Comments by "" (@jmitterii2) on "Thom Hartmann Program"
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I actually did a study on effective taxes of Sweden, Germany, Canada, France, and Austria basing it on taxable income (after deductions) of an individual non-married no kids $50K, based it on Idaho resident as I am. We pay more in taxes than all those countries plus we pay a substantial amount on medical premiums even if employed and co-payments.
We're really screwed on our taxes here.
The funny thing on incomes individuals above $125K individual and $175K married, then your taxes are lower in the US than most of these countries.
Their deductions are much more generous, so to reach those taxable levels you likely have to be making significantly more gross pay than that than in the US. But eventually the richer do get a slightly higher effective total tax rate.
For instance Germany's child deduction is EUR 3,714 if you elect to take for the first and second child € 184, for the third child € 190, for every other child € 215 a month. Or you don't elect the monthly payments, then you can deduct €7,428 or in US dollars $4,570.52 taking the monthly payment, or $9,142.01 2017 per child deduction.
In the US each dependent is $4,050 . Substantially less either way compared to Germany's.
Children up to age 14 an additional deduction of 2/3 of necessary costs of child care
Maximum of a yearly amount of € 4,000 per child or $4,922.12.
We don't have that deduction in the US.
When you add medical insurance premiums such as an employer plan to their medical deduction, their effective taxes are way lower on those incomes of $125K individual and $175K joint taxable income earners.
I point out Germany because of all the other countries, it was closest in effective taxes on individuals of taxable income of $50K, and it was still slightly lower.
Seriously, add up all of our state income tax (if applicable), Federal income tax, payroll, and you can budget a food cost for any applicable sales tax, as Euro members collect taxes about as much via their version of sale tax (VAT tax). And since they all have universal health insurance, special pension programs, etc. It comes out we pay more effective taxes and especially more withdrawal toward a 401K match and medical insurance, than they.
Really, we're getting screwed hardcore.
I did not figure for property taxes when doing the research.
Its no wonder many other 1st world nations look at us as they also look at some other idiot nations. We're a bunch of idiot rubes the way we handle our economy and finances.
https://home.kpmg.com/xx/en/home/insights/2011/12/germany-income-tax.html
http://www.scheller-international.com/child-benefits-in-germany/
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The amount of debts in all aspects of the economy are even bigger than last time which is spooky. Mortgage debts, credit card debt, and some other debts that weren't at their record like US vehicle debt surpassing credit card debt at $1.3 trillion. Total stock market debt usually doubles from the past crash, and its just about done so, June 2007 all time high was $378 billion, its now at $668.940 billion May 2018 so far record all time high ever, double to the prior all time high would be $756 billion, so we're almost there.
Business debt is extremely high, CDO's on commercial real-estate which hasn't been doing that great with retail apocalypse has major maturities period in October 2018, fears insufficient liquidity to pay the maturities have been discussed openly and in articles since Feb this year.
And the amount of venture capital and just plane stupid money both from wealthy people, and just stupid borrowed money primarily in the tech sector has largely been spent, and those who have borrowed and invested are now looking for returns that aren't happening.
When the recession hits this time around its going to be extremely hard on everybody, and that's before considering the trade wars.
With the so called recovery, only the top 20% recovered, the next top 60-80% are just treading under what they lost, and the rest of the 60% to the bottom are actually doing worse in real income. Some taking out loans and borrowing again though to make up for the difference. And they have borrowed more than last time despite their wages being effectively flat, the same.
We're undergoing an worldwide collapse in the economy from over consolidated sectors, which consolidates to an even fewer aristocracy, and pushes out everyone else. A race to the bottom. The politics such as Trump is unwinding it faster than the markets would otherwise, since markets nearly did, but Reserve Banks world wide opened up their printing press to band aid the cancer.
It's spooky, because I think it's going to get a lot weirder than Trump.
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zzot2 Actually, it has worked better and better as industrialization and other technological advancements continue. Turn of the century, the entire world was falling apart from plutocratic and aristocratic rule.
A democratic social capital mixed market works far better than plutocratic rule. Read some history books, you'll see the only time the US wasn't a backwater for the majority of its people, the golden era with a prospering middle income group didn't take place until about the 1940's when social mixed markets were being adopted such as social security, right to collectively bargain, labor standards, etc.
