Money Investing megathread extravaganza - Page 775

**DaFace** · 06:35 PM

A place to talk about investing stuff.

**petegz28** · 10-13-2021, 09:11 AM

I typically try to keep politics out of my investing but there are rare times when congress and\or the current Presidential Admin. can have significant impacts on the economy. We are in one of those rare times.

Excessively extended unemployment benefits from the Covid situation
Cutting off our domestic oil production then begging OPEC to pump more oil
Excessive spending at a time when labor and supply chains are strained
Vaccination\Mask policies that impact consumer consumption and school attendance

Some of those policies may well be justified but some are not. The mask\vax stuff is probably a necessary evil over all but the spending and energy policies are driving inflation.

On top of that you have threats of tax hikes and future spending that normally would be "meh" in the eyes of Wall St. having an impact because of everything else going on.

The Biden Admin. did probably the smartest thing they have done since taking office today in working to get our west coast ports open 24/7. Since trucking is one of the weakest links in the chain right now they need to reverse their policy on energy to get the costs of trucking down. You already have a driver shortage, you cannot dump higher fuel prices on top of that.

We are very much entering a Carter-type era where we are seeing high inflation coupled with bad energy policy.

Unfortunately, the near term answer is to curb spending, curb demand and drive people from their couch to the 11 million+ jobs that are out there, despite them not all being $150k paying jobs you work from home.

The Fed has begun tapering which needed to happen years ago but was delayed due to Covid. That's the monetary side. The fiscal side needs to get their house in order.

Peter Gibbons · 10-13-2021, 09:36 AM

Quote:

Originally Posted by Buehler445

Apple got downgraded?

Why on earth would Anyone downgrade Apple.

Maybe it’s because Tim Cooke isn’t building a Rocketship to go play in space?

**Buehler445** · 10-13-2021, 09:53 AM

Quote:

Originally Posted by petegz28

That's what I heard though all I see is one place maintaining their buy rating

Edit:

It looks like there are concerns on their parts supply....

Makes sense. I busted my phone and all they had in stock was this stupid mini. I feel like a gorilla trying to jack off a mouse.

Hog's Gone Fishin · 10-13-2021, 10:34 AM

What do you guys think about the government monitoring our bank accounts ? The way I heard it last night was that any account that reaches a $600 balance at any time will then be monitored by the IRS. Thus they've sent EVERYBODY a $600 stimulus check so there you go. I haven't a damn thing to hide but talk about a waste of resources ,time and money .

**petegz28** · 10-13-2021, 10:36 AM

Quote:

Originally Posted by Hog's Gone Fishin

What do you guys think about the government monitoring our bank accounts ? The way I heard it last night was that any account that reaches a $600 balance at any time will then be monitored by the IRS. Thus they've sent EVERYBODY a $600 stimulus check so there you go. I haven't a damn thing to hide but talk about a waste of resources ,time and money .

It's a scary overreach. Yellen says there's a lot of tax cheating going on. I suggest they start monitoring the accounts of Congress first along with one Hunter Biden. But we are getting into politics here and it's not the place.

neech · 10-13-2021, 10:47 AM

Quote:

Originally Posted by Buehler445

Apple got downgraded?

Why on earth would Anyone downgrade Apple.

Chip shortages, factory shut downs in SE Asia that supplies parts to Apple.

https://www.scmp.com/news/asia/south...her-blow-apple

Iconic · 10-13-2021, 11:13 AM

Quote:

Originally Posted by Hog's Gone Fishin

What do you guys think about the government monitoring our bank accounts ? The way I heard it last night was that any account that reaches a $600 balance at any time will then be monitored by the IRS. Thus they've sent EVERYBODY a $600 stimulus check so there you go. I haven't a damn thing to hide but talk about a waste of resources ,time and money .

Lol that threshold is directly aimed at the middle class not the rich. A $600 purchase is easily broken through mortgage and car payments. ****ing ridiculous, literally just a bullshit law to let them pick and choose anyone they want - when they want them.

