Obama spanks Wall Street.

[sugarpop]

Originally Posted by classicman

Maybe just maybe we need a little short term help to stem the tide of rising unemployment, reduced monetarycirculation, lowered production and falling housing prices. Maybe tax cuts do help - even if its in only for the short term to keep more people working and to buy some time. Just for the short term till the long term plan kicks in... Maybe?

China February Auto Sales Rise 25% After Tax Cuts

You can get cars here now for 0 tax. What does that have to do with anything? I don't think tax cuts will do much of anything but put more money into the pockets of the people who need it the least.

[lumberjim]

Originally Posted by sugarpop

You can get cars here now for 0 tax. What does that have to do with anything? I don't think tax cuts will do much of anything but put more money into the pockets of the people who need it the least.

is this a state thing, or do you refer to the 'The American Recovery and Reinvestment Act of 2009' where you can itemize your sales tax paid on a car on your federal return? there's a big difference. meaning, you save xx% of your tax paid depending on your income bracket. ...if you paid $2000 tax on a car, and are at the 17% tax bracket, you pay $340 less tax :: finger pop, swirl ::

some states don't charge sales tax far cars anyway......so those people don't benefit from the new 'program' anyway.

SEC. 1008. ADDITIONAL DEDUCTION FOR STATE SALES TAX AND
EXCISE TAX ON THE PURCHASE OF CERTAIN MOTOR
VEHICLES.
(a) IN GENERAL.—Subsection (a) of section 164 is amended
by inserting after paragraph (5) the following new paragraph:
‘‘(6) Qualified motor vehicle taxes.’’.
(b) QUALIFIED MOTOR VEHICLE TAXES.—Subsection (b) of section
164 is amended by adding at the end the following new paragraph:
‘‘(6) QUALIFIED MOTOR VEHICLE TAXES.—
‘‘(A) IN GENERAL.—For purposes of this section, the
term ‘qualified motor vehicle taxes’ means any State or
local sales or excise tax imposed on the purchase of a
qualified motor vehicle.
‘‘(B) LIMITATION BASED ON VEHICLE PRICE.—The
amount of any State or local sales or excise tax imposed
on the purchase of a qualified motor vehicle taken into
account under subparagraph (A) shall not exceed the portion
of such tax attributable to so much of the purchase
price as does not exceed $49,500.
‘‘(C) INCOME LIMITATION.—The amount otherwise taken
into account under subparagraph (A) (after the application
of subparagraph (B)) for any taxable year shall be reduced
(but not below zero) by the amount which bears the same
ratio to the amount which is so treated as—
‘‘(i) the excess (if any) of—
‘‘(I) the taxpayer’s modified adjusted gross
income for such taxable year, over
‘‘(II) $125,000 ($250,000 in the case of a joint
return), bears to
‘‘(ii) $10,000.
For purposes of the preceding sentence, the term ‘modified
adjusted gross income’ means the adjusted gross income
of the taxpayer for the taxable year (determined without
regard to sections 911, 931, and 933).
H. R. 1—204
‘‘(D) QUALIFIED MOTOR VEHICLE.—For purposes of this
paragraph—
‘‘(i) IN GENERAL.—The term ‘qualified motor
vehicle’ means—
‘‘(I) a passenger automobile or light truck
which is treated as a motor vehicle for purposes
of title II of the Clean Air Act, the gross vehicle
weight rating of which is not more than 8,500
pounds, and the original use of which commences
with the taxpayer,
‘‘(II) a motorcycle the gross vehicle weight
rating of which is not more than 8,500 pounds
and the original use of which commences with
the taxpayer, and
‘‘(III) a motor home the original use of which
commences with the taxpayer.
‘‘(ii) OTHER TERMS.—The terms ‘motorcycle’ and
‘motor home’ have the meanings given such terms
under section 571.3 of title 49, Code of Federal Regulations
(as in effect on the date of the enactment of
this paragraph).
‘‘(E) QUALIFIED MOTOR VEHICLE TAXES NOT INCLUDED
IN COST OF ACQUIRED PROPERTY.—The last sentence of subsection
(a) shall not apply to any qualified motor vehicle
taxes.
‘‘(F) COORDINATION WITH GENERAL SALES TAX.—This
paragraph shall not apply in the case of a taxpayer who
makes an election under paragraph (5) for the taxable
year.
‘‘(G) TERMINATION.—This paragraph shall not apply
to purchases after December 31, 2009.’’.
(c) DEDUCTION ALLOWED TO NONITEMIZERS.—
(1) IN GENERAL.—Paragraph (1) of section 63(c) is amended
by striking ‘‘and’’ at the end of subparagraph (C), by striking
the period at the end of subparagraph (D) and inserting ‘‘,
and’’, and by adding at the end the following new subparagraph:
‘‘(E) the motor vehicle sales tax deduction.’’.
(2) DEFINITION.—Section 63(c) is amended by adding at
the end the following new paragraph:
‘‘(9) MOTOR VEHICLE SALES TAX DEDUCTION.—For purposes
of paragraph (1), the term ‘motor vehicle sales tax deduction’
means the amount allowable as a deduction under section
164(a)(6). Such term shall not include any amount taken into
account under section 62(a).’’.
(d) TREATMENT OF DEDUCTION UNDER ALTERNATIVE MINIMUM
TAX.—The last sentence of section 56(b)(1)(E) is amended by
striking ‘‘section 63(c)(1)(D)’’ and inserting ‘‘subparagraphs (D) and
(E) of section 63(c)(1)’’.
(e) EFFECTIVE DATE.—The amendments made by this section
shall apply to purchases on or after the date of

