Dow Jones at record high

[Jacuzzme]

LOL at the Puddin retards pretending quality of life has done anything but go downhill on a sled for the middle class since the geriatric bed wetter took the reins.

Anyone try’n buy a car lately? Good luck with that.

[nevergaveitathought]

the inflationary increases in prices of the stock market and in other assets are trying to be addressed to keep americans somewhat whole by senator cruz among others

Today, Senator Ted Cruz (R-Texas) introduced the Capital Gains Inflation Relief Act, a bill that would index many assets to inflation to protect taxpayers from paying taxes on inflationary gains. Rep. Warren Davidson (R-Ohio) introduced the same bill in the House of Representatives.


Senate cosponsors of this bill include Sens. Thom Tillis (R-N.C.), Mike Braun (R-Ind.), John Barrasso (R-Wyo.), Pat Toomey (R-Pa.), Jim Inhofe (R-Okla.), and James Lankford (R-Okla.).
“Senator Cruz should be commended for reintroducing the Capital Gains Inflation Relief Act. Not only does this bill end the unfair practice of taxing inflationary gains, but it will help grow the economy by encouraging saving, investment, and innovation. It is always a good idea to index capital gains to inflation but because of Joe Biden's inflation, it is more important than ever to do it now,” said Grover Norquist, President of Americans for Tax Reform.
Senator Cruz's legislation would index to inflation any common stock in a C corporation, digital assets, and any tangible property which is a capital asset or property used in the trade or business.
This bill is incredibly important, as the taxation of phantom gains has distortionary, perverse effects on investment. For example, it creates a “lock-in” effect, discouraging investors from selling their assets. This prevents investors from productively moving their money to invest in newer, more promising companies. It also discourages investors from investing in companies, particularly long-term investments. Stifled investment has a plethora of negative outcomes: slowed wage growth, new business growth, lower retirement account values, etc.
Inflation comprises a significant portion of capital gains taxes. In 2019, ATR calculated that inflation would have comprised 70 percent of the tax owed on IBM shares purchased in 1970, 64 percent of the tax owed on Exxon Mobil shares purchased in 2000, and the entire gain of Coca-Cola shares purchased in 1998.
Senator Cruz’s legislation is especially important now given inflation is running rampant. In September, the consumer price index increased by 5.4 percent on an annualized basis. The cost of gasoline has increased 42.1 percent in the past 12 months, used cars and trucks have increased 24.4 percent, while meats have increase 12.6 percent.
88 percent of voters say they are concerned about increased inflation, according to a recent Harvard CAPS and Harris poll. In fact, inflation is a top concern for voters across the country.
These trends will also erode the returns investors will get after selling and paying taxes on assets.
Interestingly, even current Senate Minority Leader Chuck Schumer (D-N.Y.) once supported ending inflation tax on capital gains. In a 1992 video then-congressman Chuck Schumer stated:
“If we really want to increase growth, there are proposals that we can do. I would be for indexing all capital gains and savings and borrowing.”
Current House Majority Leader Steny Hoyer (D-Md.) also supported indexing capital gains to inflation in 1992. He said:
“The capital gains provisions in H.R. 4287 benefit small business by indexing newly purchased assets. Income gauged would be much more reliable so that, real not inflationary gains will be taxed, and taxed at the same 28 percent maximum rate on gains.”
The federal government should not continue their unfair practice of taxing phantom gains. Congress must act in order to protect retirees and investors from the rampant inflation they created. All lawmakers should support Senator Cruz’s Capital Gains Inflation Relief Act, spurring investment, economic growth, and innovation.




Inflation Remains High Under Biden Administration

[WTF]

Senator Cruz needs to get his ass to Dallas and finish the job his daddy started

[Tiny]

Originally Posted by tobias1988

The trumptards, (aka retards, aka whiny little bitches) are...ignoring that...unemployment is at a record low and wages are finally making real gains. What the fuck do the trumptards want?

Unemployment in January, 2020, before COVID, was at 3.5%, the lowest since 1969. It's currently at 4.6%. Here's a link to an unbiased source, the St. Louis Fed site,

https://fred.stlouisfed.org/series/UNRATE

Yes, wages are making real gains. The only problem is that, like Zimbabwe in years gone by, the prices of goods and services are rising faster. Now admittedly, this next link is biased, from the great American Bastion of Conservatism, the Austin American Statesman. (Hedonist, this is sarcasm.)

https://www.statesman.com/story/news...cy/6265587001/

From the link, Politifact rates Biden's statement on Tuesday that "wages have gone up higher, faster than inflation", as a lie.

On the other hand, after treading water since the Clinton administration, finally in 2019, before COVID, real (inflation adjusted) median household income shot up:

https://fred.stlouisfed.org/series/MEHOINUSA672N

Originally Posted by tobias1988

You have to be an idiot, or a trumplican, to not be making money hand over fist. Rents going up? Thank you, I have owned rental properties for decades. Heating bill going up? Ca-ching again, I own stock in the companies that benefit from that. Sure the debt is disconcertingly high, but borrowing costs are basically zero, and measured against GDP....And I am literally praying for higher interests rates and inflation as I have assets. Per Zillow, my house as increased in value over 200K in a few months, Suck that, trumptards.