You're so wrong to reality it makes me want to take a nerf bat and make you read history books, if you stop, I'll beat you with the nerf bat screaming continue reading you ignorant shit, we're going to fill that ignorance with some knowledge of reality.
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+Dawn “DawnLuvsPossums” Marie Completely agree.
And the biggest problem on the left side, is they feel very powerless and become apathetic; they don't turn out to vote. Speaking to my dad the other day, he admitted he's guilty of doing that several elections. I was talking to him about politics. I mentioned democracy isn't a spectators sport, it requires participation for it to work well. 37% turn out in the last mid term was pathetic. I can understand some of the positions on the ballot goes unchallenged, but there are many others with challengers.
And some of the people running might not be exactly what you want, but that goes with democracy; you chose the best one you can find, and you also try to encourage others interested in politics who may think of running to do so.
I hope they do unplug from the matrix as you stated. It's getting irritating. Even one of my older brothers, he's left as I am, we voted Obama again 2012 and watched the elections, acted as if the economy and all was going great. This summer in June, he got his pink slip. He was making for our area a pretty decent wage I think over $23 an hour worked there just about 20 years or just over. I kept explaining to him things weren't all that rosy. I'm not sure if he voted in the last midterm, I don't think he did. My younger brother told me that the older brother was laughing about how I was in conspiracy theories, which is outright absurd; in fact I consider myself a skeptic, I don't believe in ghosts, or even an after life or any other hog wash that doesn't have evidence to support the claim. I asked my older brother and his son (my nephew who's 20) what they were talking about on a party line on Skype; they said it was my opinion about the economy. This was about March just before he got word that his plant was being shut down and relocated to an undisclosed location. So stating reality of how crappy the economy is, so long as some don't feel the pinch so much they also sort of tune out; and if you mention reality you're put aside with the fringe crackpots.
Spoke with my uncle and aunt who live near the area a few months ago at their home. Discussed my older brother's situation; my uncle said he shouldn't be draining his 401K, I guess that's one of the things my brother is using along with a 6 month severance package he was given. I discussed putting in lots of money, but at this time staying away from stock funds, because stocks are sky high, and the underlying demand is not there. My uncle said its for the long term, he mentioned he was still mostly in stocks, he's 62. I told him ought to cash in, take profit and put much of it as high as 80% into a reserve fund for the time being for profit taking that stocks will come back down. But at least 50% should be put in a reserve fund just because of his age or bonds which ever. Just about month ago, he got laid off too. And stocks are tanking.
I need to make sure in the future I carry a wooden block so we all knock on wood when I discuss finances with family members!
But anyway, everything is going dandy until it hits them personally in the face. Catches them completely off guard. I just don't want the unplugging to be a brutal smack in the face; multiple disasters happen at once. But unless it does smack them in the face, it appears they don't listen. Which is bad. Very bad. It's about avoiding disaster. Not waiting for it to happen then react.
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When someone says something factually wrong, its not talking over someone to stop their bullshit from spewing.
1) inflation is the cause of the problem... Thom points out all inflation is equal throughout the world and in real income we're still 27th. The other countries are still doing better.
2) We have more class mobility... Thom quickly points out that's bullshit. It's wrong. We're down since the 70's. And among the 3 worst.
3) Wealth stratification is a function of monetary policy... Thom quickly points out its a function of how wealth is distributed in the economy, he highlights taxation being among the biggest effects, but there are many factors; education levels, race of power of majority, ethnic/religion majority, labor rights including collective bargaining, etc.
4) Redistribution of income is theft... Thom immediately points out that redistribution are remedies to ensure a fully functioning economy, usually due to lack of labor rights, lacking collective bargaining, concentration of fewer businesses resulting in oligopoly to monopoly, political bribery and other corruption, etc.