**Rain Man** · 10-13-2021, 11:18 AM

Quote:

Originally Posted by Hog's Gone Fishin

What do you guys think about the government monitoring our bank accounts ? The way I heard it last night was that any account that reaches a $600 balance at any time will then be monitored by the IRS. Thus they've sent EVERYBODY a $600 stimulus check so there you go. I haven't a damn thing to hide but talk about a waste of resources ,time and money .

I don't mind enforcement of tax laws since I pay my fair share and think others should do the same. But before this level of stuff happens, how about increasing the tax rate on wealthy people so they pay the same tax rate as the middle class?

Sorry, politics. I'll change the language to something innocuous.

I don't mind enforcement of grapes since I pay my fair share and think others should do the same. But before this level of stuff happens, how about increasing the watermelon rate on wealthy cantaloupes so they pay the same bananas as the tangerines?

**petegz28** · 10-13-2021, 11:43 AM

Quote:

Originally Posted by Rain Man

I don't mind enforcement of tax laws since I pay my fair share and think others should do the same. But before this level of stuff happens, how about increasing the tax rate on wealthy people so they pay the same tax rate as the middle class?

Sorry, politics. I'll change the language to something innocuous.

I don't mind enforcement of grapes since I pay my fair share and think others should do the same. But before this level of stuff happens, how about increasing the watermelon rate on wealthy cantaloupes so they pay the same bananas as the tangerines?

Tax policy is a rouse. We always hear "pay their fair share" when it comes to the rich but it's just lip service. We have 3 paradigms when it comes to tax policy:

1. The wealthy
2. The middle class
3. The poor

We eliminate changing #3 since the poor will not pay taxes at least as income tax goes.

We eliminate changing #1 since the wealthy often have the influence over the policy makers and have the financial ability to take advantage of any and all tax breaks, loopholes, etc.

That leaves you with one paradigm left that you can constantly manipulate. The middle class makes enough to pay taxes but not enough to take advantage of tax breaks. Itemization vs. Standard deduction is where it starts. It has always been a one or the other paradigm. They want it that way. They being the politicos. If you really wanted to see tax fairness in an unorthodox way you blend the two.

For example:

Scenario:
You want to make health care more affordable for the middle class

Solution:
Allow middle class tax payers to take both the standard deduction plus write off legitimate medical expenses.

This makes health costs more affordable while increasing the spending power of the individual thus generating tax revenue through means other than direct income tax.

Scenario:
You want to make retirement more attainable and stable for he middle class.

Solution:
Allow 100% tax-free withdrawals from pre-tax accounts such as traditional 401k and IRA plans.

Again as with the medical aspect, this puts more money into the pocket of a person who will actually spend it.

The "fair share" argument comes down to not who is paying what but who is TAKING what. The Fed Gov has a habit of increasing the burden on the tax payer under the guise of easing the burden. For instance, increasing the amount you can put into a retirement plan. That doesn't make it easier on the individual. What it does is give that appearance while the Fed Gov continues to collect instead of not collecting.

It can get down to politics purely but the fact is the tax system is not being used as intended thus the means of collecting taxes is not being done as intended.

neech · 10-13-2021, 12:10 PM

Quote:

Originally Posted by Hog's Gone Fishin

What do you guys think about the government monitoring our bank accounts ? The way I heard it last night was that any account that reaches a $600 balance at any time will then be monitored by the IRS. Thus they've sent EVERYBODY a $600 stimulus check so there you go. I haven't a damn thing to hide but talk about a waste of resources ,time and money .

Not a good idea at all.

https://www.azcentral.com/story/mone...ts/6052734001/

Excerpt from the article:

Would banks face new obligations?

Yes. Banks and other financial institutions would need to track and report all of this new transaction activity to the IRS. That could drive up their costs and possibly result in more fees being passed along to customers.

"The fact that raw data exists somewhere in a system does not mean it is easily compiled or produced," stated a letter sent to congressional leaders by the Consumer Bankers Association, the American Bankers Association and nearly 40 other financial and industry groups.

