The future of money

[Shaun @ Tru6]

Ok

[tabs]

Originally Posted by Shaun @ Tru6

Ted, you want to give it a try.

Are you trying to get a rise out of me sgt Shaun?

Well I will give it a bit of a go...but only a bit mind you....

Neither BO nor Trump have done much about eliminating or creating regulations. Both have used Executive orders to do the dirty work. BO used Executive Orders to direct the bureaucracy to a strict interpretation and thus strict compliance with regulations. T on the other hand rescinded BO Executive Orders and issued ones directing the bureaucracy to a looser interpretation and thys looser compliance. The net effect on small business especially as the Hawk said is that business now has more time to conduct business and having to spend less time complying with regulations.

The net effect of BO's strict compliance was to exert government control over business in an effort to dominate commerce. This methodology is part of a historical device to concentrate power in the hands of the central authority whether it be Fascist or Socialist. Knuckle under or else....but I digress.

Numbers are used primarily by economists to determine the emotional sentiment of the people who comprise economic activity. Using numbers alone is a rather rudimentary way of translating activity into sentiment. Any given set of numbers is a static (past activity )snapshot in time that lacks the fluidity of an ongoing human endeavor. I look rather to the Keynesian collective "animal spirits." I want to keep track of what the beast is up to...


The Beast has become for the most part sanguine over T's methodology in that it has apparently been successful in achieving results (also the world has not come to an end as so vociferously predicted by T's adversaries). Pleasantly surprised one could say. The Midterms are chasening Equities to a degree because the results will show peoples sentiment towards Trumpian methodology and tactics. However the real power remains in the hands of the FED as they are the ones who have assumed the mantel of being adults in the face of political dysfunction and hysteria.

[Shaun @ Tru6]

Oh good lord Ted, I expected better. Much better!

Seriously, think about it from completely practical terms. What regulations could you imagine over ALL of the industries in the US that if you wiped them out would so positively impact the economy that it would be measurable? Forget the Brookings list, it's laughable on what has been repealed that would so greatly impact the economy. Think about it seriously, what regulations are so onerous that repealing them would have a, for sake of argument, 1% positive growth impact on an $18 TRILLION economy?

What can "business" whatever the **** that means, do in 2017 and 18 that it couldn't do in the last 30 years? Across the board.

The fact is there are regulations on the books that if you repealed them you could get significant growth in a few years. But then we'd be living in India.

I'm really tired of the absolute death of critical thinking in this country. I give us 20 years max, and that's riding on coattails.

[wdfifteen]

Originally Posted by Seahawk

How would you have started to fix the debt, Ted?

I’m not Ted, but I would have:
Used trumps tactic for making trade deals on us corps. Smack them in the nose with huge and immediate tax increases and then say, “let’s negotiate! Repatriate that money and then we’ll cut your taxes back down below what they were, a little “
Give big, permanent tax cuts to small businesses. This latest tax bill is an insult to people who have risked everything to start a business. Incentivize entrepreneurship and innovation through a tax code that favors small risk takers over corporate giants.
Be VERY selective about eliminating regulations. Letting predatory lenders get away with ruining lives in the name of fewer regulations only helps the predators.
Raise the age of eligibility for social security.
Spend less on the military and more on infrastructure, which will produce long term efficiency gains.
Finally - universal health insurance. Yes, Medicare for all. Our system of paying for health car was stifling growth before the ACA and its only marginally better now.

[tabs]

Originally Posted by Shaun @ Tru6

Oh good lord Ted, I expected better. Much better!

Seriously, think about it from completely practical terms. What regulations could you imagine over ALL of the industries in the US that if you wiped them out would so positively impact the economy that it would be measurable? Forget the Brookings list, it's laughable on what has been repealed that would so greatly impact the economy. Think about it seriously, what regulations are so onerous that repealing them would have a, for sake of argument, 1% positive growth impact on an $18 TRILLION economy?

What can "business" whatever the **** that means, do in 2017 and 18 that it couldn't do in the last 30 years? Across the board.

