A Quote by Michael Hudson
When you say "paying the banks," what they really mean is paying the bank bondholders. They are basically the One Percent.
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I love to tell how I'm suffering because one percent we're paying 25 percent of the total. We're not paying 25 percent of the total taxes on individuals. We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the federal government. And they don't take that from me on capital gains. They don't take that from me on dividends. They take from the woman who comes in and takes the wastebaskets out.
We say that children are bad at paying attention, but we really mean that they're bad at not paying attention - they easily get distracted by anything interesting.
I think that something is fundamentally wrong if a person of his great wealth is only paying 13.9 percent effective tax rate and most of Americans are paying 28, 30 percent and they make far less.
We can think about how we reduce the pain in paying. So, for example, credit cards are wonderful mechanisms to reduce the pain of paying. If you go to a restaurant and you are paying cash, you would feel much worse than if you were paying with credit card. Why? You know the price, there's no surprise, but if you're paying cash, you feel a bit more guilt.
I commend the parents who are sending their children to a Catholic school, because they're making a sacrifice, and they're paying twice for their child's education: They're paying the tuition, and they're paying taxes.
The IMF acts as the collection agent for global bondholders. Its projections begin by assuming that all debts can be paid, if economies will cut wages and wiping out pension funds so as to pay banks and bondholders.
Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent can't pay the health care if they get sick. Seventy-nine percent don't have enough money to live when they retire. So, already, we're having a whole generation that's coming on, not only here but also in Europe, that isn't able to get good-paying jobs.
At least Bank of America got its name right. The ultimate Too Big to Fail bank really is America, a hypergluttonous ward of the state whose limitless fraud and criminal conspiracies we'll all be paying for until the end of time.
All of the sudden people say, "She's got tits and legs and blond hair. Let's talk to her!" I've been paying dues for years in modeling. Not only that, it took a month and a half of Chuck Russell, The Mask's director, and Jim Carrey trying to get New Line to say O.K. on me. I didn't sleep; I had an ulcer. Of course, when people talk of paying their dues, they mean years of going to acting school and auditionin.
There are a few things that we can do. One of them is that we can increase the taxes that people are paying who are the extremely wealthy in our communities. So, 70 percent, 80 percent, we've had it as high as 90 percent.
What we've done last night is what I call pushing back the risks..If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself? If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders.
I'm not against paying at all. What I'm against is the complexity of paying. And you very often go to a website and you try to click on something and sometimes it will even say it's free, but you have to fill out this form.
I would like people to be more aware of the fact that ultimately we are paying for things, and it's not just as privacy advocates point out that we're paying with our time and our data. We're also paying with money, because the hundreds of billions of dollars spent on advertising is just factored into the cost of the goods that we buy. It's all coming out of our pocket, just in a really roundabout way.
I've never had it so good in terms of taxes. I am paying the lowest tax rate that I've ever paid in my life. Now, that's crazy. And if you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or whomever around their office. On average. And so I think that actually people in my situation should be paying more tax. I think the rest of the country should be paying less.
Kuwait - they live like kings. The poorest person in Kuwait, they live like kings. And yet, they're not paying. America makes it possible for them to sell their oil. Why aren't they paying us 25 percent of what they're making? It's a joke.
People tend to think that paying a debt is like going out and buying a car, buying more food or buying more clothes. But it really isn't. When you pay a debt to the bank, the banks use this money to lend out to somebody else or to yourself. The interest charges to carry this debt go up and up as debt grows.
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