[classicman]

Originally Posted by Redux

The American Recovery and Reinvestment Act includes such a short-term tax cut:

I am aware of that and I think its a great thing. I was specifically referring to tw's post. Thanks for the informed link & quotes to further support my point

What it doesnt include is tax cuts for the top wage earners.

There is no evidence that such tax cuts "trickle down" and provide a stimulative effect as claimed repeatedly by the supply siders.

[classicman]

ok, then take them all out. Fuck it.

[TGRR]

Originally Posted by classicman

ok, then take them all out. Fuck it.

Wait. So you are only for tax cuts to the rich?

[classicman]

HA HA HA HA I knew I could count on you! where ya been all day?

[TGRR]

Originally Posted by classicman

HA HA HA HA I knew I could count on you! where ya been all day?

Work. Apparently I don't get paid if I don't go.

TGRR,
That's the MAN trying to KEEP ME DOWN!

[classicman]

Barack Obama, US president, on Wednesday said he “did not begrudge” the multi-million dollar bonuses given out to Lloyd Blankfein of Goldman Sachs and Jamie Dimon of JPMorgan Chase and added that their large pay-outs were a consequence of America’s “free market system”.

Mr Obama’s comments, in an interview with Bloomberg BusinessWeek, are likely to attract further controversy at a time when public anger over the Wall Street bonuses is increasingly being directed at Washington. They were also on Wednesday contrasted with Mr Obama’s recent criticisms of the “obscene” bonuses paid out on Wall Street as evidence that the White House was unable to sustain a clear message on the subject.

Link

Well which is it? After blasting these guys for so long, In March 2009 it was "Bonuses are violation of "our fundamental values" now suddenly its "That is part of the free-market system.” WTH? Which is it?

[xoxoxoBruce]

It's both. It's the way the free market system works, and an example of the more-for-me-fuck-you-and-the-country mentality of wall street.

What do you want him to do? If he bad mouths the system, then the republicans/tea baggers scream socialism. If he doesn't, they scream duplicity. Remember it's congress that has to fix this shit.

[TheMercenary]

Originally Posted by classicman

Link

Well which is it? After blasting these guys for so long, In March 2009 it was "Bonuses are violation of "our fundamental values" now suddenly its "That is part of the free-market system.” WTH? Which is it?

That is because his admin is filled with GS lackey's. Why would he screw his own appointee's?

[TheMercenary]

Originally Posted by xoxoxoBruce

Remember it's congress that has to fix this shit.

Exactly. In fact I would be a much bigger supporter of Obama if the Congress wasn't so screwed up.

[tw]

Originally Posted by TheMercenary

That is because his admin is filled with GS lackey's.

So why are those GS lackey's so viciously attacking GS's bonuses and other questionable activities. Oh. That is what GS wants its lackey's to do.

[Yznhymr]

Obama can't spank his own monkey without bragging about it.

[Lamplighter]

There is probably a better thread for this, but...

There have been many Dwellar complaints over the fact that no bank executives
have been held personally accountable for the financial crisis starting back in 2008.

The following article seems to me to hold out some hope, after all.

How to Punish Corporate Fraudsters
NY Times - ERIC R. HAVIANOCT. 22, 2015

<snip>Few outside the legal community are familiar with the concept of “exclusion,”
which permits many federal agencies — including the Securities and Exchange Commission,
the Federal Deposit Insurance Corporation and the Department of Health and Human Services
— to temporarily or permanently block corporations that violate their rules from doing business with them.
Importantly, it can also be applied to individual corporate officers, such as chief executives
and lower-level executives, and is especially effective in the finance and health care industries.

Since most big banks are federally insured, and many large health care companies do business
with Medicare or Medicaid, barring an executive from that work can be a professional death sentence.

For example, the F.D.I.C. can bar someone for life from any federally insured bank
by demonstrating in an administrative hearing that the person violated federal banking regulations
or failed to correct any “unsafe or unsound practice.”

To exclude a health care executive from federal health programs,
the Department of Health and Human Services can also conduct an administrative hearing
to show that the executive engaged in fraud. And the S.E.C. can bar a financial services executive
by filing a civil case in federal court, showing that the person is unfit “to serve as an officer or director”
of a public company and proving that the executive knew about or recklessly ignored the improper activity.

Others have also been barred from any federally regulated bank over the past 15 years,
including the former C.E.O. of the now-defunct American Sterling Bank
and an executive of Louisiana’s First Guaranty Bank.
In addition, the Bear Stearns executives who were acquitted of criminal charges after the financial crisis
were later barred from the securities industry for several years.
<snip>