The fact is there are regulations on the books that if you repealed them you could get significant growth in a few years. But then we'd be living in India.

I'm really tired of the absolute death of critical thinking in this country. I give us 20 years max, and that's riding on coattails.

I am truly beside myself being such a disappointment to you Mother.......ahhhhhhh I mean Shaun.

[tabs]

Originally Posted by wdfifteen

I’m not Ted, but I would have:
Used trumps tactic for making trade deals on us corps. Smack them in the nose with huge and immediate tax increases and then say, “let’s negotiate! Repatriate that money and then we’ll cut your taxes back down below what they were, a little “
Give big, permanent tax cuts to small businesses. This latest tax bill is an insult to people who have risked everything to start a business. Incentivize entrepreneurship and innovation through a tax code that favors small risk takers over corporate giants.
Be VERY selective about eliminating regulations. Letting predatory lenders get away with ruining lives in the name of fewer regulations only helps the predators.
Raise the age of eligibility for social security.
Spend less on the military and more on infrastructure, which will produce long term efficiency gains.
Finally - universal health insurance. Yes, Medicare for all. Our system of paying for health car was stifling growth before the ACA and its only marginally better now.

The big guys gots the money where money talks and the small fry walks. Ok so let us raise the age for SS to never.

[Shaun @ Tru6]

Originally Posted by tabs

The big guys gots the money where money talks and the small fry walks. Ok so let us raise the age for SS to never.

Amazing that you have been able to experience both American Gilded Ages.

[berettafan]

Originally Posted by Shaun @ Tru6

A cash only business can only be scrutinized when the IRS knows they are cash only which would probably be an auditing event. Otherwise, the IRS would never know. When you check Cash vs. Accrual on the company tax return, that's just the type of accounting you use.

It is interesting to me when cash only businesses I've been to for years suddenly start accepting credit cards. Same amount of business so probably safe to assume they were audited.

this is rapidly changing.

cc processors issue 1099K forms which show cc processing totals for the year and by the month.

the Korean hair stylist is cash only to avoid paying taxes. cc's are deposited within a few days.

also note that state sales tax auditors also have in interest in proper sales records being kept.

[berettafan]

Originally Posted by Dantilla

Your blanket statement implies anybody who doesn't take credit cards is a cheat. I don't agree.

I won't imply such a thing.


i'll state it explicitly.

cc processors are out there fighting for everyone's business. your arguments of concerns over security requirements and a business owner not even trying to get a cc processor because he 'might not have been approved' don't pass the laugh test.

[wdfifteen]

^^
I was in a restaurant last night that had a sign on the door."Our credit card fees exceed our gas and electric utility bills combined. If possible, please consider paying in cash."
It worked on me, I paid in cash. If they put that up there to avoid paying taxes, I got lied to. (Wouldn't be the first time).

[Shaun @ Tru6]

Originally Posted by wdfifteen

^^
I was in a restaurant last night that had a sign on the door."Our credit card fees exceed our gas and electric utility bills combined. If possible, please consider paying in cash."
It worked on me, I paid in cash. If they put that up there to avoid paying taxes, I got lied to. (Wouldn't be the first time).

This can go one of three ways I imagine.

1. Their business is so good, tons of revenue = tons of CC fees

2. Their credit is so bad, the processor rate is so high, their CC fees are high

3. All in all one of those "saw it on FB and thought we'd try it" outright lies or some permutation thereof

My processor rate was 2.X% + minor fees and charges. Hard to believe anything under 3% is going to make or break a restaurant but then Gordon Ramsay had that show...

[tabs]

Originally Posted by Shaun @ Tru6

Amazing that you have been able to experience both American Gilded Ages.

MONEY is going to where it belongs in the hands of the weathy.

The age when the working man can live like a king is over. Anyone for squaller? Hovels for all.

[Shaun @ Tru6]

^^^ A Triangle Shirtwaist Factory man, I should have known.

[tabs]

Originally Posted by Shaun @ Tru6

Oh goody

If T were black this is what he would sound like.