OT: Stock and Investment Talk

[ScarletNut]

Historically, the market is almost the same whichever party is in power (in fact slightly higher with Dems). Most presidential candidates move more to the center once elected (see Nixon and China for example). The problem IMO is Obama went further left and Trump reaction was further to the right. No matter your politics, the country needs a little more centrist in power.

 

[Caliknight]

Within 30 minutes of Joe Biden declaring he is raising taxes on individuals and companies during a pandemic, the market went down 500 points.

 

[RUinPinehurst]

Rolling back the tax cuts to our wealthiest and corporations is a certainty with a new administration. Yes. That's anticipated/expected and will come as no surprise. But there's a bigger threat to the market: over-extended borrowing by many companies, inflated valuations based on unrealistic projected revenue, COVID-19 lingering, unemployment, an extended recession, social unrest, etc. We're in for a slide. Question is... how far and for how long. At least two years, methinks. Perhaps longer. Some very smart guys are saying up to a decade.

 

[chase07470]

If you make under $400K a year, Biden's tax reforms won't impact you. If you make over $1 million a year through dividends and capital gains, you're going to get slaughtered. Beyond rolling back Trump's tax cuts for corporations, he has his eyes squarely on the indolent, unemployed wealthy. It will be their money that pays for all the social welfare programs he is planning.

 

[newell138]

Have to say this again. Loving the recommendation from my fellow RU track alum and financial advisor who told my wife to buy FSLY with some of her inheritance a few months ago It’s up 500% since then and looks like it will continue to climb

Up another $7 today!

 

[mdk01]

If you make under $400K a year, Biden's tax reforms won't impact you. If you make over $1 million a year through dividends and capital gains, you're going to get slaughtered. Beyond rolling back Trump's tax cuts for corporations, he has his eyes squarely on the indolent, unemployed wealthy. It will be their money that pays for all the social welfare programs he is planning.

And what will rolling back those corporate tax cuts do? Nothing positive, those rate cuts were 20 years overdue.

 

[RutgHoops]

And what will rolling back those corporate tax cuts do? Nothing positive, those rate cuts were 20 years overdue.

Problem is corporations used that money on stock buybacks rather than wages, R+D, expansion, etc. It is somewhat remarkable how illiquid corporations are in many sectors. But, that is what happens when $1.5T is expended on stock buybacks between 2018 and 2019. Boeing, for example, gave $43B to shareholders in stock buybacks has now burned thru a $50B+ LOC due to the pandemic. Remarkable.

 

[newell138]

Within 30 minutes of Joe Biden declaring he is raising taxes on individuals and companies during a pandemic, the market went down 500 points.

I get why people don't like Trump's personality but my god, how any intelligent person can think this guy is capable of running our country is beyond me. You see him and Sanders crafted their policy, and of course its loaded with free stuff. Medicare for all, 12 weeks paid family and medical leave, $15 minimum wage and of course REPARATIONS!!

 

[Caliknight]

If you make under $400K a year, Biden's tax reforms won't impact you. If you make over $1 million a year through dividends and capital gains, you're going to get slaughtered. Beyond rolling back Trump's tax cuts for corporations, he has his eyes squarely on the indolent, unemployed wealthy. It will be their money that pays for all the social welfare programs he is planning.

No true. If you are middle class you are getting screwed.

 

[phs73rc77gsm83]

If you make under $400K a year, Biden's tax reforms won't impact you. If you make over $1 million a year through dividends and capital gains, you're going to get slaughtered. Beyond rolling back Trump's tax cuts for corporations, he has his eyes squarely on the indolent, unemployed wealthy. It will be their money that pays for all the social welfare programs he is planning.

I believe Biden is proposing to raise capital gains tax for everyone, irrespective of income. I also believe he wants to abolish the stepped up cost basis, which effects not only the ultra-rich, but also the mom and pop down the street who saved and bought some stock they’d like to pass on to their grandkids. Both of these measures negatively anyone who has invested in stock, again regardless of income.

 

[newell138]

I believe Biden is proposing to raise capital gains tax for everyone, irrespective of income. I also believe he wants to abolish the stepped up cost basis, which effects not only the ultra-rich, but also the mom and pop down the street who saved and bought some stock they’d like to pass on to their grandkids. Both of these measures negatively anyone who has invested in stock, again regardless of income.

