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Readers' forum: As GM goes, so goes nation
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GeeBee | 1:13 a.m. July 5, 2008
General Motors' downfall didn't start with gas prices, it started with
them making a shoddy product in comparison to foreign makes. By the time they
realized the err of their ways, gas prices began to climb. Sorry, but if GM
drags this nation down as this letter claims, it will have no one but GM to
blame.
True | 1:25 a.m. July 5, 2008
GM stock sold for less than ten bucks last week for the first time since 1954.
Bush told America that increased mileage standards would ruin the auto industry.
Not anymore than economic policies of the last seven years that have devalued
our dollar to the point oil costs twice as much as the Clinton years.
This is a trend. Real estate is still dropping. There are billions in noncollectable debts that will be written down.
Wasn't trickle down economics a beter fantasy than a reality?
The wealthy are much more wealthy. Russia, Reagan's evil empire is running in the black while we sink deeper in debt.
This is a trend. Real estate is still dropping. There are billions in noncollectable debts that will be written down.
Wasn't trickle down economics a beter fantasy than a reality?
The wealthy are much more wealthy. Russia, Reagan's evil empire is running in the black while we sink deeper in debt.
Sid Vic | 3:45 a.m. July 5, 2008
I could'a had a V8 ain't gonna fly any more. Can you say 2.5 liter
direct injection turbo diesel at 60 miles per gallon?
Comments continue below
Mike Richards | 4:08 a.m. July 5, 2008
And America's favorite store is Wal-Mart.
Buying foreign goods instead of spending more for American made goods is the choice that individual Americans made - and then they wonder why THEIR job was exported out of the country.
Greedy Americans wanting something for nothing is a large part of the problem. Greedy politicians who sign agreements with other nations that allow those nations free access to our markets without requiring them to let us have free access to their markets is a big part of the problem. Lazy workers who want to be paid for doing a shoddy job is a big part of the problem.
The problem could stop tomorrow if each American worker took pride in his job and gave an honest day's work for an honest day's pay, and then spent his paycheck on goods that were entirely made in America.
The cost of each item would be much, much higher, but the jobs would stay in America. We simply have to fully understand that the shopper's greed has cost far, far more than the discounted price on that foreign made product.
The Wal-Mart syndrome has destroyed the American market.
Buying foreign goods instead of spending more for American made goods is the choice that individual Americans made - and then they wonder why THEIR job was exported out of the country.
Greedy Americans wanting something for nothing is a large part of the problem. Greedy politicians who sign agreements with other nations that allow those nations free access to our markets without requiring them to let us have free access to their markets is a big part of the problem. Lazy workers who want to be paid for doing a shoddy job is a big part of the problem.
The problem could stop tomorrow if each American worker took pride in his job and gave an honest day's work for an honest day's pay, and then spent his paycheck on goods that were entirely made in America.
The cost of each item would be much, much higher, but the jobs would stay in America. We simply have to fully understand that the shopper's greed has cost far, far more than the discounted price on that foreign made product.
The Wal-Mart syndrome has destroyed the American market.
Joe | 6:10 a.m. July 5, 2008
We Americans are all to blame for this country problems and no one else. As US
rich companies move there manufacturing over seas to buy cheap labor and lay off
more workers here, plus a lot of people think foreign cars are better, which
they are not. We are the ones that made the dollar sink to new lows. Wake up
America, its our fault and no one else, keep buying those foreign cars, etc. and
we will keep sinking until we hit real bottom, worse then the great depression
could ever be.
This is a simple as I can put it so everyone should understand, you think?
This is a simple as I can put it so everyone should understand, you think?
Irony... | 7:13 a.m. July 5, 2008
Ironically, Toyota and Honda are building plants in America to take advantage of
the weak dollar; Toyota is even making hybrid Camrys in Kentucky -- green cars
in a green state! If you want to support American workers and reduce
America's oil addiction, buy a Toyota hybrid Camry!
Jim III | 7:27 a.m. July 5, 2008
I live near Flint, MI I never got the chance to work in one of the local GM
plants. My dad and some of my uncles and cousins did though and most of them
managed somehow to stay employed long enough to retire from GM.
My dad was considered some in management as a pain in the neck. He retired in 1989 when GM tore down the factory that he had worked at for nearly 25 years or so.
