So it begins...

http://finance.yahoo.com/news/closing-the-loophole-behind--10-million-tax-free-retirement-accounts-181835883.html

Tax the IRAs so that the rich pay their fair share. Oh yeah.

“Fewer than 10,000 have more than $5 million, and the GAO seems to have little quarrel with even this group.”

Implication: How generous of the GAO to not condemn these clearly excessive balances. How dare people accumulate such wealth, even if legally?

slowly but surely, as the lazy welfare collecting masses continue to vote into office politicians that do their bidding, we descend towards socialism… until one day the system collapses. but it’s aight, because when it does, it’s the children’s problem!

^randian wingnut!

The article specifically addresses outsized balances in IRAs, like if you somehow have $50 million when the contribution limit is $17.5k per year. I dislike taxes as much as you guys (maybe not itera), but it’s pretty clear that some individuals are exploiting loopholes to accumulate IRA balances that exceed the levels that the IRA program is supposed to create.

While legally accummulating these large balance can be viewed as fair, it’s also fair if the government were to identify these clever loopholes and also cleverly find ways to stop people from exploiting the system.

This is one of the symptoms of the Lost Generation. Gotta do something to avoid the unemployed and underemployed from revolting.

this is about correcting the massive imbalances between corporations (incl. those who own these businesses) and corporate profits, labour and government. actions like this is why Shiller’s CAPE will be proved to be relevant over time.

i found an article that Rob Arnott published talking about my dislocated corporate profit theory and comes from a less absolute figure as Hussman. his analysis is also much more basic than Hussman’s. his take is that it doesn’t matter why corporate profits are elevated, labour and government will take back what they need to sustain growth, one way or another.

to all you randian libertarians, let’s be clear, plenty of money in the hands of a few is not good for democracy and it is not good for capitalism. it is the beginning of the end of democracy and capitalism. if democracy works properly, it will result in votes for politicians who reign in the power that these few have and distribute the power more broadly. allowing money to continue to funnel to the top will result in the communist/facist/totalitarian scenarios that you think greater distribution will bring. the system requires balance. if it is out of balance, people vote radically and politicians become more radical.

do we need any more evidence than what has happened in Europe since 2000 to tell you we need balance?

expect higher taxes. expect more regulation. taking these actions before a crisis is what will save democracy.

http://www.researchaffiliates.com/Our%20Ideas/Insights/Fundamentals/Pages/F_2014_1_The-Profits-Bubble.aspx

^let’s be clear. we haven’t seen capitalism in this country for over 100 years, so your call for the end of capitalism is a little late.

Barak Obama is the most racist PResident we have ever had.

And we are getting blasted in the ass by the state income tax.

Let the political market (elections) determine that.

Be careful what you wish for FT. If the masses voted in their actual self interest, all of us folk would be screwed. Democracy has some key safeguards to prevent the undesirable rule by majority.

im not.

Nothing to worry about. The masses (the ones most further from the center) don’t vote and stay home on election day.

Democracy has no safeguards. That is precisely why the founders made this great country a Republic and not a democracy. You’re not an American. You wouldn’t understand. Most Americans unfortunately don’t either.

^ That’s fair in the political science sort of debate, sure. But no modern “democracy” is true 50%+1 will of the people free for all. America isn’t that different from other countries in that regard.