Comments on: Counterparties: The state of the economy, restated http://blogs.reuters.com/felix-salmon/2012/09/27/counterparties-the-state-of-the-economy-restated/ A slice of lime in the soda Sun, 19 May 2013 14:44:14 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: Anonymous http://blogs.reuters.com/felix-salmon/2012/09/27/counterparties-the-state-of-the-economy-restated/comment-page-1/#comment-43549 Anonymous Mon, 01 Oct 2012 11:54:15 +0000 http://blogs.reuters.com/felix-salmon/?p=18275#comment-43549 The state of the U. S. economy can be described with one word, "fear". The average citizen's real income has dropped and his/her insecurity and fear has risen. The result has been anemic demand in general and almost no demand for long term consumption items like houses. A similar situation exists for businesses as they hoard cash and invest only cautiously. Consumers will go out to dinner and pay for their expensive cell phone bills but don't have the confidence to make lifetime investments. Until our leaders put us on a sustainable path, the fear will be holding back the recovery. The state of the U. S. economy can be described with one word, “fear”. The average citizen’s real income has dropped and his/her insecurity and fear has risen. The result has been anemic demand in general and almost no demand for long term consumption items like houses. A similar situation exists for businesses as they hoard cash and invest only cautiously. Consumers will go out to dinner and pay for their expensive cell phone bills but don’t have the confidence to make lifetime investments. Until our leaders put us on a sustainable path, the fear will be holding back the recovery.

]]> By: youniquelikeme http://blogs.reuters.com/felix-salmon/2012/09/27/counterparties-the-state-of-the-economy-restated/comment-page-1/#comment-43537 youniquelikeme Sat, 29 Sep 2012 18:59:15 +0000 http://blogs.reuters.com/felix-salmon/?p=18275#comment-43537 Chris08, Romeny would like ensure that the estate tax remains as easy to manipulate as it is now... and Obama is closing in on it. It almost seems Romney is running for the rich to save their loopholes and keep their taqxes low, rather than to represent the people. TFF is not making a flippant comment and is right, not just probably right. It is likely his grandkids might benefit more though, as his kids are doing just fine on their own. (on their own meaning, with the help of Mormon and business contacts) Tax Arcana How Romney used the gift tax to avoid millions in taxes with an “I Dig It” trust – Bloomberg Chris08, Romeny would like ensure that the estate tax remains as easy to manipulate as it is now… and Obama is closing in on it. It almost seems Romney is running for the rich to save their loopholes and keep their taqxes low, rather than to represent the people.

TFF is not making a flippant comment and is right, not just probably right. It is likely his grandkids might benefit more though, as his kids are doing just fine on their own. (on their own meaning, with the help of Mormon and business contacts)

Tax Arcana
How Romney used the gift tax to avoid millions in taxes with an “I Dig It” trust – Bloomberg

]]> By: TFF http://blogs.reuters.com/felix-salmon/2012/09/27/counterparties-the-state-of-the-economy-restated/comment-page-1/#comment-43536 TFF Sat, 29 Sep 2012 16:58:07 +0000 http://blogs.reuters.com/felix-salmon/?p=18275#comment-43536 Chris08, all the more reason why we need to work to close the gaps in the inheritance laws. Raising the estate tax is futile when somebody can push $100M through loopholes. Chris08, all the more reason why we need to work to close the gaps in the inheritance laws. Raising the estate tax is futile when somebody can push $100M through loopholes.

]]> By: Chris08 http://blogs.reuters.com/felix-salmon/2012/09/27/counterparties-the-state-of-the-economy-restated/comment-page-1/#comment-43534 Chris08 Sat, 29 Sep 2012 15:50:35 +0000 http://blogs.reuters.com/felix-salmon/?p=18275#comment-43534 TFF: You are probably right that he has arranged things so he can leave quite a bit to each of his five? kids. But families with more than one or two heirs usually find that the original capital dissipates in a couple of generations due to feckless behavior, luxury living, lack of motivation and so on and so forth. The Rockefeller wealth, the DuPont wealth, the Kennedy wealth and many others don't stand up very well to the wear and tear of time. The heirs are very comfortable, but nothing like the first generation. Trust fund kids are not often wealth creators. TFF: You are probably right that he has arranged things so he can leave quite a bit to each of his five? kids. But families with more than one or two heirs usually find that the original capital dissipates in a couple of generations due to feckless behavior, luxury living, lack of motivation and so on and so forth. The Rockefeller wealth, the DuPont wealth, the Kennedy wealth and many others don’t stand up very well to the wear and tear of time. The heirs are very comfortable, but nothing like the first generation. Trust fund kids are not often wealth creators.

]]> By: TFF http://blogs.reuters.com/felix-salmon/2012/09/27/counterparties-the-state-of-the-economy-restated/comment-page-1/#comment-43515 TFF Fri, 28 Sep 2012 11:29:06 +0000 http://blogs.reuters.com/felix-salmon/?p=18275#comment-43515 Wasn't somebody suggesting that Romney wouldn't be passing along more than $10M per kid when he dies? Seems he has a Family Trust worth $100M in addition to the $250M that is still "his". The Family Trust can apparently be distributed free of estate tax, for $20M per child from that alone. It isn't about Romney. He isn't doing anything illegal or uncommon. This is about how the 1% rape the rest of us and dodge most of what they nominally owe in taxes. But heck, rules are for the little people, not the wealthy. Right? Wasn’t somebody suggesting that Romney wouldn’t be passing along more than $10M per kid when he dies? Seems he has a Family Trust worth $100M in addition to the $250M that is still “his”. The Family Trust can apparently be distributed free of estate tax, for $20M per child from that alone.

It isn’t about Romney. He isn’t doing anything illegal or uncommon. This is about how the 1% rape the rest of us and dodge most of what they nominally owe in taxes. But heck, rules are for the little people, not the wealthy. Right?

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