He started in the mid 60's making this statement: "When engineers run a company, they make a high quality product, but they do not make much money. So the money men come in and take over. When they do, they make a lot of money, but they make a lousy product." The money men at GM started making plans to move car building out of the US in the 60's. It has continued to accelerate ever since.
When I drive around Flint and Detroit and see where people worked to build the best product that they were allowed to build, torn down and allowed to become empty weed covered lots, the phrase that the letter writer uses comes true.
My dad was considered some in management as a pain in the neck. He retired in 1989 when GM tore down the factory that he had worked at for nearly 25 years or so.
He started in the mid 60's making this statement: "When engineers run a company, they make a high quality product, but they do not make much money. So the money men come in and take over. When they do, they make a lot of money, but they make a lousy product." The money men at GM started making plans to move car building out of the US in the 60's. It has continued to accelerate ever since.
When I drive around Flint and Detroit and see where people worked to build the best product that they were allowed to build, torn down and allowed to become empty weed covered lots, the phrase that the letter writer uses comes true.
Lionheart | 7:48 a.m. July 5, 2008
Russia is developing their natural resources. They are running in black oil.
buckwild | 10:20 a.m. July 5, 2008
all of you anti-free traders need to check yourself. The only thing keeping Ford
and GM afloat is the ability to sell their product in China and Central and
South America. I blame the Unions for destroying these companies. Over 1000.00
from the sale of every GM vehicle goes to pay health care costs for retirees(
and that includes Viagara prescriptions)And they are supposed to be competitive?
Maybe it would be better for them to go belly-up. And I'm a Ford
stockholder!
I can't ever recall seeing a Kerry/Edwards or Obama bumper sticker on a Ford or GM vehicle. The libs are too hip and cool to buy American.... so don't blame Reagan or Bush
I can't ever recall seeing a Kerry/Edwards or Obama bumper sticker on a Ford or GM vehicle. The libs are too hip and cool to buy American.... so don't blame Reagan or Bush
John | 11:28 a.m. July 5, 2008
Americans no longer wish to be free, so what is the difference anymore?
The fact is that most people shop at Walmart because they HAVE to. When your high paying engineering job is sent overseas, you have no choice. Ask me how I know.
I am the original owner a 1984 Chevette. When it was new, it would go 50 mpg on the freeway. Today, it is still running fine, passes all the emissions tests, and averages about 33mpg around town, and can make better than 40mpg on the freeway.
I am not suggesting you will all want one, but keep that in mind that you are being asked to pay $25K to $35K for a super duper hybrid that doesn't get the economy of a 24 year old car, and ask yourself is that is really progress?
The fact is that most people shop at Walmart because they HAVE to. When your high paying engineering job is sent overseas, you have no choice. Ask me how I know.
I am the original owner a 1984 Chevette. When it was new, it would go 50 mpg on the freeway. Today, it is still running fine, passes all the emissions tests, and averages about 33mpg around town, and can make better than 40mpg on the freeway.
I am not suggesting you will all want one, but keep that in mind that you are being asked to pay $25K to $35K for a super duper hybrid that doesn't get the economy of a 24 year old car, and ask yourself is that is really progress?
Thomas | 11:33 a.m. July 5, 2008
The only reason a Toyota Camry built in the United States is more competitive
than a Pontiac G6 built in the United States is that the Pontiac is built by a
union worker.
Anonymous | 12:32 p.m. July 5, 2008
Read "Downsize This!" from Flint, Michigan's own Michael
Moore.
Moore's scating attack on the CEO's of America predicted the economic situation we are in today.
Michael Moore takes on corporations, politicians and Americana in general in a mordant satire that will leave both conservatives and liberals reeling with embarrassment. Moore tears into corporations and labor unions alike. Citing "economic terrorism," he goes after the "Big Welfare Mamas"?the CEOs?detailing their cozy tax deals with federal and local government, which have added to the deficit. He attacks the unions in "Why Are Union Leaders So F#!@ing Stupid," citing how they have collaborated with corporations (while taking huge salaries) to slash jobs from their own memberships. No one is immune; Moore scrutinizes the President, Bob Dole, NAFTA, Cuban refugees and Pat Buchanan. A scathing, funny book packed with facts, it will appeal to those who loved Al Franken's Rush Limbaugh Is a Big Fat Idiot.