Because as you know, wealth is bad. Any money you saved up during your life of hard work and sacrifice needs to be distributed to those who didn't bother.

 

[newell138]

I believe Biden is proposing to raise capital gains tax for everyone, irrespective of income. I also believe he wants to abolish the stepped up cost basis, which effects not only the ultra-rich, but also the mom and pop down the street who saved and bought some stock they’d like to pass on to their grandkids. Both of these measures negatively anyone who has invested in stock, again regardless of income.

Bidens #1 economic plan:
1) Emphasize higher paying jobs in third-world countries for Hunter

 

[Caliknight]

I believe Biden is proposing to raise capital gains tax for everyone, irrespective of income. I also believe he wants to abolish the stepped up cost basis, which effects not only the ultra-rich, but also the mom and pop down the street who saved and bought some stock they’d like to pass on to their grandkids. Both of these measures negatively anyone who has invested in stock, again regardless of income.

Exactly. Biden is a train wreck for the economy.

 

[mdk01]

I believe Biden is proposing to raise capital gains tax for everyone, irrespective of income. I also believe he wants to abolish the stepped up cost basis, which effects not only the ultra-rich, but also the mom and pop down the street who saved and bought some stock they’d like to pass on to their grandkids. Both of these measures negatively anyone who has invested in stock, again regardless of income.

Beyond stock, what does a small family business after the founder's passing with no step up in basis?

 

[BigWill]

If you make under $400K a year, Biden's tax reforms won't impact you. If you make over $1 million a year through dividends and capital gains, you're going to get slaughtered. Beyond rolling back Trump's tax cuts for corporations, he has his eyes squarely on the indolent, unemployed wealthy. It will be their money that pays for all the social welfare programs he is planning.

YOU really need to do some research on where the staggering amounts of money will come from with Joe. When the stock market and profits tank, where are the dividends/capital gains from those lazy "indolent" wealthy going to use to pay their tax bills ?

 

[Caliknight]

YOU really need to do some research on where the staggering amounts of money will come from with Joe. When the stock market and profits tank, where are the dividends/capital gains from those lazy "indolent" wealthy going to use to pay their tax bills ?

It’s a pipe dream. Biden is pandering to radicals.

 

[WhichReligionIsRight]

Relax folks, the stock market did great under Obama and Clinton.

 

[Caliknight]

Biden isn't Clinton. Or even Oblunder for that matter. He's lost.

 

[rutgersdave]

https://taxfoundation.org/joe-biden-tax-plan-2020/

Details of Biden’s Tax Plan

Payroll tax and individual income changes:

Imposes a 12.4 percent Old-Age, Survivors, and Disability Insurance (Social Security) payroll tax on income earned above $400,000, evenly split between employers and employees. This would create a “donut hole” in the current Social Security payroll tax, where wages between $137,700, the current wage cap, and $400,000 are not taxed.[1]

Reverts the top individual income tax rate for taxable incomes above $400,000 from 37 percent under current law to the pre-Tax Cuts and Jobs Act level of 39.6 percent.

Taxes long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million and eliminates step-up in basis for capital gains taxation.[2]

Caps the tax benefit of itemized deductions to 28 percent of value, which means that taxpayers in the brackets with tax rates higher than 28 percent will face limited itemized deductions.

Restores the Pease limitation on itemized deductions for taxable incomes above $400,000.

Phases out the qualified business income deduction (Section 199A) for filers with taxable income above $400,000.

Expands the Earned Income Tax Credit (EITC) for childless workers aged 65+; provides renewable-energy-related tax credits to individuals.
Business tax changes:

Increases the corporate income tax rate from 21 percent to 28 percent.[3]

Creates a minimum tax on corporations with book profits of $100 million or higher. The minimum tax is structured as an alternative minimum tax—corporations will pay the greater of their regular corporate income tax or the 15 percent minimum tax while still allowing for net operating loss (NOL) and foreign tax credits.[4]

Doubles the tax rate on Global Intangible Low Tax Income (GILTI) earned by foreign subsidiaries of US firms from 10.5 percent to 21 percent.

Establishes a Manufacturing Communities Tax Credit to reduce the tax liability of businesses that experience workforce layoffs or a major government institution closure; expands the New Markets Tax Credit and makes it permanent; offers tax credits to small business for adopting workplace retirement savings plans; expands several renewable-energy-related tax credits and deductions and ends subsidies for fossil fuels.

