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[quote quote=4699]Doing a little deeper look at PPP the loans were meant to be forgiven if the forgiveness process were properly documented which turned out to be a joke. Many recipients simply got an email saying their loan was forgiven. No back up required. Many small businesses got up to 2 million. No proof of need. All forgiven. The loans remain on the books with the lending banks. Anyone can look at PPP loans in their zip code and quickly see that many were lucrative medical and dental practices, non profits, hair solons, prep schools and businesses some of which never missed a beat and kept on working throughout. All you had to do was apply. Inflationary helicopter money. Lets not forget that the FED mortgage forgiveness program has a roll up to an interest free rider until the sale of the home. And the Student Loan Forgiveness Program. We are in a very deep hole.[/quote]
I think Mick lays out the other side of not participating. They laid off a bunch of staff and made a killing. Had they left staff in place and taken PPP, probably would have still made a killing, but without contributing to unemployment.
My hunch is that the PPP “helped” keep companies from panic downsizing to some degree. However, it really became a joke once it became clear where the scrutiny level would be. I, for one, think that the disclosure of ppp loan amounts was a bit of a double-cross, because it was a glimpse into payroll dynamics of a given company. While I understand the need for openness and transparency, such disclosure was not likely for smaller businesses at the start of the program.
The PPP did what it was supposed to do but it was a nuclear weapon…lots of collateral impact that likely enriched some people. The good news is that it likely only enriched actual taxpayers, so for those of us who view taxation as theft, it was only a return of “stolen property.” 😎
The best evidence that people have moral and legal restraint is that the PPP dollars were never all used.
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Sic transit gloria mundi (so shut up and get back to work)[quote quote=4695]And Kamala Harris, the least impressive person on the public stage I have ever seen, is about to be making decisions affecting my life. Government service attracts the worse kind of people. I can’t verify this but a CPA told me that he did tax returns this last month for several clients who 100k to 200k in PPP money on the COVID program last year. Said the loans have all been forgiven. R and D’s gave the full wish list.[/quote]
Kamala would be a really annoying high school principal or VP of HR if she hadn’t hooked onto the right Dem machine coattails. That she is a heartbeat away from leading the country is truly one of the more terrifying examples of bureaucratic upward failure in the history of mankind.
As for the PPP, as far as I’m concerned worrying about PPP dollars being forgiven fails on two points. First, it’s player hating. The law as set up was for forgivable loans that went to maintaining payrolls. Like it or not, but the payrolls stayed. Yes, the tax free forgiveness can be interpreted as a double dip, but it was what was promised… The government directly funded the payroll and some other items via very aggressive lending. It turned into a free money program, but probably should have been a free income program (meaning taxable as marginal income). Unfortunately it wasn’t framed that way.
Full disclosure: This hits close to home. Though my company did not take the second round ppp, we did take the first, and I can tell you the mixed messages were a tax planning nightmare (AKA a “high class problem”) Also full disclosure: I pay waaaay more in taxes than the PPP paid to us, so it wasn’t exactly a handout…more like a small tax refund. My hunch is that was the case for most people.
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Sic transit gloria mundi (so shut up and get back to work)You ever go into an “everything’s a dollar” store? You know, where you can buy a box of brillo pads for a dollar? The catch is there are two Brillo pads in the box.
welcome to the land of the economically stupid and exploited.
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Sic transit gloria mundi (so shut up and get back to work)All this starts to look like a wealth tax by another name. Capital gains taxes are essentially taxes on future income (the only reason a capital stock has value in the main), just like a wealth tax would be.
the only thing it does is rejigger all the assumptions about tax avoidance, and we’ll be off worrying about something new, like why dividends don’t get quadruple taxed or something.
