How would you improve our economy system?

What is NDP, Net Domestic Product?

What kind of businessman doesn't know the difference between Gross and Net.

When do economists ever talk about Net Domestic Product?
 
Seattle said:
When that's what they want to compare.
Click to expand...
To what?

NNP, Net National Product, got half a page in Samuelson's Economics. It was a 400 page book back in the 70s when they used that instead of NDP.

The Depreciation of durable consumer goods while the Repo Crisis goes on.

 
Seattle said:
I see many complaints but few suggestions as to how to improve or change our economic system. It would be nice if we could get through campaign reforms, get more "big money" out of politics, maybe try some term limits or age limits.

There are many reasons why doing all that in our political system is tough but change can be good. There seems to be a large (for this site) number of you who don't like the actual form of economic system that we have. I see many complaints but very few solutions as to how or what you would like to see changed.

Anyone?
Click to expand...
 
Seattle said:
The Fed is largely just responding to the mess caused by Congressional spending..

It can crash the economy to reduce demand but that's pretty heavy handed but that's the only control that it has. The only long term solution is less government spending. The ever increasing national debt is what is going to be causing most of our financial problems, directly or indirectly, for the foreseeable future.
Click to expand...
Congressional spending, like the countless millions of dollars spent on the Hunter laptop and Biden crime family hearings that came to nothing? Trump added $8 Trillion to debt, a whopping 32% in just four years because of his tax cut to the wealthy. He will do another cut for the wealthy when he gets in and his billionaire buddies will reap the benefits and everyone else will pay for it.
 
(Q) said:
Congressional spending, like the countless millions of dollars spent on the Hunter laptop and Biden crime family hearings that came to nothing? Trump added $8 Trillion to debt, a whopping 32% in just four years because of his tax cut to the wealthy. He will do another cut for the wealthy when he gets in and his billionaire buddies will reap the benefits and everyone else will pay for it.
Click to expand...
Are you not wealthy?
 
Seattle said:
Are you not wealthy?
Click to expand...
None of us are wealthy enough to benefit from Trump tax cuts. He has his benefactors - Musk, Thiel, Peltz, Wynn, Adelson etc - and they are all billionaires. They are going to get the best tax cuts money can buy.
 
Seattle said:
Are you not wealthy?
Click to expand...
I recently sold my property for $16 million but at no time in my life did I ever exceed $400K per year income.

Does that make me part of the 1.8% who can take advantage of those tax cuts? I'm sure many here are like me, they have some wealth built up over the years but they certainly aren't part of that elite group.

Are you?
 
(Q) said:
I recently sold my property for $16 million but at no time in my life did I ever exceed $400K per year income.

Does that make me part of the 1.8% who can take advantage of those tax cuts? I'm sure many here are like me, they have some wealth built up over the years but they certainly aren't part of that elite group.

Are you?
Click to expand...
I'm not part of the group that you mention but that's not the limit of who the tax cuts applied to.
 
Seattle said:
I'm not part of the group that you mention but that's not the limit of who the tax cuts applied to.
Click to expand...
"Based on standard assumptions, the Tax Cuts and Jobs Act reduced tax liability of most households, with a larger effect on after-tax income for high-income households. According to estimates from the Tax Policy Center in the first column of Table 3, 80 percent of tax filing units received a tax cut; the average tax cut overall tax units was $1,610 in 2018. After-tax income rose by 2.2 percent on average, but by only 0.4 percent for households in the lowest quintile, compared with 1.6 percent and 2.9 percent for those in the middle and top quintile respectively, more than 4 percent for those in the ninety-fifth–ninety-ninth percentiles, and 3.4 percent for taxpayers in the top 1 percent. The differences in dollars are more extreme: $60 for those in the bottom quintile, $930 for the middle quintile, and $51,140 for the top 1 percent

 
(Q) said:
"Based on standard assumptions, the Tax Cuts and Jobs Act reduced tax liability of most households, with a larger effect on after-tax income for high-income households. According to estimates from the Tax Policy Center in the first column of Table 3, 80 percent of tax filing units received a tax cut; the average tax cut overall tax units was $1,610 in 2018. After-tax income rose by 2.2 percent on average, but by only 0.4 percent for households in the lowest quintile, compared with 1.6 percent and 2.9 percent for those in the middle and top quintile respectively, more than 4 percent for those in the ninety-fifth–ninety-ninth percentiles, and 3.4 percent for taxpayers in the top 1 percent. The differences in dollars are more extreme: $60 for those in the bottom quintile, $930 for the middle quintile, and $51,140 for the top 1 percent

Click to expand...
That's how it works when you already have more money. You said it didn't apply unless you made more than $400k. Since you sold a property worth $16 million do you feel that your taxes were too low that year?
 
Seattle said:
That's how it works when you already have more money. You said it didn't apply unless you made more than $400k. Since you sold a property worth $16 million do you feel that your taxes were too low that year?
Click to expand...
The sale was not relevant to income taxes because it was my primary residence. I still had to pay for my next residence from that money.
 
(Q) said:

​

To be exempt from capital gains tax on the sale of your home, the home must be considered your principal residence based on Internal Revenue Service (IRS) rules. These rules state that you must have occupied the residence for at least 24 months of the last five years

Publication 523 (2023), Selling Your Home | Internal Revenue Service

www.irs.gov www.irs.gov
Click to expand...
Yes, I know all that. the gains are capped out at $250k for an individual and $500k for a couple. Why don't you come clean on the real details of your "$16 million dollar sale"?
 
Seattle said:
Yes, I know all that. the gains are capped out at $250k for an individual and $500k for a couple. Why don't you come clean on the real details of your "$16 million dollar sale"?
Click to expand...
No idea what you're talking about.
 
(Q) said:
No idea what you're talking about.
Click to expand...
I've always realized that. That's the problem with this group. I'm not saying anything that's not common place. I'm derided but I'm just stating the facts.

We know you don't live in a $16 million house. We know that you don't know the tax laws. Everyone who does knows about the caps. So there is nothing else for me to say. You are just ignorant of the facts.
 
You must log in or register to reply here.
Back
Top