...what the congressional credit bailout solution will do to our profession?
Of course not, least of all me. But some of the more heuristic of you may wish to opine in the next few days as this thing is unfurled.
One thing is for sure, the popular "sound-good" solutions of candidates are not going to work. Statements like "tax cuts for 95% of the people" "I am adamantly opposed to any corporate bailout" and "any credit solution cannot result in more foreclosures" are not going to work. These were made, respectively, by Obama, McCain (before voting for the AIG bailout) and Pelosi. And they are going to have to be more resourceful than the rinky-dink, ambient games they play at the end-of-year with the tax law.
Congress is expert at releasing popular "solutions" which sound good to various constituencies, but when you look under the rug you find they are nothing but shams.
A typical example are the smiling faces bally-hooing various "Taxpayer Bill of Rights" which sound like taxpayers are finally going to get some relief in leveling the playing field, but upon closer examination do very little.
I'm not trying to start a political smudge hurling post. The simple fact is they are going to have to pacify the smart-money people with real solutions. They're not dealing with a public over whom they can pull the wool, with craftily-contrived speeches and press releases. There is no question the dollar will come out of this thing weaker, to investors who already prefer Euros.
For tax preparers? I'm sure it's no great revelation to you that 50% of all taxpayers already pay no income tax (other than SS & medicare), so how can 95% of them have their taxes reduced??
For one thing, I believe we can forgot about a "kinder, gentler IRS." Penalty enforcement, plus MUCH heavier interest rates as the Fed already has had their rates artificially pressured downward (that's part of the problem). A few years ago, the Fed stopped releasing their daily M-1 money supply. The public was more interested in Britney Spears.
What about the handling of the $7500 homebuyer credit? We've already had a few discussions about this.
Will new tax legislation be part of the credit solution? Will they really be stupid enough to remove capital gains rates with real estate movement already slowing down to a crawl??
Most of us won't know anything until the package is revealed. We're told if this doesn't happen in the next day or two, the markets will go into free-fall. I can only say that if indeed there is a congressional solution, they are going to have to enact something with teeth and substance because they're not fooling with the gullible public this time.
Of course not, least of all me. But some of the more heuristic of you may wish to opine in the next few days as this thing is unfurled.
One thing is for sure, the popular "sound-good" solutions of candidates are not going to work. Statements like "tax cuts for 95% of the people" "I am adamantly opposed to any corporate bailout" and "any credit solution cannot result in more foreclosures" are not going to work. These were made, respectively, by Obama, McCain (before voting for the AIG bailout) and Pelosi. And they are going to have to be more resourceful than the rinky-dink, ambient games they play at the end-of-year with the tax law.
Congress is expert at releasing popular "solutions" which sound good to various constituencies, but when you look under the rug you find they are nothing but shams.
A typical example are the smiling faces bally-hooing various "Taxpayer Bill of Rights" which sound like taxpayers are finally going to get some relief in leveling the playing field, but upon closer examination do very little.
I'm not trying to start a political smudge hurling post. The simple fact is they are going to have to pacify the smart-money people with real solutions. They're not dealing with a public over whom they can pull the wool, with craftily-contrived speeches and press releases. There is no question the dollar will come out of this thing weaker, to investors who already prefer Euros.
For tax preparers? I'm sure it's no great revelation to you that 50% of all taxpayers already pay no income tax (other than SS & medicare), so how can 95% of them have their taxes reduced??
For one thing, I believe we can forgot about a "kinder, gentler IRS." Penalty enforcement, plus MUCH heavier interest rates as the Fed already has had their rates artificially pressured downward (that's part of the problem). A few years ago, the Fed stopped releasing their daily M-1 money supply. The public was more interested in Britney Spears.
What about the handling of the $7500 homebuyer credit? We've already had a few discussions about this.
Will new tax legislation be part of the credit solution? Will they really be stupid enough to remove capital gains rates with real estate movement already slowing down to a crawl??
Most of us won't know anything until the package is revealed. We're told if this doesn't happen in the next day or two, the markets will go into free-fall. I can only say that if indeed there is a congressional solution, they are going to have to enact something with teeth and substance because they're not fooling with the gullible public this time.
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