5) Tide raises all boats...Thom points out that it hasn't since the 80's rather it has done the opposite. It has only raised the top 20%, and recent World Bank Report the to 1% has risen 500% while the 50% have remained flat, bottom 20% in real incomes have lost some ground in the US. While most of the European nations bottom 50% saw a 30% real income gain, and their top 20% realized 100% real income gain over the period of 1980 to 2016.
https://openknowledge.worldbank.org/bitstream/handle/10986/25078/9781464809583.pdf
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I notice this effect with taxes higher wages higher, taxes lower wages lower between Idaho and Washington state... Idaho has a state income tax effectively for everyone since it's "bracket" tops out at income after $11,000 makes it effectively for everyone at about 7.3%... Washington has no state income tax... the wages on the same type of lower end jobs from call center work, to warehouse work, to even skilled work is less in Washington even around the Seattle area... call center workers in Idaho in 2011 were making $13 to $14 an hour... Washington it was $9 to $12 an hour. Similar were other jobs like forklift drivers 2018 $13.80 in WA and $15.50 in ID. This compares non-union work. WA does have higher union participation, in union jobs both Idaho and Washington people tend to have 20% to 50% higher pay for the same type of work and position.
But like Idaho, despite having more union participation than Idaho most jobs in WA are non-union. And they enjoy lesser gross pay with their no-state income tax.
Until now, I just assumed that may be coincidental. WA does have a sales tax of 9% depending on the county and perhaps the city too.
Idaho has a 6% sales tax throughout the state... and only two variations of property tax... city or rural... and a 50% discount on that property tax if it's your primary home you live in. In Idaho, cities and counties can't easily tax separate only taxing authority is at the state level. Always found that interestingly hypocritical of the GOP when they clench their pearls and scream states rights, local government does things better... but when the shoes on their foot, it suddenly the higher level government does better than local cities and counties.
Basically the right wing strategy is there are no principles, just pretend a position if that position in that situation is convenient to get what they want... usually workers to shut up and work for peanuts, and more money and power to do whatever they want.
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If you ever find yourself with the time you should take a few micro and especially macro economic classes. It's helpful in understanding the complexities of economies, as well as a philosophical discrete understanding to current and past thought on all economics. Fundamentally, it's no more difficult than learning elementary algebra, chemistry, geology, anthropology, astronomy, meteorology, or biology. But you'll find a stark contrast from those physical science, that economics in particular the details are not physical binary, but contrived philosophical science... philosophical in that various premises need to be supported by rational propositions.
You will be surprised too, that even today's policies and laws ignore all of economic study. Our policy makers and media ignore philosophical standpoint of even using various methods for discernment on regulations, or collective ownership (what should be privately owned, and what sectors should be collective and why, etc.).
That really current laws and policies have built an economic system that's floating off the cliff in some weird neo-liberal/con dogmatic form of stupidity as they don't even heed philosophical scientific economic analysis.
For yourself you may say, so then why bother learn the philosophy if they're not even using it themselves. But that's precisely why so many get away with economic dogma, nobody knows any better.
Learning economics will help you know better, and not be sucker.
Just like in any study, other's have asked the same questions: why's the sky blue? What causes the seasons? the tides? How does light work? What is energy? etc.
Others have long had the same economic questions, so they have already discretely defined and began sets of useful analysis. Learning it allows you to catch up and understand basic concepts, to help you think through the complexities of economics.
What I disliked about macro economics was that literally current used monetary policies are reactive (from Keynesian to Hayek, and Austrian is just let it bubble and blow up and crash and maybe you'll have a civilization worth living in, or maybe you won't who knows oh well, your nation should have horded more gold other precious metals.),
One can't actually predict much of anything, which is at the heart of the contradictory nature of a heavily capitalistic system, you only know disaster will happen, various markets will collapse, the business cycle will happen, crashes in the economy will happen, a recession will occur; then what do we do about patching it up.
Richard is good because he's cutting to the chase by saying why have an economic system that's so unstable and unfair in the first place? Why distribute so poorly that it crashes every 5 to 10 years. And every 30 to 50 years launches a great recession, and once every 100 to 200 years causes a complete breakdown in a nation often falling into civil war? And how do we go about building an economic system that democratizes more of our lives, perhaps in the workplace?
Just consider it, or you could just look up class sessions on the internet and youtube that should include topics of money supply in fundamental terms then branch out into various Modern Monetary Theories such as Marx, Keynesianism vs Monetarism (Hayek) vs Austrian, etc.
It's helpful to know too the idiot system you're in, so you can know what data to look for to make some thoughtful decisions on long term; how to setup your 401K, where should you live, should you take that promotion in that city or in the other city?
In general, it's handier than tossing a coin to make a decision.
