May 1, 2009

Happy May Day comrades

I think the UK's new 50% tax rate says it all.


Anonymous said...

Don't you worry.

The same is coming to the US too.

Someone is going to have to pick up the tab for all the financial stimulus packages and bank bailouts and never ending stream of budget deficits.

Well, guess what ?

YOU, the taxpayer will have the pleasure of paying for it.

Just make sure the 'poor' CEOs of the banks don't lose their bonuses because they may not be able to afford the lifestyle they have become accustomed to.

Oh to be paid so royally for being incompetent, NOW thats truly priceless.

Makes you kinda wonder , who bails out the mom and pop businesses when they hit a bad patch now and again ?

But Moneybags Washington never seem to lack oodles of money for bankstas !

Now, ask yourself , WHO is YOUR government working for ?


yoski said...

"Someone is going to have to pick up the tab for all the financial stimulus packages and bank bailouts and never ending stream of budget deficits.

Well, guess what ?

YOU, the taxpayer will have the pleasure of paying for it."

I see your reasoning but I disagree somewhat. In an economy with 70% of GDP being consumer spending it is going to be awfully difficult to raise taxes without causing utter collapse followed by civil unrest. I don't think "they" will raise taxes. They will simply keep borrowing more money from the FED which can create it out of thin air. No matter what the deflationists arguments are, sooner or later massiv money printing will overwhelm any deflationary force such as deleveraging and stagnant wages. However, rising prices and a collapsing Dollar doesn't necessarily mean rising wages. In a sense it's just another form of taxation. One that can be easily blamed on Liberals, Oil sheiks, greedy Chinese or the Easter Bunny.

Batman said...

Like with all the other bloated things that balooned out of control, the US debt will be defaulted on eventually. The people who will pay in the end are Tbill and dollar holders. Before then, yes, the taxpayer will be screwed, but they're the one's who got all the stuff they didn't deserve.

The main problem is in robbing the ant to pay the grasshopper.

Governments default on their loans all the time actually. Usually they just devalue the currency and carry on. Sometimes there is a revolution but I think that's pretty rare.

Anonymous said...

No transparency, stoneage!

Anonymous said...

I can't believe that you don't know Keith!

Mozilo to stand trial in Florida!

You day is coming...

Anonymous said...

I suspect that we will never pay back the entire national debt. The suffering will come when Treasury auctions consistently fail to meet the government's demands. Then taxes will go up some, but big spending cuts will be FORCED. Debasing the currency has its limits. The upper limit on total tax/GDP is probably 50%. Denmark is at 49%. Most European countries are in the upper 30's to mid 40's. The retiree/worker ratio is also a factor. The US is at 30% total tax/gdp (assuming GDP stats are accurate), we have room to increase compared to our European comrades.

Pay Lay Ale said...

So the UK is communist for a 50% top marginal rate? What about BO? He would love a much higher rate than that. Doesn't that make him a communist?

investor said...

Once again, the British are not unique, all of Europe is screwed.

The coming major European economic crash is around the corner.

There is not much time left if you have yet not divested your assets from Europe, there will be nothing left if you don’t act very soon.

It is so obvious!

If you want to protect what you have achieved thus far, review your portfolios to see what investments are connected to companies with HQ in Europe.

It is going to get very nasty across the pond.

Anonymous said...

" be paid so royally for being incompetent..."They were not incompetent.

Here's an example of the MSM's role in distraction/mis-direction.

They hold up penny-ante examples like Martha Stewart and Duke Cunningham, and count on you forgetting that TRILLIONS are missing and can't be accounted for.

Anonymous said...

May Day...heh.

3 years later...Chernobyl.

gutless and lazy said...

Let's recapped the last 10 years or so.

Gov'ts get owned by big business lobbies. Gov'ts rubber stamp deregulation as lobbists write their own laws (USA drug lobby is the best at it!). Business creates unsustainable bubbles ... from hi tech to real estate. During the bubbles, businesses market products and push consumer debt like never before, from real estate debt, to credit card marketing to you name it. (You can't sh1t sideways in the USA w/o some business trying to cram down your throat another piece of crap product.) Then the business types blame 'gluttonous' consumers who take their 24x7 bait). Debt explodes, bubble economies crash. Business owned gov'ts rush to the aid of big businesses that bought the people's gov't. Gov'ts tell tax payers (tools) to bend over and pay more for corporate bailouts and gov't pork barrel spending to appease local constituents. Business and gov't tells their tools: "Hey, nobody could see this coming!"

Check. Got it. Happy May Day "free market" workers ... err tools.

will shill for coin said...

Russian. A beautiful language.

Huh, that's all I got. Were you expecting more?

drifter said...

Somebody has got to support Suha Arafats luxurious lifestyle, with oil revenue plummeting, the Eurotard taxpayer must pick up the tab.

Anonymous said...

Many of us in the US are already handing over 50% of the fruit of our labor to the government - it is just all broken up into different little taxes and fees.

keith said...

Don't forget yanks that in the UK you're looking at

50% tax rate
16% VAT
TV tax
Road tax
Stamp duty (buying a house) tax
Council tax

Add it up and it's 70% or so

Socialism is alive and well in Great Britain. In the United States, you're still doing just fine.

Anonymous said...

did somebody tell the canucks that the british queen own all the land in Canada....

Anonymous said...

Our Brazilian flavor to François Gounod's:

Mike Hunt said...


BO is proposing extending social security tax without any caps. So if you are self employed, SS is 12.5% (actually even if the employer picks up half it comes out of your salary), medicare is about 2.5% with no cap. Top Federal tax rate is 35%, BO wants to raise that up to 39.5%. Top state income tax rate is about 10% in CA. Sales tax in CA is 8%. Then you have property taxes and car registration. Let's add it up for CA residents:

15% + 39% + 10% + 8% = 72%. But the rich have to pay their 'fair share' right?

That's already in excess of the 70% you mentioned. And we aren't getting free health care like the Brits. I'm sure BO will try and get universal health care but raise taxes some more for that!


les said...

Despite what our education system has taught us, a totalitarian govt (ie USSR) is not true communism.

Primitive communism is probably what you find in small farming towns all over the USA. Just about everyone has a farm or business. If you need a job, you can find one. If you are hurting, your neighbors will help you. Everyone has a say in how the town is run. A community based govt.

That is communism

les said...

When our community has been destroyed by our politicians and business leaders, the struggle to wrest control away from the powers that be and give it back to the people is what is known as Marxism (or Marxist Communism).

Marx envisioned a revolution when:

a) the economic system is irrational. (An economy racked with corruption and misinformation).

b) the general public feels alienated. There is usually a mass misallocation of wealth to the upper class. A subverted justice system.

c) A series of national warnings or emergencies that no longer has the support of the public. (Govt's likes to warn the public that the enemy is at the gate). Basically, fabricated distraction are disregarded.

Sounds a lot like S&Aers. Unfortunately, S&Aers are a small minority.

les said...

For all you peeps who want to hide out in the boonies and fight a guerrilla war with the govt.

You are basically Maoist-Communists, like Che Guevara.

Communists nations often become Totalitarian because the USA spends a lot money and effort to overthrow these nations. The leaders simply become paranoid.