Just how much of each dollar you earn should the government be allowed to take from you? The modern income tax signed by Woodrow Wilson had the highest income-earners paying a statutory 7% on the income they earned over $500,000. At the time, some states did collect income taxes as well, but nothing like today. If Joe Biden's Build Back Better bill passes, high-income earners will be leveled with high tax rates on income. At the federal level alone over half, 51.4%, of every dollar earned by high-income earners will be redistributed by the government via income taxation alone. If you live … [Read more...]
Archives for November 2021
Monetary Arsonists Warn of Looming Financial Fire
The Guardian points this morning to the Federal Reserve's nervous concern about the rise of risky assets, and, refreshingly, makes the point that the Fed's own policies have contributed to risky market behavior, writing: The surge in risky asset prices this year has made them increasingly susceptible to a tumble if economic growth takes a turn for the worse, the pandemic escalates, or investors lose confidence. That’s the message from the US Federal Reserve, which is also concerned about the rise of stablecoins which underpin the cryptocurrency market. In its latest financial stability … [Read more...]
Your Retirement Life: Come Monday You Went to Work
Happy Monday. Who’s got your back in times like these when everyone’s making money, money, money? Let’s not forget when the music stops, not everyone’s going to have a chair. Like a broken record, there are always more investors than you’d expect who will be pushed to the floor. Happens every time. “It won’t happen to me,” is a common refrain. When I think about how hard most of you have worked to create what you have, I know come Monday, you got up and went to work. And the next week, same thing. Rinse, wash, repeat. That’s a lot of years and a lot of hours. Imagine having to do that all … [Read more...]
HIRING: Anyone with a Pulse, and a COVID-19 Vaccination
It seems all you need to get hired in America today is a pulse, and a COVID-19 vaccination. Employers are lowering most traditional standards for new employees, like background checks and education or experience requirements. Meanwhile, employers are being forced to limit the pool of employees they can hire to the vaccinated. Lauren Weber and Chip Cutter report in The Wall Street Journal: Loosening requirements opens opportunities to some of the nearly two-thirds of American adults who don’t have bachelor’s degrees but may have the skills or aptitude to perform many well-paying jobs. The … [Read more...]
HIGHER FEES: The Big Players Are Pushing ESG Investing
Happy Friday. What a week. Can’t help but feel excited for America because, as one client puts it, “Americans have been awoken by the woke.” Here’s what’s on your mind. The race for governor in New Jersey isn’t over. This one’s another stinker as votes seem to appear out of nowhere in the dead of night. News flash to Murphy: NJ’s oppressive taxes keep “residents” in Florida for six months and a day, not NJ. They’ve already decided that calling you their governor is bad for business. Let’s go DeSantis. Looking to get away? Zillow has got a house for you. All of a sudden, the “high … [Read more...]
Press Freedom in Hong Kong Threatened by Potential Alibaba Deal
Alibaba may soon make a deal to sell the South China Morning Post, one of the most powerful free news outlets in China. The deal could see a state-owned or state-backed entity buy the journal, limiting its ability to provide unbiased news. Bloomberg reports: A company owned by the Chinese government is working on an offer to acquire Hong Kong’s influential South China Morning Post, according to people familiar with the matter. Bauhinia Culture (Hong Kong) Holdings Ltd. is interested in a deal with Alibaba Group Holding Ltd. that would see the city’s most prominent English-language … [Read more...]
Your Survival Guy: Simple Prepping for Winter Storms
You know how I feel about technology or algorithms taking over your portfolio. I’m sticking with the four-year-olds. Keep it simple. Sure, Your Survival Guy likes technology, but if I have to get stuff done fast, I write it down on some good ‘ole fashion paper. It’s mobile, it doesn’t need to be charged, and it doesn’t chirp at me when I’m trying to concentrate. Now then, Your Survival Guy has some experience with technological disasters. Take, for example, my most recent one, where there was black smoke rising from my boat. Turns out, a lightning strike hit the VHF antenna that ended up … [Read more...]
UK Authorizes Use of COVID Treatment Drug Molnupiravir
The United Kingdom has authorized doctors to prescribe antiviral drug molnupiravir to patients with COVID-19. Bloomberg's Frank Connelly reports: Britain’s regulator became the first in the world to approve Merck & Co.’s Covid-19 antiviral pill, describing the treatment as safe and effective following a swift review. The drug, molnupiravir, was authorized for use in people with mild to moderate Covid and at least one risk factor for developing severe illness, the U.K.’s Medicines and Healthcare Products Regulatory Agency said Thursday. Merck shares rose 2% in premarket U.S. … [Read more...]
BUILD BACK BETTER? Democrats’ Plan Would Reduce GDP, Wages and Jobs
A new analysis of the latest version of Democrats' "Build Back Better," money transfer scheme by the Tax Foundation, finds that the plan will reduce GDP, wages, and jobs. The Tax Foundation's analysts write: Democratic lawmakers in the House of Representatives have advanced updated legislation containing the tax elements of President Biden’s Build Back Better agenda. The draft legislation may be modified before moving to the House floor and differ from the Senate’s version of the legislation. This analysis contains estimates of the budgetary, economic, and distributional impacts of the House … [Read more...]
America Needs More Truckers
The critical link in America's supply-chain struggles is a lack of truckers to move freight. Jennifer Smith reports at The Wall Street Journal: A critical, often-overlooked link in the supply chain is emerging as a stubborn choke point in the freight-backlog mess: trucking. Trucks haul more than 70% of domestic cargo shipments. Yet many fleets say they can’t hire enough drivers to meet booming consumer demand as the U.S. economy emerges from the pandemic. The freight backup has intensified longstanding strains in the industry over hours, pay, working conditions and retention. The … [Read more...]