital is absolutely essential to help finance Obama’s monumental long-term budget deficits, deficits as far as the eye can see, he is stupidly driving away the very investors so desperately needed, while imposing limits on domestic investors in a counter-productive attempt to control the domestic financial service industry.

Barack Obama is either the most economics-illiterate president we’ve had since Jimmy Carter, or the most diabolically counter-intuitive. And in either case, its become plainly apparent we simply cannot afford Barack Obama.
http://sayanythingblog.com/readers/author/sparkiearbuckle sayanything-81

It was called “forced savings” and it referred to the aggregation of capital by entrepreneurs and investors by foregoing current consumption in the hopes of greater future benefits.

China has our forced savings. Thanks to the trade deficit. One of the deficits the GOP and the globalizers doesn’t like to discuss. Soon we will be like a pathetic province of the USSR in the mid eighties was. lonely and fucked, with too much of a useless product.
http://suitepotato.blogspot.com/ sayanything-4808

Barack Obama is precisely what the nation needs right now, IF the conservatives can stop arguing over unaffordable nonsense and see it. Obama is the single biggest anti-salesman of liberalism since Jimmy Carter and demonstrating profession by acting and word what liberalism truly means. Predictably, the decades of liberal mind warping have taken their toll and the youngest conservatives are willing to compromise with if not totally jettison their consciences and engage in the ethical and moral bankruptcy of neolibertarianism which is equal to modern liberalism in its breathtaking counterproductive selfishness.

That queasy sick feeling people are getting about Obama is not a fear of the nation being destroyed but being seduced to destroy itself. Previously by the multidecade liberal trade in program of giving up constitutional rights for nonexistent created rights, both of which in the end are merely privileges, but at least the first one has or had some mutual collective emotional tie while the others were in the heat of the moment in our short lives. Either way, both go away.

Now we’re being scared out of our wits to make the next step to completely savaging our own sense of right and wrong. Perhaps without meaning to, the Bush administration managed to get the ball rolling with the fear of terrorism and millions were ready to compromise on their conscience to keep another September 11 at bay. As I’ve said before since long before ever posting here, what one side does and gets away with, the other will inevitably use it to further their own agenda even as they decry it with their other face. The public gripped in fear and indecision will be too emotionally wound up to consider it very deeply without a pause in the mental siege.

Over the long term, those who care about right and wrong must tirelessly counter the meme of fear with encouragements to strength, dignity, and bravery as well as countering the calls of “we must do something, anything” with calls to “do no more than we must, and when we must”. The public message of disaster and danger must be countered with a message that the first one is a lie, but only for now.

They have to be shown that is CAN be a disaster IF they act rashly. They must be told the truth that action in conscious deliberation is the key to their salvation and that they have a part in it. That the power will be theirs, not the political class. A power exercised by what they do, not the idiot power grubbing politicians.

Obama will be seen clearly as the current personification of how far to the wrong end of the scales we’ve gone and his presidency as a wakeup call for the people to take charge of their own lives. IF we put that to them.

If we just engage in more scare mongering like the left did to create the stand alone complex which got Obama elected, then as fear does in humans, it will become ever more contemptible to them as the delay between the stated horrible end continues and they become emotionally exhausted. Then the fatalistic streak of man to actually go from fearing the cheering on the end, to avidly wanting it to come so they can face it and get past it, will hit and they will do all they can to bring the whole culture down around their own ears.

So I say to my fellow man I meet, worry less about Obama and his like minded people than that on many a level you were as like minded if you were minded at all, and that only by being differently minded now can you hope to survive and undo all this, but as long as you draw breath, you CAN put it all right. You always have time to make amends. Let your conscience be your guide and don’t fear to embrace what you’ve been because you cannot fix what you refuse to even believe could be wrong and it all starts with you.

Wake up. It’s time to go to work.

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The High Cost Of Complying With Obama’s New Tax Code

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