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They want to be king... or rather a dukes and duchesses... king is too high profile and generally to high responsibility... they want to walk about normal not hounded like a movie star or music star or sports player. Some are ego maniacs wanting some fame a trophy on their wall of prestige, but most are quiet, wanting mostly to secure a dynasties for centuries, and with that they want power behind the scenes in order to do so.
They're a parasite most of them particularly the heirs of these dynasties, who had nothing to do with the success of company wealth they own in shares, and most of them have never worked in these businesses, only shareholders... they vote to give them selves more dividends and caretaker of the business... who will be on the board.... aka they shop. What the rest of us would call a few errands... shop... schedule a few things like a haircut, dental appointment, doctor appointment, meet someone at a bank for financial planning... attend a family member's recital. It's work, but not production work.
It's the work we all do when we're not doing out 40 hours plus a week of being extracted for our production. Basically, they do a few chores every so often.
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+han solo I actually have a Bachelor's degree in Finance and management. And I do own stocks. I'm talking about my day job. Not about my capital investments for retirement.
I also have a degree in aviation. I recently have a tentative offer going through the screening process for Air Traffic Control. So I'm working very hard. It just happens that field work pays more than office work. And I'm going where the money is. The place of employment I'm at no longer offers pensions as of 2010, I got out of the military 2011, and hired at the place 2012. So I'm out pension a the current place I work.
I'm a little nervous on the ATC thing, it's en-route position is my TOL; has a huge fail out rate. Current employment is a bit more secure then starting up a career in Air Traffic Control. But we'll see. I'm still going through the final screening phases right now.
The stock market isn't a very good gamble necessarily. Looking at the past, the US stock market's last 40-50 years is not normal. It usually only gains about 4% and often actually loses money. And other stock markets internationally even in our time such as Japans, can be very flat for a generation; currently Japan's stock market is still in it's 25 year flat spot.
If you made a fortune from 2009 to present congrats. Just don't count on that being a stable way of money making. I made some money as a young adult in 2002 playing the stock market. I realized much of finance is a gimmick. A new tip I heard on getting car loans now, simply make lots of various deposits to your bank account. The dealerships are looking at numbers of deposits; at least that's what's weighted on getting you a lower interest rate; not how much is in the bank account or how big those deposits are.
Learning finance, I realized much of it is a gimmick. My international finance class concerning maquiladoras really turned me off. Essentially, we've returned to colonial mercantilism all over again. Substitute colonies with perpetual developing countries this time however. And rather than aristocracy and wealthy noble peerage owning the monopolies, plutocrats are using their politicians to assist in subsidizing various sectors of interest. What we have is comparative advantage only in what each country subsidizes and the inauthentic comparative advantage of surf wages for all other sectors for that nation. USA subs farm goods, aerospace such as Boeing and Lockheed those are our greatest exports while all other sectors are not doing so great and the wages drop further in sympathy. Mexico owns outright their oil company; their greatest export; they have huge displaced farmers can't compete with our subsidized food now working in maquiladora sweat shops. Russia subsidizes its weapons, space, and energy sectors letting the rest of their sectors sink in further wage depression for the inauthentic comparative advantage. China subsidizes cheap consumer good manufacturing as well as refinement of raw materials all other sectors go to the inauthentic comparative advantage of surf style low wages. Germany subsidizes it's precision manufacturing sector as well as (and smartly so on the demand side) price fixes rents and consumer stable goods to pump up domestic buying power while looking relatively cheap internationally.
The economic structure we have right now, is essentially mercantilism all over again. What needs to happen is a focus on domestic production-supply and domestic consumption demand. Unfortunately, all nations appear to be stuck in the rut of all nations trying to export their way to prosperity. And this is mathematically impossible. It comes at a detriment to domestic economies world-wide, a vicious cycle of underlying demand deterioration. Bernanke even stated, this last great recession is not necessarily a monetary problem; that it is more of an economic structural problem. All things being equal; we don't change from this mathematically impossible notion of all nations trying to export their way to prosperity it will ultimately bring about a vicious deflationary cycle. Same as happened under mercantilism; only thing that actually aided mercantilism on occasions was technological advancements in industrial revolutions; as well as the eventually withdraw from nations simply trying to export their way to prosperity, but to focus on domestic supply and demand.
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