Other Changes Include:

An $8,000 tax credit for childcare; equalizing the tax benefits of defined contribution retirement plans; eliminating real estate industry tax loopholes; expanding the Affordable Care Act’s premium tax credit; sanctions on tax havens and outsourcing, among other proposals[5] which are not included in our analysis due to the lack of detailed information.

 

[rutgersdave]

I believe Biden is proposing to raise capital gains tax for everyone, irrespective of income. I also believe he wants to abolish the stepped up cost basis, which effects not only the ultra-rich, but also the mom and pop down the street who saved and bought some stock they’d like to pass on to their grandkids. Both of these measures negatively anyone who has invested in stock, again regardless of income.

The step up basis is really escaping the tax for stock appreciation which I recently took advantage of but I understand why he wants to tax the appreciation.

I had a joint account that had a lot of appreciation with my father and I spoke to the rep and found out that the step up basis would probably be for only half the account. I created a new account for my father, he agreed, with me being the beneficiary and transferred the stock over to the new account. After his passing, I inherited the stocks with no tax liability due to the step up basis. Saved myself quite a sum of money.

I confirmed the step up basis on this board, very helpful.

 

[kapyoche]

Who is brave to stay put?
Who is braver to sell?
Who is bravest to buy?

 

[T2Kplus10]

https://taxfoundation.org/joe-biden-tax-plan-2020/

Details of Biden’s Tax Plan

Payroll tax and individual income changes:

Imposes a 12.4 percent Old-Age, Survivors, and Disability Insurance (Social Security) payroll tax on income earned above $400,000, evenly split between employers and employees. This would create a “donut hole” in the current Social Security payroll tax, where wages between $137,700, the current wage cap, and $400,000 are not taxed.[1]

Reverts the top individual income tax rate for taxable incomes above $400,000 from 37 percent under current law to the pre-Tax Cuts and Jobs Act level of 39.6 percent.

Taxes long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million and eliminates step-up in basis for capital gains taxation.[2]

Caps the tax benefit of itemized deductions to 28 percent of value, which means that taxpayers in the brackets with tax rates higher than 28 percent will face limited itemized deductions.

Restores the Pease limitation on itemized deductions for taxable incomes above $400,000.

Phases out the qualified business income deduction (Section 199A) for filers with taxable income above $400,000.

Expands the Earned Income Tax Credit (EITC) for childless workers aged 65+; provides renewable-energy-related tax credits to individuals.
Business tax changes:

Increases the corporate income tax rate from 21 percent to 28 percent.[3]

Creates a minimum tax on corporations with book profits of $100 million or higher. The minimum tax is structured as an alternative minimum tax—corporations will pay the greater of their regular corporate income tax or the 15 percent minimum tax while still allowing for net operating loss (NOL) and foreign tax credits.[4]

Doubles the tax rate on Global Intangible Low Tax Income (GILTI) earned by foreign subsidiaries of US firms from 10.5 percent to 21 percent.

Establishes a Manufacturing Communities Tax Credit to reduce the tax liability of businesses that experience workforce layoffs or a major government institution closure; expands the New Markets Tax Credit and makes it permanent; offers tax credits to small business for adopting workplace retirement savings plans; expands several renewable-energy-related tax credits and deductions and ends subsidies for fossil fuels.

Other Changes Include:

An $8,000 tax credit for childcare; equalizing the tax benefits of defined contribution retirement plans; eliminating real estate industry tax loopholes; expanding the Affordable Care Act’s premium tax credit; sanctions on tax havens and outsourcing, among other proposals[5] which are not included in our analysis due to the lack of detailed information.

Yup, just as I thought. He wants to destroy the economy and market. Thanks for posting.

 

[mdk01]

https://taxfoundation.org/joe-biden-tax-plan-2020/

Details of Biden’s Tax Plan

Payroll tax and individual income changes:

Imposes a 12.4 percent Old-Age, Survivors, and Disability Insurance (Social Security) payroll tax on income earned above $400,000, evenly split between employers and employees. This would create a “donut hole” in the current Social Security payroll tax, where wages between $137,700, the current wage cap, and $400,000 are not taxed.[1]

Reverts the top individual income tax rate for taxable incomes above $400,000 from 37 percent under current law to the pre-Tax Cuts and Jobs Act level of 39.6 percent.