Moore's scating attack on the CEO's of America predicted the economic situation we are in today.
Michael Moore takes on corporations, politicians and Americana in general in a mordant satire that will leave both conservatives and liberals reeling with embarrassment. Moore tears into corporations and labor unions alike. Citing "economic terrorism," he goes after the "Big Welfare Mamas"?the CEOs?detailing their cozy tax deals with federal and local government, which have added to the deficit. He attacks the unions in "Why Are Union Leaders So F#!@ing Stupid," citing how they have collaborated with corporations (while taking huge salaries) to slash jobs from their own memberships. No one is immune; Moore scrutinizes the President, Bob Dole, NAFTA, Cuban refugees and Pat Buchanan. A scathing, funny book packed with facts, it will appeal to those who loved Al Franken's Rush Limbaugh Is a Big Fat Idiot.
Anonymous | 12:45 p.m. July 5, 2008
As we go deeper and deeper into Great Depression II (possibly the mother of all
Depressions) collectively bargaining will be more important than ever to bring
the greedy CEO's to their knees.
Mike Richards | 2:02 p.m. July 5, 2008
Let's put the blame squarely where it ought to be placed - on Congress.
Congress passes the laws that restrict business. When the laws are too restrictive for that business to make a profit in America, it outsources or moves to a foreign country where the laws are not as restrictive.
Some laws are necessary, but most of the restrictions placed on business are placed there because of special interest groups who want to gain an advantage through an act of Congress rather than competing in the "real world".
The profit margin of most businesses is around 10%. That doesn't leave a lot of room for increased wages. That doesn't leave a lot of room for customer discounts. In fact, it's a wonder that most businesses are still able to make a profit.
Those who think that greedy CEOs are the cause of the problem know absolutely nothing about business or about running a business. Those who think that paying a CEO absolutely nothing would increase the wages of the workers in that business also know absolutely nothing about business.
Class envy is an art form practiced by liberals. It is not worthy of America or of Americans.
Congress passes the laws that restrict business. When the laws are too restrictive for that business to make a profit in America, it outsources or moves to a foreign country where the laws are not as restrictive.
Some laws are necessary, but most of the restrictions placed on business are placed there because of special interest groups who want to gain an advantage through an act of Congress rather than competing in the "real world".
The profit margin of most businesses is around 10%. That doesn't leave a lot of room for increased wages. That doesn't leave a lot of room for customer discounts. In fact, it's a wonder that most businesses are still able to make a profit.
Those who think that greedy CEOs are the cause of the problem know absolutely nothing about business or about running a business. Those who think that paying a CEO absolutely nothing would increase the wages of the workers in that business also know absolutely nothing about business.
Class envy is an art form practiced by liberals. It is not worthy of America or of Americans.
wrz | 2:46 p.m. July 5, 2008
buckwild | 10:20 a.m. July 5, 2008: "I blame the Unions for destroying
these companies. Over $1,000 from the sale of every GM vehicle goes to pay
health care costs for retirees( and that includes Viagra
prescriptions)."
You got that right. Unions killed the goose that laid the golden egg. And they still don't understand what they've done or how they did it. Collectively, they don't have the brains of a wet dishrag.
You got that right. Unions killed the goose that laid the golden egg. And they still don't understand what they've done or how they did it. Collectively, they don't have the brains of a wet dishrag.
American management | 3:00 p.m. July 5, 2008
Blame unions. It's lazy American workers who expect companies to keep
contracts like Americans have to keep contracts.
Next economic lesson is the economics of scale. The cost per car is related to sales sold. If GM's management produced cars people wanted to buy the overhead per cars drops by the increase in production.
Look at business in America. Business is focused on the next quarter's returns. Toyota focuses on long term goals.
People who trade shares want it all and the want it now. You can't run a major car company without investing in the long term. Any monies invested how for the future, is debited against current profits. So, to keep profits high in any one quarter, companies fore go long term improvments.
This is why I don't buy American. It's the American way of doing business. American business will make number with little concern what they produce. This is why we have e coli in meat and contaminated food. These companies made the numbers but, at what cost?
This is what we call the loss function. I hate Microsoft. They sell be a flawed product and expect me to debug it for them.