That's fantastic for you. It's not for the workingman who the Democratic Party purports to represent. He has to pay more for rent, electricity, and gas to heat his home. And how can he ever afford to buy a house? Now I'm not going to accuse you of being one of those wealthy Democratic Party elites who's getting rich by breaking the back of the proletariat. No, I don't think you're Tom Steyer slumming on eccie. Rather, I think you're just another snot nosed, pimple faced punk like me, coming here to cause trouble. (Hedonist, this is sarcasm.)

Originally Posted by tobias1988

comparisons to Zimbabwe etc are stupid. Extremely stupid

That was me, and it was a comment on negative real interest rates. That's not Biden's fault or Trump's fault. Blame it on the Fed. And I said we're not going to end up like Zimbabwe. Turkey would be a better example in today's world. The President of Turkey, Recep Tayyip Erdogan actually does control interest rates in his country. He was a big believer in negative real rates when he started his first term in 2014, and the inflation rate was around 8%. And he's still a big believer now, when the rate's up to 20%. The Turkish Lira has depreciated from 2.1 to the dollar at the start of his presidency to 9.7 today. His party will probably be voted out at the next election unless the voting is fixed.

And seriously Tobias, thanks for adding some balance to the thread. Even though you are WRONG.

[Tiny]

Originally Posted by WTF

Senator Cruz needs to get his ass to Dallas and finish the job his daddy started

ROTFLMAO, although I heartily agree with nevergaveitathought. It's not fair when people pay income tax on inflation-adjusted losses.

[lustylad]

Originally Posted by VitaMan

There was a sea change not that long ago as far as the amount of debt a government accumulates. It's not that debt doesn't matter. It is the ability of the government to service the debt that is the new thinking.

Hey Vita, what are you saying? Has there been a "sea change" of opinion among economists regarding the risks of piling up public debt ad infinitum? If so, please identify which specific economists have come out in favor of throwing caution to the winds and pursuing ever-expanding debt accumulation!

Question for you, Vita - do you think the Fed can keep interest rates at near-zero levels forever? What happens if/when inflation starts raging so ferociously that no private or foreign investors are willing to buy US Treasury debt issued at ridiculously low coupon rates anymore? Why buy a T-bill, note or bond that is guaranteed to lose most of its purchasing power?

This may be a wild guess on my part (sarcasm alert), but wouldn't that mean interest rates would have to spike a lot higher if the U.S. Treasury wanted to continue issuing new debt and rolling over its maturing obligations?

The Fed has already been buying 57% of new Treasury issues since the pandemic began. What happens if it goes up to 100% because there is nobody else left to buy US federal debt?

[lustylad]

Originally Posted by Tiny

And seriously Tobias, thanks for adding some balance to the thread. Even though you are WRONG.

LOL.

Thanks for straightening out the newbie, one point at a time.

I don't have your patience (or politeness) anymore.

That was Tobias' debut post. Will he have the courage to come back for another drubbing?

[VitaMan]

Originally Posted by lustylad

Hey Vita, what are you saying? Has there been a "sea change" of opinion among economists regarding the risks of piling up public debt ad infinitum? If so, please identify which specific economists have come out in favor of throwing caution to the winds and pursuing ever-expanding debt accumulation!

Here is a good place to start reading:



"Interest-Growth Differentials and Debt Limits in Advanced Economies"


Philip Barrett, author
economist International Monetary Fund research department

[rexdutchman]

Just keep printin cash what could go wrong ,,,,,,,,,,,,,,,,,

[oeb11]

Reality - marx

Das Kapital
The communist manifesto
Value, price and Profit
The critique of the Political economy

Etc and etc.



The reality - vm!

[VitaMan]

Try to stay on topic

[winn dixie]

Originally Posted by tobias1988

The trumptards, (aka retards, aka whiny little bitches) are not only are ignoring that the stock market is at record highs, but also unemployment is at a record low and wages are finally making real gains. What the fuck do the trumptards want? You have to be an idiot, or a trumplican, to not be making money hand over fist. Rents going up? Thank you, I have owned rental properties for decades. Heating bill going up? Ca-ching again, I own stock in the companies that benefit from that. Sure the debt is disconcertingly high, but borrowing costs are basically zero, and measured against GDP, still better than most developed companies so the comparisons to Zimbabwe etc are stupid. Extremely stupid, My 401K is through the roof, and oh the taxes I will blissfully pay. And I am literally praying for higher interests rates and inflation as I have assets. Per Zillow, my house as increased in value over 200K in a few months, Suck that, trumptards.

The above post coming from the socialist state of kalifornia

[H&H]

Originally Posted by nevergaveitathought

soaring inflation started the instant the people behind biden stopped the xl pipeline

Pretty sure Bernanke gave it a good push. Goddam where did that "Quantitative Easing go?!!?? I bet Ben sold some textbooks though!!!!!!!!!!!

The only cure to the fucked up situation with the Fed is to create another Fed...and then another...and then another...

[bambino]

Originally Posted by H&H

Pretty sure Bernanke gave it a good push. Goddam where did that "Quantitative Easing go?!!?? I bet Ben sold some textbooks though!!!!!!!!!!!

The only cure to the fucked up situation with the Fed is to create another Fed...and then another...and then another...

Just get rid of them.

[bambino]

https://t.me/saltycrackernews/4972