I don't understand the problem with cutting military funds. If we funded wars in Iraq and Afghanistan for the better part of a decade, but we no longer have an active presence in Iraq, why can't the budget be reduced to reflect that?
My money is on us "defensively" protecting ourselves by invading Iran first. Unless the new fearless leader does something typically North Korean and stirs the pot. On the fiscal level, I wouldn't actually object to a much smaller defensive budget. Not the conspiracy type, but makes you wonder if all those trillions don't provide enticement to use-it-or-lose-it with the military. A war does justify spending, and nobody argues against supporting the troops.
I really, really don't think this will happen... but some are throwing around the idea of making a new "Carbon Tax" part of the Grand Bargain on the fiscal cliff: http://www.reuters.com/article/2012/11/08/us-carbon-tax-fiscal-cliff-idUSBRE8A71IU20121108 Meanwhile, Bill Kristol says it's stupid for Republicans to keep opposing tax increases on the wealthy, that it's not where they should make their stand and that half of millionaires vote for Democrats anyways: http://www.huffingtonpost.com/2012/11/11/bill-kristol-taxes-millionaires_n_2113671.html
As a student of Economics, I just have to say that no compromise would help. The only solutions to the problems are so far right of either party, that they will do nothing to help. To solve the problem, eliminate the Federal Reserve Bank, stop borrowing money, do not bail out anyone, shrink the federal government, lower regulation, stop favoring one company over another (corporatism), lower taxes (Stop class warfare). That is in short.
lol, "as a student of economics..." If you're a student of economics I'm the last surviving son of Krypton.
Esp since the grand canyon would be somehow public and yet privatised under the magic yet BS world of Austrian economics.
I just got some bad news tonight. In anticipation of the fiscal cliff, the NIH is only finding the top 6% of research grant submissions. To put this in perspective, it's been around 8-10% for the past few years, and we all thought we'd hit the worse case scenario. About a decade ago, funding was around 20%. This could potentially ruin research institutions, and would feed into the economic collapse.
Further posts not actually discussing the fiscal cliff itself, solutions to, politics of, etc, will be edited out.
Given that the estate tax would revert back to pre-Bush era levels (55%, only the first $1mil exempt) if a deal isn't reached, I've asked my parents to either die now or wait until a deal is reached.
Get an estate planning attorney. You can put assetts in an irrevocable trust (or a breakable one, even) to protect them from estate taxes. There's no way the GOP, with so many wealthy members and donors (or the Democrats, come to think of it), are going to allow that one to stand. No way. Peace, V-03
Estate planning long done, but even that has its limits. €5 mil exemption eliminates the need fo rmuch of it. And, btw, I was kidding.
Can anyone explain the rationale of estate tax? Besides the state's pathological need to dip into money that's not theirs nor have they done an ounce of work for. Bearing in mind that the estate was not created on pre-tax monies.
