Photo credit: @julesdwit.
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New York Times columnist Joe Nocera discusses his first op-ed column which was published this past weekend.
Got a suggestion for Joe Nocera's next column? Post it below or tweet it using the hashtag #noceratips
Hi, Brian, Here is my suggestion to Joe Nocera. Why not write about us, the borrowers who got scammed by loan oooficers and got subprime mortgages when our credit scores were excellent? Mine was 754. I had never heard of subprime or mortgage fraud or predatory lending before I went to Ga in May 2002. I would likke Mr. Nocera to write about us. And ways to get justice as well as our money back. I read his piece about Warren Buffet and enjoyed it. Eugenia Renskoff
Seems to me that an outfit like GE would be the first to want to change the corporate tax structure. They pay over 700 tax lawyers at probably an average of $200,000 each. That's $140 million. Add the lobbyists and the PR firms that they've had to hire recently, plus the hit to their reputation, and you figure it costs them about a 300 million to avoid the taxes. Plus, think of the amount of corporate energy and focus that they waste in tax avoidance when those assets could be deployed finding new markets and developing new products. Wouldn't it be easier and more profitable just to pay the taxes? Why don't these large corporations fight for a simpler system. Of course, there would then be many tax lawyers and accountants and lobbyists unemployed. but then we've have all that brain power available to do something useful. I can't help but think that the complicated tax system as it now stands, for the regular folks of the world as well as for the GEs, just wastes too much national time and energy.
Time to tax sales on the Internet
The Feds should collect the sales taxes for the states on Internet sales for items that would otherwise generate sales taxes for the states. One standard for vendors to comply with. The Feds should get to keep up to 10 percent of what they collect for operating the system.
Story idea for Joe Nocera -- nobody is reporting on congress' move to allow ANYONE to convert IRAs to Roth IRAs regardless of income.
This is yet another way that government is making the books look good right now, but bankrupting our kids and grandkids.
Billions of dollars will be moved from IRAs (pre-tax money) to Roth IRAs (post-tax money) in the coming years. All the taxes will be paid on this in 2011 and 2012. The books will look just great for a few years.
After that, the "ownership society" is in effect. All the money is in private hands, post tax, and government has no way to touch it.
Cutbacks, cutbacks, cutbacks. We'll all be broke.
What about real estate agents, who are supposed to be negotiating on behalf of a buyer, but who's commission is a percentage of the sales price. This is a basic conflict of interest, but a totally accepted and ubiquitous practice.
I don't think what Buffett or his underling did was illegal. I think the crime committed was against Berkshire, not against the law.
It's front-running plain and simple.
When someone comes to the boss and says the boss should consider buying company X, the boss should ask his underling plainly "are you in a position to benefit from our purchase of the company."
If the answer is yes, the person should be dismissed off of the case.
SOunds like investing to me.
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