[usakos]

Hey,

Watch this video on YouTube and tell everyone what you think when you watch it.

Here is the link to the video;
YouTube - Yes We Can - Barack Obama Music Video

[SendBlast]

romney just dropped out

[mattSantill]

Yeah I watched this video before... like all his speeches ... extremely inspirational.
I really hope he is our next president... I will be campaigning in Ohio this month

[tazman9r]

It's a pretty song, and a pretty speech.

I'd like to know how.

Many are crediting Mr. Obama with sounding like John F. Kennedy. President Kennedy lowered the TOP tax bracket from like 90% down to like 25% (not totally sure on the numbers, but it was enormous), as well as reducing taxes for the other brackets. Mr. Obama's 2 year record in the senate show him to be basically identical to Hillary Clinton, who has "a million ideas for this country, and America cannot afford them all." Mr. Obama has said he would have "enforcement" for those families who do not have health insurance for their children. Unless he's gonna put people in jail, sounds like either a new tax or wage garnishment to me. From my own experience, if you don't have a job that provides both decent health insurance AND a paycheck large enough to pay for it, a lower middle class to poor family cannot afford health insurance, much less the single parent on one income.

I am inspired by a leader who tells me how to get to the promised land. Even If I disagree with him or her at the outset, if their method proves true, I will back them. So if Mr. Obama gets his chance in the big chair, I will watch and wait. Time will tell if the CHANGE he proposes brings about the HOPE he has promised, and improves other's perception of us in the world.

I am not inspired by someone who speaks with pretty flowery language yet says nothing.

And, no, I have not been very inspired over the past 7 years. At least I understand what this guy is saying, though I may not agree very often.

I bought into the pretty language of Bill Clinton, too. He, also, could speak for long periods of time, yet say nothing. I'll look for substance from now on.

The problem is, there is not much substance out there right now.

[BusinessAdviser]

Originally Posted by mattSantill

Yeah I watched this video before... like all his speeches ... extremely inspirational.
I really hope he is our next president... I will be campaigning in Ohio this month

Why Obama?

[BusinessAdviser]

Originally Posted by tazman9r

Many are crediting Mr. Obama with sounding like John F. Kennedy. President Kennedy lowered the TOP tax bracket from like 90% down to like 25% (not totally sure on the numbers, but it was enormous), as well as reducing taxes for the other brackets.

So it seems that you support a reduction in income tax. What do you think of Huckabee? My understanding is that he is proposing an elimination (someone please correct me where I have been misinformed) of the income tax, replacing the income with a consumption tax? What does everyone think of this?

[jasaunders]

From an economic perspective, most economists don't recommend this. Obviously, consumption is what drives our economy. On a microeconomic level, the indifference curve shifts for such an income transfer, making it more unfavorable of a position to be taxed on consumption (ie. people actually prefer to be taxed on income, when given the alternative).

[BusinessAdviser]

Most economists don't recommend this? I haven't heard that before. It's news to me, especially considering the billions of dollars that will taxable under a consumption tax that are untaxable under an income tax.

And people would actually prefer to be taxed on income? Doesn't make a whole lot of sense to me. With an income tax, it's taxed whether people spend it or not; they have no choice. With a consumption tax, it's only taxed if and when they spend it; they have a choice.

Mind providing a bit of support for your statements? I would actually just like to read them.

[usakos]

I just need clarification on this, so please correct me. What tax system they use in the UK, isn't that the VAT system, and isn't that similar to the consumption tax? If so, then isn't that why most Brits, especially high net worth individuals rather prefer the US tax system, which is the income tax rather than the VAT? I haven't had sleep in a while, so i cant think straight right now.

[BusinessAdviser]

Here's my point:

Yes, the majority of Britain's tax revenue (as well as that of every other industrialized nation in the world except the United States, as far as I'm aware) comes from a consumption tax rather than an income tax. That is not the point though. I'm not debating what people would prefer, I'm offering my thoughts as to what would more greatly benefit the nation as a whole.

I think that the US would benefit from shifting to a consumption tax to fund the majority of its tax revenue for a couple reasons:

1) A consumption tax will be able to capture revenues from illegal acts, whereas an income tax cannot. For example, a drug dealer will not report any income derived from selling drugs, but he will still spend that money to purchase items. This amounts to billions of dollars in lost tax revenue each year.

2) A consumption tax encourages saving, as it would not be taxed until it were spent. Although right now (in the short run) the economy would be stimulated by increased spending. However, the economy and nation as a whole would be better off if Americans saved a greater portion of their income.

What does everyone else think?

[BusinessAdviser]

Originally Posted by usakos

most Brits, especially high net worth individuals rather prefer the US tax system, which is the income tax rather than the VAT?

Again, please provide support for this statement.