Think about a dividend under Biden’s america. A company generates cash. That cash has to eventually be considered income during the life of the firm. That income is taxed at a fair share of 28 percent. That leaves 72 percent for reinvestment or dividend distribution. If it’s distributed (which is often the best thing for the economy ignoring tax policy, because it gets cash out there), 40 plus percent gets taxed (another fair share) add to that state taxes (fair share, dumbass!). So a shareholder who owns a share of stock that makes 100 in income gets to keep less than 45 of that amount after the dividend on just a federal level. It’s likely more like 40 percent after state taxes.
all this does is provide incentives for companies to keep all the capital on their balance sheets and scale scale scale. It’s inefficient but then again the government doesn’t want efficiency…they want money. Oh, and to rail against billionaires who are billionaires thanks to government’s own policies.
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Sic transit gloria mundi (so shut up and get back to work)Cancelled her ass, didn’t they?
She wasn’t woke enough BECAUSE she defended Exxon.
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Sic transit gloria mundi (so shut up and get back to work)I never realized how preachy Joe is. He is like the dumb guy who has to tell you how smart he is. Pretty awful. Probably not a lot of fun at parties.
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Sic transit gloria mundi (so shut up and get back to work)At some point the real “woke” revolution will be people realizing that drowning in debt and having more than half of income confiscated through taxes, fees, and penalties does not equal freedom.
Biden may be closer to king George III than anybody realizes. Tax, regulate, disarm, disenfranchise. We hold these truths to be self evident…
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Sic transit gloria mundi (so shut up and get back to work)There’s so much juiciness in the hypocrisy of democrat politicians adopting trump’s policies (which were in a lot of cases the same as Obama’s policies).
anybody heard the Dems forwarding legislation to reinstate the individual mandate in Obamacare?
me neither.
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Sic transit gloria mundi (so shut up and get back to work)If her credit card was racist I wonder what she thought of her fork and spoon.
I fully understand that people have to find meaning in the world, but this is just silly. My sister got in way over her head with credit card debt in the same era, and it ended in bankruptcy (her parents couldn’t afford to pay off her debts like our erstwhile dean’s could). Does that make her fantastically oppressed as well?
Articles like this will put the Onion out of business.
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Sic transit gloria mundi (so shut up and get back to work)I thought the modern term was “sugar baby.”
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Sic transit gloria mundi (so shut up and get back to work)I would be comfortable with simply requiring a few ride alongs on Saturday night graveyard shifts.
the crap the police have to deal with is unreal. But it IS their job to deal with it. Thankless though that may be.
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Sic transit gloria mundi (so shut up and get back to work)Mick, you almost had me. I was going to post that there is no way that more than 20 thousand people have died “in custody.” And that any analysis that claims these deaths “in custody” was propaganda. Then I checked the site. It is about any death that had a police officer present of any kind:
from the site: “We try to document all deaths that happen when police are present or that are caused by police: on-duty, off-duty, criminal, line-of-duty, local, federal, intentional, accidental–all of them.”
That is a very broad swath that includes not only George Floyd’s death which was very much in custody, but also the death of a person in an automobile accident with a police officer who is off duty. Those are two very different things.
That said, policing is a multi faceted thing. Some demographics have police encounters all the time. Some do not. I have lived in the same neighborhood for ten years and can’t remember ever seeing a police car in it. Any demographic analysis of police related fatalities has to be normalized to the encounter rate of that demographic. My hunch is, in the Floyd case, even leaving race out of it, the chance of dying at the hands of police as a violent felon on drugs and actively resisting arrest is significantly elevated.
That doesn’t absolve the police, but it does call into question the “societal” issues that are often implied by analysis of such data.
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Sic transit gloria mundi (so shut up and get back to work)Bolstering Doc’s sex worker hypothesis, Now Deshaun’s attorney says he occasionally had sexual encounters with massage therapists. All were consensual of course.
Dude is probably in trouble. It’s probably one of those Kobe Bryant-this-happens-all-the-time-I-think-they-just-want-it stories. Except Kobe was only accused by one woman.
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Sic transit gloria mundi (so shut up and get back to work)Nice reference to the censors in good morning Vietnam.
The news hurts the narrative and must be suppressed.
in fact, abolish ICE!
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Sic transit gloria mundi (so shut up and get back to work)