Taxes long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million and eliminates step-up in basis for capital gains taxation.[2]

Caps the tax benefit of itemized deductions to 28 percent of value, which means that taxpayers in the brackets with tax rates higher than 28 percent will face limited itemized deductions.

Restores the Pease limitation on itemized deductions for taxable incomes above $400,000.

Phases out the qualified business income deduction (Section 199A) for filers with taxable income above $400,000.

Expands the Earned Income Tax Credit (EITC) for childless workers aged 65+; provides renewable-energy-related tax credits to individuals.
Business tax changes:

Increases the corporate income tax rate from 21 percent to 28 percent.[3]

Creates a minimum tax on corporations with book profits of $100 million or higher. The minimum tax is structured as an alternative minimum tax—corporations will pay the greater of their regular corporate income tax or the 15 percent minimum tax while still allowing for net operating loss (NOL) and foreign tax credits.[4]

Doubles the tax rate on Global Intangible Low Tax Income (GILTI) earned by foreign subsidiaries of US firms from 10.5 percent to 21 percent.

Establishes a Manufacturing Communities Tax Credit to reduce the tax liability of businesses that experience workforce layoffs or a major government institution closure; expands the New Markets Tax Credit and makes it permanent; offers tax credits to small business for adopting workplace retirement savings plans; expands several renewable-energy-related tax credits and deductions and ends subsidies for fossil fuels.

Other Changes Include:

An $8,000 tax credit for childcare; equalizing the tax benefits of defined contribution retirement plans; eliminating real estate industry tax loopholes; expanding the Affordable Care Act’s premium tax credit; sanctions on tax havens and outsourcing, among other proposals[5] which are not included in our analysis due to the lack of detailed information.

So at $400,000 in wages the effective tax rate will become:

For ordinary income
39.6% plus
6.2% additional old age security
3.96% Pease phase out (each additional dollar of income reduces itemized by 39.6%
---------
49.76%

And cap gains from 23.8 to 42.4% with the ACA surcharge

 

[rurahrah000]

Biden isn't Clinton. Or even Oblunder for that matter. He's lost.

Yup, just as I thought. He wants to destroy the economy and market. Thanks for posting.

Ok, what lies are you both peddling now?

 

[rurahrah000]

https://taxfoundation.org/joe-biden-tax-plan-2020/

Details of Biden’s Tax Plan

Payroll tax and individual income changes:

Imposes a 12.4 percent Old-Age, Survivors, and Disability Insurance (Social Security) payroll tax on income earned above $400,000, evenly split between employers and employees. This would create a “donut hole” in the current Social Security payroll tax, where wages between $137,700, the current wage cap, and $400,000 are not taxed.[1]

Reverts the top individual income tax rate for taxable incomes above $400,000 from 37 percent under current law to the pre-Tax Cuts and Jobs Act level of 39.6 percent.

Taxes long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million and eliminates step-up in basis for capital gains taxation.[2]

Caps the tax benefit of itemized deductions to 28 percent of value, which means that taxpayers in the brackets with tax rates higher than 28 percent will face limited itemized deductions.

Restores the Pease limitation on itemized deductions for taxable incomes above $400,000.

Phases out the qualified business income deduction (Section 199A) for filers with taxable income above $400,000.

Expands the Earned Income Tax Credit (EITC) for childless workers aged 65+; provides renewable-energy-related tax credits to individuals.
Business tax changes:

Increases the corporate income tax rate from 21 percent to 28 percent.[3]

Creates a minimum tax on corporations with book profits of $100 million or higher. The minimum tax is structured as an alternative minimum tax—corporations will pay the greater of their regular corporate income tax or the 15 percent minimum tax while still allowing for net operating loss (NOL) and foreign tax credits.[4]

Doubles the tax rate on Global Intangible Low Tax Income (GILTI) earned by foreign subsidiaries of US firms from 10.5 percent to 21 percent.

Establishes a Manufacturing Communities Tax Credit to reduce the tax liability of businesses that experience workforce layoffs or a major government institution closure; expands the New Markets Tax Credit and makes it permanent; offers tax credits to small business for adopting workplace retirement savings plans; expands several renewable-energy-related tax credits and deductions and ends subsidies for fossil fuels.