Next economic lesson is the economics of scale. The cost per car is related to sales sold. If GM's management produced cars people wanted to buy the overhead per cars drops by the increase in production.
Look at business in America. Business is focused on the next quarter's returns. Toyota focuses on long term goals.
People who trade shares want it all and the want it now. You can't run a major car company without investing in the long term. Any monies invested how for the future, is debited against current profits. So, to keep profits high in any one quarter, companies fore go long term improvments.
This is why I don't buy American. It's the American way of doing business. American business will make number with little concern what they produce. This is why we have e coli in meat and contaminated food. These companies made the numbers but, at what cost?
This is what we call the loss function. I hate Microsoft. They sell be a flawed product and expect me to debug it for them.
Roland Kayser | 3:08 p.m. July 5, 2008
To wrz: Japanese and German auto workers make as much as their unionized
American counterparts. The difference is their corporations are not saddled
with health care costs because they are spread out among all taxpayers. That is
why Toyota located their latest plant in Canada instead of the U.S.
Anonymous | 3:26 p.m. July 5, 2008
Mike Richards knows absolutely nothing about the greed nature of mankind.
Ernest T. Bass | 3:36 p.m. July 5, 2008
Yup, GM has poor managment (they were way behind the ball with regards to
hybrids) and the US has a horrible president, who's never had a viable
energy policy.
No wonder both are in the tanks and will likely never fully recover.
No wonder both are in the tanks and will likely never fully recover.
buck wild | 3:37 p.m. July 5, 2008
@ roland : no one ever said that big corporations don't want nationalized
health care - of course they do - it's one less expense they have to worry
about
wrz | 4:26 p.m. July 5, 2008
American management | 3:00 p.m. July 5, 2008: "Any monies invested how
(sic) for the future, is debited against current profits."
Not if they follow GAAP accounting rules promulgated by the American Institute of Certified Public Accountants.
Not if they follow GAAP accounting rules promulgated by the American Institute of Certified Public Accountants.
wrz | 4:34 p.m. July 5, 2008
Roland Kayser | 3:08 p.m. July 5, 2008: "To wrz: Japanese and German auto
workers make as much as their unionized American counterparts. The difference is
their corporations are not saddled with health care costs because they are
spread out among all taxpayers. That is why Toyota located their latest plant in
Canada instead of the U.S."
But some Toyotas are manufactured in the US, are they not?
Of course, no one is forcing Toyota to provide American workers with health insurance.
------
buck wild | 3:37 p.m. July 5, 2008: "@ roland: no one ever said that big corporations don't want nationalized health care - of course they do - it's one less expense they have to worry about."
Good point. If American corporations didn't provide health insurance for their employees (i.e., insurance was nationalized) the cost of corporate goods ans services would be significantly reduced making them more competitive on the world market.
But some Toyotas are manufactured in the US, are they not?
Of course, no one is forcing Toyota to provide American workers with health insurance.
------
buck wild | 3:37 p.m. July 5, 2008: "@ roland: no one ever said that big corporations don't want nationalized health care - of course they do - it's one less expense they have to worry about."
Good point. If American corporations didn't provide health insurance for their employees (i.e., insurance was nationalized) the cost of corporate goods ans services would be significantly reduced making them more competitive on the world market.
wrz...thanks | 4:56 p.m. July 5, 2008
wrz? Profit equals earnings minus expenses. You have depreciation to off set the
investment.
I may be wrong. This was my assumption. This is why I believe in letting business depreciate capital at an accelerated rate. This would create demand and modernize American business.
Thank you for bring up what conservatives avoid. Making health care a cost of doing business makes costs higher in America. It locks workers in to jobs for health care. It's bad for busness.
I'm in favor of a capital gains structure that would create an incentive for retires to sale investment with little or no tax to bring liquidity in to our economy. Trickle up economics.
I'm a Left Coast Liberal I believe freeing up money for the middle class to consume and invest more will cause all boats to rise. When, the middle class spends money the rich get wealthier and invest more.
I may be wrong. This was my assumption. This is why I believe in letting business depreciate capital at an accelerated rate. This would create demand and modernize American business.
Thank you for bring up what conservatives avoid. Making health care a cost of doing business makes costs higher in America. It locks workers in to jobs for health care. It's bad for busness.
