US Economy thread

[Jockey]

Did you seriously click that ad that has been on twitter for weeks for a movie about the national debt and then post a snippet of it here?

He's gunning for roqqet's crown.

[rocket surgeon]

    something like 11 out of last 13 jobs reports have had to be REVISED DOWN. 

    most people don't see the revisions-

       that's what weekend at Bernie's is hoping

[MU82]

    something like 11 out of last 13 jobs reports have had to be REVISED DOWN. 

    most people don't see the revisions-

       that's what weekend at Bernie's is hoping

That happens often, regardless of who the president is.

Most people are intelligent enough to know that.

But Dementia Don - the only modern president to end up with fewer employed Americans than when he took office - is grateful that his mindless cultists aren't among the knowledgeable.

[Pakuni]

Did you seriously click that ad that has been on twitter for weeks for a movie about the national debt and then post a snippet of it here?

Just wait until he posts a clip of "2000 Mules."

[Hards Alumni]

Hards needs someone to love hardsley:

https://x.com/nocinerik/status/1786418988546699288?s=46

The US prints money because it can because it is backed fully by the US military and is the reserve currency of the world.

Do I own other things because I believe that this may not always be the case?  Yes.

But people crying about the national debt have been doing it for 50+ years.  And yet, here we are.  Still on top.

[Herman Cain]

This isn't the whole story. The plan is to raise the top cap gains ordinary rate to 39.6% (from 20%)

Then there's a proposed 44.6% rate that would apply to people that have income over $1,000,000/year. To earn over $1,000,000/year in capital gains, and to have a sustainable drawdown plan, you'd need to have ~$25,000,000 in investment holdings. Nobody on scoop has $25MM in assets or over $1,000,000 in income, so I think we're safe.

Source, if you'd like to read more - https://www.kiplinger.com/taxes/biden-calls-for-doubling-capital-gains-tax-rate

My guess is a lot of Scoopers would be impacted by this.

There are folks and families who have built up businesses over a life time . If they sell , The Govt take from the deal would more than double.

Also people who have worked their entire year for large companies and accumulated significant stock holdings. This is especially true for folks who were employed by tech companies that have grown and dominated.

Someone who owns a family farm and now its in the path of progress. So that acreage value sky rockets , even if it stays a farm over 40 50 years there has been increases

A well compensated manager who happens to sell a highly appreciated home could easily make over a million if the home sale exceeds the excluded amount

An individual investor who has long term holdings with huge imbedded capital gains would be impacted

I know for sure on many fronts these proposed tax increases will hit me and my family.

[TSmith34, Inc.]

    something like 11 out of last 13 jobs reports have had to be REVISED DOWN. 

    most people don't see the revisions-

       that's what weekend at Bernie's is hoping

Oh. I guess that negates the 7.5M jobs created in the last two years then. Thanks for setting us straight.

[The Hippie Satan of Hyperbole]

Yeah I’m not sure this is a great idea. I would rather see a good look at increasing dividend tax rates and leave capital gains rates alone.

[Skatastrophy]

My guess is a lot of Scoopers would be impacted by this.

There are folks and families who have built up businesses over a life time . If they sell , The Govt take from the deal would more than double.

Also people who have worked their entire year for large companies and accumulated significant stock holdings. This is especially true for folks who were employed by tech companies that have grown and dominated.

Someone who owns a family farm and now its in the path of progress. So that acreage value sky rockets , even if it stays a farm over 40 50 years there has been increases

A well compensated manager who happens to sell a highly appreciated home could easily make over a million if the home sale exceeds the excluded amount

An individual investor who has long term holdings with huge imbedded capital gains would be impacted

I know for sure on many fronts these proposed tax increases will hit me and my family.

I mean, right, but a one time liquidity event being slightly less profitable i for every dollar over $1MM s different from the claim that Biden is raising cap gains taxes to 45%.