Other Changes Include:

An $8,000 tax credit for childcare; equalizing the tax benefits of defined contribution retirement plans; eliminating real estate industry tax loopholes; expanding the Affordable Care Act’s premium tax credit; sanctions on tax havens and outsourcing, among other proposals[5] which are not included in our analysis due to the lack of detailed information.

You are linking the taxfoundation.org? This is a group funded by Koch brothers, Exxon and other right wing groups. Not shocking that their analysis looks bleak.

 

[RULegion]

Back on stocks ....bought DOCU fastly ddog and zm about a week ago and am very happy I did.

Politics of the market...market like republicans not democrats. Bottom line trump doesn’t know crap Kushner is running the country and under Biden he will answer to Schumer and Pelosi...the last president to actually run the country was likely Reagan....maybe. All of Biden’s stuff is for the far left and lowly will only pass a couple of items on his list like Trump. Anything to far right or left always falls by the waist side and are just campaign “promises”

 

[ScarletNut]

Back on stocks ....bought DOCU fastly ddog and zm about a week ago and am very happy I did.

Politics of the market...market like republicans not democrats. Bottom line trump doesn’t know crap Kushner is running the country and under Biden he will answer to Schumer and Pelosi...the last president to actually run the country was likely Reagan....maybe. All of Biden’s stuff is for the far left and lowly will only pass a couple of items on his list like Trump. Anything to far right or left always falls by the waist side and are just campaign “promises”

That's what I was alluding to in an earlier post. Presidents usually drift to the center no matter what their politics or promises are during campaigning. Obama and Trump were outliers.

 

[rurahrah000]

Back to stocks, I still think that gold, silver and bitcoin are likely to go up in the upcoming months. The flash stocks sucks NKLA, etc are going to be volatile as people look for growth.

 

[rutgersdave]

You are linking the taxfoundation.org? This is a group funded by Koch brothers, Exxon and other right wing groups. Not shocking that their analysis looks bleak.

https://www.kiplinger.com/slideshow/taxes/t055-s001-2020-election-joe-biden-s-tax-plans/index.html

Another source

 

[rurahrah000]

https://www.kiplinger.com/slideshow/taxes/t055-s001-2020-election-joe-biden-s-tax-plans/index.html

Another source

This is more objective and informative. Thanks for posting this.

 

[ru109]

https://taxfoundation.org/joe-biden-tax-plan-2020/

Details of Biden’s Tax Plan

Payroll tax and individual income changes:

Imposes a 12.4 percent Old-Age, Survivors, and Disability Insurance (Social Security) payroll tax on income earned above $400,000, evenly split between employers and employees. This would create a “donut hole” in the current Social Security payroll tax, where wages between $137,700, the current wage cap, and $400,000 are not taxed.[1]

Reverts the top individual income tax rate for taxable incomes above $400,000 from 37 percent under current law to the pre-Tax Cuts and Jobs Act level of 39.6 percent.

Taxes long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million and eliminates step-up in basis for capital gains taxation.[2]

Caps the tax benefit of itemized deductions to 28 percent of value, which means that taxpayers in the brackets with tax rates higher than 28 percent will face limited itemized deductions.

Restores the Pease limitation on itemized deductions for taxable incomes above $400,000.

Phases out the qualified business income deduction (Section 199A) for filers with taxable income above $400,000.

Expands the Earned Income Tax Credit (EITC) for childless workers aged 65+; provides renewable-energy-related tax credits to individuals.
Business tax changes:

Increases the corporate income tax rate from 21 percent to 28 percent.[3]

Creates a minimum tax on corporations with book profits of $100 million or higher. The minimum tax is structured as an alternative minimum tax—corporations will pay the greater of their regular corporate income tax or the 15 percent minimum tax while still allowing for net operating loss (NOL) and foreign tax credits.[4]

Doubles the tax rate on Global Intangible Low Tax Income (GILTI) earned by foreign subsidiaries of US firms from 10.5 percent to 21 percent.

Establishes a Manufacturing Communities Tax Credit to reduce the tax liability of businesses that experience workforce layoffs or a major government institution closure; expands the New Markets Tax Credit and makes it permanent; offers tax credits to small business for adopting workplace retirement savings plans; expands several renewable-energy-related tax credits and deductions and ends subsidies for fossil fuels.

Other Changes Include:

An $8,000 tax credit for childcare; equalizing the tax benefits of defined contribution retirement plans; eliminating real estate industry tax loopholes; expanding the Affordable Care Act’s premium tax credit; sanctions on tax havens and outsourcing, among other proposals[5] which are not included in our analysis due to the lack of detailed information.