I'm in favor of a capital gains structure that would create an incentive for retires to sale investment with little or no tax to bring liquidity in to our economy. Trickle up economics.
I'm a Left Coast Liberal I believe freeing up money for the middle class to consume and invest more will cause all boats to rise. When, the middle class spends money the rich get wealthier and invest more.
Mike Richards | 5:30 p.m. July 5, 2008
To 3:26,
Oh, I know enough about mankind to know that a natural man has to want to rise above his natural selfish nature.
The Liberals want to force people to share. That won't work. People can't be forced to do good or to be good. The net effect of forcing goodness through taxation will be to decrease incentive. Those who can will invest their money in businesses in other countries who have a more favorable business environment. Those who can't will just stop working so hard, so that they become one of the 'getters' instead of being one of the 'givers'. That's human nature.
There is no magic bullet that can slay this problem. It would be great if changing just the Health Insurance program would fix it all, but it won't. Congress has strapped business with so many rules and regulations that small business spends a horrendous amount of time and money just trying to comply. That takes capital away from producing their product or service. Off-shore companies don't have those expenses.
It's time to level the playing field. All companies that import goods or services into America need to be regulated just like American companies.
Oh, I know enough about mankind to know that a natural man has to want to rise above his natural selfish nature.
The Liberals want to force people to share. That won't work. People can't be forced to do good or to be good. The net effect of forcing goodness through taxation will be to decrease incentive. Those who can will invest their money in businesses in other countries who have a more favorable business environment. Those who can't will just stop working so hard, so that they become one of the 'getters' instead of being one of the 'givers'. That's human nature.
There is no magic bullet that can slay this problem. It would be great if changing just the Health Insurance program would fix it all, but it won't. Congress has strapped business with so many rules and regulations that small business spends a horrendous amount of time and money just trying to comply. That takes capital away from producing their product or service. Off-shore companies don't have those expenses.
It's time to level the playing field. All companies that import goods or services into America need to be regulated just like American companies.
buck wild | 6:03 p.m. July 5, 2008
when I found out that the fat cats on Wall Street (Goldman Sachs, JP Morgan etc
etc)support primarily Democrats then I knew that we have something seriously
wrong with our Government and free enterprise system. Shouldn't these guys
want smaller Government and less regulation? I understand that the Republicans
sure didn't give us less Government under Bush but something is
frighteningly wrong.
Roland Kayser | 6:15 p.m. July 5, 2008
To buck wild: Wall Street is supporting the democrats because they know the
democrats are going to win big this year and they want access. They also
remember the Clinton years fondly. They were great years for the financial
sector.
buck wild | 6:47 p.m. July 5, 2008
Roland - Obama has made it clear that he wants to raise the capital gains tax
and tax on dividends as well as the tax rate for the highest tax bracket. And
that is supposed to help Wall Street.
wrz | 9:00 p.m. July 5, 2008
wrz...thanks 4:56 p.m. July 5, 2008: "wrz? Profit equals earnings minus
expenses. You have depreciation to off set the investment."
Yes. Profit equals earnings minus expenses, and minus depreciation on fixed assets and other costs expected to benefit the generation of income for longer than a year.
"This is why I believe in letting business depreciate capital at an accelerated rate. This would create demand and modernize American business."
IRS has allowed more and more up front write-offs of fixed asset costs over the years. I think the rates are quite generous. GAAP does not dictate depreciation rates (to the best of my knowledge) except that it must be reasonable considering the life of the depreciable asset.
"I'm in favor of a capital gains structure that would create an incentive for retirees to sale investment with little or no tax to bring liquidity in to our economy. Trickle up economics."
Taxing long term capital gains at a reduced rates encourage long term investments having a stabilizing economic effect... but less trickle-up (or is it trickle-down?). I'm in favor of no capital gains tax but that would let many fat cats off tax free.
Yes. Profit equals earnings minus expenses, and minus depreciation on fixed assets and other costs expected to benefit the generation of income for longer than a year.
"This is why I believe in letting business depreciate capital at an accelerated rate. This would create demand and modernize American business."
IRS has allowed more and more up front write-offs of fixed asset costs over the years. I think the rates are quite generous. GAAP does not dictate depreciation rates (to the best of my knowledge) except that it must be reasonable considering the life of the depreciable asset.
