Skip to comments.Will American Producers be "Going Galt" After Jan. 1 Fiscal Cliff/Tax Increase?
Posted on 12/08/2012 4:52:04 PM PST by PJ-Comix
What is the possibility of American producers (manufacturing, agriculture, transportation, retail, etc.) "Going Galt" after Jan. 1 if the tax rates soar as Obama wants? The Bamster is so arrogant that he thinks he can merely order it (already proposed DOUBLE the original 800 Billion tax increase) and it will be so. But what if the people it affects the most (i.e. producers) just shut down their businesses? Gas stations closed, supermarkets closed, little or no transportation, etc. The result would be not only the American economy grinding to a halt but outright panic. Of course, the ONLY way to get the producers back to working again would be to lower the tax rates. Not something the 'RATS want to do but what choice would they have?
They have an alternative. Raise their prices. All taxes, fees, fines, regulated upgrades, etc. are always paid for by consumers.
Sold off my cow/calf operation this year. Have enough on my home pasture to sustain beef for my family and to sale for cash to friends.
Will not sale beef to feed yankees and Obamabots.
Closing out banking accounts this year. Pulling IRAs and 401Ks after the 1st of the year.
All in cash, food, precious metals and be ready to rebuild when the crash is over with and if I survive.
FUBO and the FERAL Government
Nationalize (and throw that uppity non-producer in jail for good measure).
Did you think they wouldn't have a plan B?
Why not cash out 401ks and IRAs this year-lower tax rates than 2013?
Disability......two can play this game
The only thing that is certain is that there are always some people on the margin. Their behavior is the most predictable. Those who are on the brink of bankruptcy with go bankrupt. Those on the brink of firing employees will fire employees. Those on the brink of selling their businesses and retiring will sell—if they are lucky—and retire.
In other words, it is a certainty that SOME people will “go Galt,” whether doing so becomes a “movement” or not.
Face it, compared to the entire debt, this "fiscal cliff" is a little mole-hill. 1.6 trillion? bah.
But if they can't find a way to agree to ANYTHING here, then holders of US treasuries and other instruments are going to have to take a SERIOUS look over if they will EVER get paid for the securities instruments.
They're going to come to the realization, NO, and a panic could set in.
Low chance maybe, but something that needs to be considered.
I read someplace about 59 1/2, is that the earliest one can cash out the Ira’s or 401k’s?
In my case, I can’t withdraw without a penalty until mid-January. The good news is that the $6000 I put in my Roth IRA ten to twelve years ago is now worth a cool $5000, so there won’t be any taxes.
You can cash out before 59 1/2, but you have a 10% penalty.
The left's answer is that Clinton raised the taxes, and look at all of the jobs "he created".
Of course, those jobs were created by the tech boom. The need to update the old mainframes for Y2K, the need to migrate the mainframes to servers, and the need to set up the servers for Ecommerce all created those tech jobs. None of this had anything to do with anything Clinton did, but the MSM saw to it that he got the credit. This needs to be pointed out.
It’s the earliest age you can pull out without a 10% penalty. There are reasons you can withdraw funds without paying it as well. Google cashing out ira without penalty.
180 days after your 59th birthday.
Yup, the law of unintended consequences.
The folks was flaming
Out of control
It was so entertainin’
When the boogie started to explode
I heard somebody say
Burn baby burn, disco inferno
Burn baby burn, burn that mama down
Millions of individual and collective decisions will be made in the new year. Going in the Galt direction is ongoing, but whether it will increase is unknown. I think it is likely to increase somewhat.
N.B. I’ve been about 75% Galt since 2008. Only the true crazies go all the way, God love ‘em.
There is a hardship/disability clause.
I am having some nerve isssues where I am having some problems walking and performing my job and qualify for LTD through my insurance (not SSI). LTD pays 80% of my salary and is not attached to SSI.
According to my CPA, I am 56 and I should be able to get my 401K and IRAs with out penalty, just taxes due.
I used to be one of those “friends” getting beef, but the guy stopped. Can you imagine a nationwide network of boutique cattle breeder people selling to small groups personal customers?
Seems like an all-round good deal for both sides, or has the business declined too badly?
Beef prices are at an all time high and have to be. Feed prices are also at an all time high.
I sold range feed beef only. No vacination and no steroid injection. The cows were the only ones that got any care, calves were milk fed.