Nothing seems to crazy or radical here. If that's the plan its not going to scare most people.

 

[rutgersdave]

Nothing seems to crazy or radical here. If that's the plan its not going to scare most people.

Most of the individual taxes only affect people with income over $400k. The step up basis doesn’t affect most people because it’s a taxable account instead of a 401k.

 

[rurahrah000]

Most of the individual taxes only affect people with income over $400k. The step up basis doesn’t affect most people because it’s a taxable account instead of a 401k.

Truthfully, taxes have become very low. I am fortunate to be in the highest tax bracket and I can tell you that myself and my colleagues in similar situation are not necessarily spending more money. There is only so much you can spend. In fact most of us are spending more on exotic vacations in Scandinavia, Maldives, Patagonia, Tahiti, Galapagos etc. so instead of taking 2 vacations in the US, one here and one in another country. More evidence that taxes are too low is that the companies that reduced their tax burden spent the money on stock buy backs instead of pumping back into the economy. If taxes are going up then I would want the money to be spent wisely and not to wasted. That is why we need moderate liberals and conservatives in power. They can sort of be a check on each other but civil enough to work with each other.

 

[chase07470]

YOU really need to do some research on where the staggering amounts of money will come from with Joe. When the stock market and profits tank, where are the dividends/capital gains from those lazy "indolent" wealthy going to use to pay their tax bills ?

Why do you think I need to do research? I'm just stating what's coming. I'm no socialist. I blame Trump. He was such an utter failure and embarrassment that Biden and the Dems are completely embolden. Only hope for the economy is a new candidate. America is done being represented by a sad, whiney, clown.

 

[RULegion]

Just reading SRNE price target 24 in 12 months sits at about 8 right now. Looking to get fast track approval for Covid test worth 50 million in the next 5 weeks. I got in at $4.

 

[RU-05]

Have been dragging along some cannabis stocks, one is down 3%, another down 10%(I am up 16% on a small position of a penny stock), but I think when it turns, with the growing probability of states legalizing for tax revenue, it will turn big.

If Biden wins that could bolster them even more.

Think I'm going to add another name to the portfolio.

 

[RU-05]

Back on stocks ....bought DOCU fastly ddog and zm about a week ago and am very happy I did.

Politics of the market...market like republicans not democrats. Bottom line trump doesn’t know crap Kushner is running the country and under Biden he will answer to Schumer and Pelosi...the last president to actually run the country was likely Reagan....maybe. All of Biden’s stuff is for the far left and lowly will only pass a couple of items on his list like Trump. Anything to far right or left always falls by the waist side and are just campaign “promises”

I'm up 40% on DDOG in about 5 weeks. Traded ZM a couple times and did pretty well, but my last sale I think was at $170, so I def should have stayed in on that.

 

[RU-05]

After selling the last of my NKLA at $58, I put in a limit order of $23.50 for NKLAW when it was trading around $25, to my surprise the sale went through. Last price was 27.99. I want to have some warrants in place so as to convert them to stocks when that becomes possible, but I don't rule out a trade or two in the meantime. If it gets to $35, I'm cashing in. Then I'll look for it to come down again to jump back in.

As noted above, very choppy waters here.

 

[Caliknight]

So at $400,000 in wages the effective tax rate will become:

For ordinary income
39.6% plus
6.2% additional old age security
3.96% Pease phase out (each additional dollar of income reduces itemized by 39.6%
---------
49.76%

And cap gains from 23.8 to 42.4% with the ACA surcharge

All during a pandemic. #idiocy

 

[Caliknight]

Truthfully, taxes have become very low. I am fortunate to be in the highest tax bracket and I can tell you that myself and my colleagues in similar situation are not necessarily spending more money. There is only so much you can spend. In fact most of us are spending more on exotic vacations in Scandinavia, Maldives, Patagonia, Tahiti, Galapagos etc. so instead of taking 2 vacations in the US, one here and one in another country. More evidence that taxes are too low is that the companies that reduced their tax burden spent the money on stock buy backs instead of pumping back into the economy. If taxes are going up then I would want the money to be spent wisely and not to wasted. That is why we need moderate liberals and conservatives in power. They can sort of be a check on each other but civil enough to work with each other.

Try joining some real golf clubs.