"I'm in favor of a capital gains structure that would create an incentive for retirees to sale investment with little or no tax to bring liquidity in to our economy. Trickle up economics."
Taxing long term capital gains at a reduced rates encourage long term investments having a stabilizing economic effect... but less trickle-up (or is it trickle-down?). I'm in favor of no capital gains tax but that would let many fat cats off tax free.
Mike Richards | 9:25 p.m. July 5, 2008
Maybe I don't understand depreciation. I depreciate the equipment in my
business at the same rate that it wears out - as nearly as possible. However,
it is assumed that when a piece of equipment is fully depreciated, that it has
served its useful life and that it needs to be replaced. Replacing equipment
requires a new influx of capital into the business.
In my opinion, capital gains should not be taxed at all if the profits are rolled over into another investment. Again, I'm showing my ingnorance here, but I believe that an IRA can be rolled over without penalty into another IRA. Capital gains should have that same privilege. By doing that, the economy gets the full benefit of new capital and Government gets the full benefit of taxes generated by the profitability of businesses that receive that capital. Isn't that the way that profits from the sale of a home work? If you sell your home, but buy another home of equal or higher value, aren't you exempt from taxes on the profits of that sale?
The Government can't take everything and expect investment to continue. It just doesn't work that way.
In my opinion, capital gains should not be taxed at all if the profits are rolled over into another investment. Again, I'm showing my ingnorance here, but I believe that an IRA can be rolled over without penalty into another IRA. Capital gains should have that same privilege. By doing that, the economy gets the full benefit of new capital and Government gets the full benefit of taxes generated by the profitability of businesses that receive that capital. Isn't that the way that profits from the sale of a home work? If you sell your home, but buy another home of equal or higher value, aren't you exempt from taxes on the profits of that sale?
The Government can't take everything and expect investment to continue. It just doesn't work that way.
Thanks wrz | 9:32 p.m. July 5, 2008
I didn't want to be like a all knowing conservative. Life is a learning
process. I was impressed by you knowledge regardless of your politics.
Being a liberal, a admit to a bias. I believe the better off the middle class has it the better America's economy does.
Parts of supporting the middle class is having an environment that makes American business competitive.
Let me explain trickle up economics. Unlike Bush, I believe it's not who spends the money. It's know benefits from money passing hands.
70% of American's economic activity is consumption. If you understand the law of large numbers the middle class is America's largest consumer of the goods and services that business provides. By targeting the middle class and not the wealthy the rich get wealthier because their investments in the economy acquire more value has their volume of business increases.
At the end of the day, what really matter is who puts money i the bank.
Being a liberal, a admit to a bias. I believe the better off the middle class has it the better America's economy does.
Parts of supporting the middle class is having an environment that makes American business competitive.
Let me explain trickle up economics. Unlike Bush, I believe it's not who spends the money. It's know benefits from money passing hands.
70% of American's economic activity is consumption. If you understand the law of large numbers the middle class is America's largest consumer of the goods and services that business provides. By targeting the middle class and not the wealthy the rich get wealthier because their investments in the economy acquire more value has their volume of business increases.
At the end of the day, what really matter is who puts money i the bank.
wrz | 9:58 p.m. July 5, 2008
Thanks wrz 9:32 p.m. July 5, 2008: "I didn't want to be like a all
knowing conservative. Life is a learning process. I was impressed by you
knowledge regardless of your politics."
My knowledge? Sketchy at best.
"Being a liberal, a admit to a bias. I believe the better off the middle class has it the better America's economy does."
My view would be just the reverse... A better economy makes the middle class better off. But, I'm conservative by nature. :)
My knowledge? Sketchy at best.
"Being a liberal, a admit to a bias. I believe the better off the middle class has it the better America's economy does."
My view would be just the reverse... A better economy makes the middle class better off. But, I'm conservative by nature. :)
Anonymous | 10:14 p.m. July 5, 2008
@ thanks wrz - the typical liberal mistake in economics is assuming there is a
one size pie and that if someone takes a big slice then there is less pie for
everyone else ( see Michelle Obama) The beautiful thing about America is that we
can keep making that pie bigger and bigger. There is unlimited potential for our
economy. That being said, there will always be poor people in this country:
always have been and always will be but it's certainly not my fault or
yours.
I am by no means rich but I know that the money I paid in taxes last year could have gone to say new hardwood floors or something in my house but instead it went to the Government to fritter away instead of a to a contractor or retail business. I don't mind taxes but the further they go from the local level the less say so you have in how they are spent ( or burned as it were)
I am by no means rich but I know that the money I paid in taxes last year could have gone to say new hardwood floors or something in my house but instead it went to the Government to fritter away instead of a to a contractor or retail business. I don't mind taxes but the further they go from the local level the less say so you have in how they are spent ( or burned as it were)
wrz | 10:33 p.m. July 5, 2008
Mike Richards 9:25 p.m. July 5, 2008: "Replacing equipment requires a new
influx of capital into the business."
You can either borrow the money to buy the new equipment of you could reserve enough Retained Earnings to pay for it.
"In my opinion, capital gains should not be taxed at all if the profits are rolled over into another investment."
If it's a "like-kind exchange" there is no tax.
"If you sell your home, but buy another home of equal or higher value, aren't you exempt from taxes on the profits of that sale?"
Yes, and if you own your home and live in it two out of five years you can exclude up to $500,000 of capital gains on the sale.
You can either borrow the money to buy the new equipment of you could reserve enough Retained Earnings to pay for it.
"In my opinion, capital gains should not be taxed at all if the profits are rolled over into another investment."
If it's a "like-kind exchange" there is no tax.
"If you sell your home, but buy another home of equal or higher value, aren't you exempt from taxes on the profits of that sale?"
Yes, and if you own your home and live in it two out of five years you can exclude up to $500,000 of capital gains on the sale.
wrz | 10:46 p.m. July 5, 2008
Anonymous 10:14 p.m. July 5, 2008:
"I am by no means rich but I know that the money I paid in taxes last year could have gone to say new hardwood floors or something in my house but instead it went to the Government to fritter away instead of a to a contractor or retail business."
The government's 'frittering away" is actually stimulating the economy... probably just as much as your contractor or a retail business.
"I don't mind taxes but the further they go from the local level the less say so you have in how they are spent (or burned as it were)."
It's about the same, in my view. No one listens to constituents with any degree of regularity or interest.
"I am by no means rich but I know that the money I paid in taxes last year could have gone to say new hardwood floors or something in my house but instead it went to the Government to fritter away instead of a to a contractor or retail business."
The government's 'frittering away" is actually stimulating the economy... probably just as much as your contractor or a retail business.
"I don't mind taxes but the further they go from the local level the less say so you have in how they are spent (or burned as it were)."
It's about the same, in my view. No one listens to constituents with any degree of regularity or interest.
Reality hurts | 11:05 p.m. July 5, 2008
Anonymous where did I ask for your pie?
Life isn't fair and I miss the Mormons of my grand parent's era. They made it through the depression and they weren't whiners. Life isn't fair. People of character count their blessing in life.
My grandmother living in Plain City, Utah felt blessed to have five dollars to buy food, Rush Limbaugh signs a 400 million dollar contract and whines about taxes.
The government developed computers, the Internet, nuclear technology, satellite communications, radio and more. How many high paying jobs did these technologies create? The return on the GI Bill was 7 dollars for each dollar your government spent. Pineview Dam was build during FDR's rein. There's Glen Canyon and lets not forget the 15 billion for your Winter Games. Forest fires are fought and paid for by government as are highways.
Utah has gotten more in Federal dollars than Utah has ever paid. I don't mind carrying you but, please get the spurs out of my back!
Life isn't fair and I miss the Mormons of my grand parent's era. They made it through the depression and they weren't whiners. Life isn't fair. People of character count their blessing in life.
My grandmother living in Plain City, Utah felt blessed to have five dollars to buy food, Rush Limbaugh signs a 400 million dollar contract and whines about taxes.
The government developed computers, the Internet, nuclear technology, satellite communications, radio and more. How many high paying jobs did these technologies create? The return on the GI Bill was 7 dollars for each dollar your government spent. Pineview Dam was build during FDR's rein. There's Glen Canyon and lets not forget the 15 billion for your Winter Games. Forest fires are fought and paid for by government as are highways.
Utah has gotten more in Federal dollars than Utah has ever paid. I don't mind carrying you but, please get the spurs out of my back!
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