"This proposal would create significant operational and reputational challenges for financial institutions, increase tax-preparation costs for individuals and small businesses, and create serious financial privacy concerns," stated the letter from the banking and industry groups.

**lewdog** · 10-13-2021, 01:17 PM

Quote:

Originally Posted by petegz28

Tax policy is a rouse. We always hear "pay their fair share" when it comes to the rich but it's just lip service. We have 3 paradigms when it comes to tax policy:

1. The wealthy
2. The middle class
3. The poor

We eliminate changing #3 since the poor will not pay taxes at least as income tax goes.

We eliminate changing #1 since the wealthy often have the influence over the policy makers and have the financial ability to take advantage of any and all tax breaks, loopholes, etc.

That leaves you with one paradigm left that you can constantly manipulate. The middle class makes enough to pay taxes but not enough to take advantage of tax breaks. Itemization vs. Standard deduction is where it starts. It has always been a one or the other paradigm. They want it that way. They being the politicos. If you really wanted to see tax fairness in an unorthodox way you blend the two.

For example:

Scenario:
You want to make health care more affordable for the middle class

Solution:
Allow middle class tax payers to take both the standard deduction plus write off legitimate medical expenses.

This makes health costs more affordable while increasing the spending power of the individual thus generating tax revenue through means other than direct income tax.

Scenario:
You want to make retirement more attainable and stable for he middle class.

Solution:
Allow 100% tax-free withdrawals from pre-tax accounts such as traditional 401k and IRA plans.

Again as with the medical aspect, this puts more money into the pocket of a person who will actually spend it.

The "fair share" argument comes down to not who is paying what but who is TAKING what. The Fed Gov has a habit of increasing the burden on the tax payer under the guise of easing the burden. For instance, increasing the amount you can put into a retirement plan. That doesn't make it easier on the individual. What it does is give that appearance while the Fed Gov continues to collect instead of not collecting.

It can get down to politics purely but the fact is the tax system is not being used as intended thus the means of collecting taxes is not being done as intended.

This is spot on in every aspect for the middle class.

**Buehler445** · 10-13-2021, 01:52 PM

Quote:

Originally Posted by petegz28

It's a scary overreach. Yellen says there's a lot of tax cheating going on. I suggest they start monitoring the accounts of Congress first along with one Hunter Biden. But we are getting into politics here and it's not the place.

I'd agree. But let's not go there.

From a practical perspective, a giant amount of fraud comes from refundable tax credits. Which, largely affect the poor.

IMO, renovate the welfare system, and get it out of the tax code. That will cut down on a ****ton of the fraud.

MTG#10 · 10-13-2021, 02:31 PM

I think we to just go ahead and lock this thread from new posts for everyone except pete.

eDave · 10-13-2021, 04:29 PM

Quote:

Originally Posted by MTG#10

I think we to just go ahead and lock this thread from new posts for everyone except pete.

"I don't want to get political but I'll say it anyway."

**lewdog** · 10-13-2021, 04:40 PM

Quote:

Originally Posted by MTG#10

I think we to just go ahead and lock this thread from new posts for everyone except pete.

Nah.

I need your AMC tips on when this is supposed to explode. We’re past July you know?!?!

06-27-2016, 11:23 AM
DaFace Kind of a mod Join Date: Aug 2005 Location: Donkey Land Casino cash: $76899	Investing megathread extravaganza A place to talk about investing stuff. Last edited by DaFace; 02-19-2021 at 06:35 PM..
Posts: 52,542

10-13-2021, 09:11 AM	#11611
petegz28 Supporter Join Date: Feb 2005 Location: Olathe, Ks Casino cash: $844127	I typically try to keep politics out of my investing but there are rare times when congress and\or the current Presidential Admin. can have significant impacts on the economy. We are in one of those rare times. Excessively extended unemployment benefits from the Covid situation Cutting off our domestic oil production then begging OPEC to pump more oil Excessive spending at a time when labor and supply chains are strained Vaccination\Mask policies that impact consumer consumption and school attendance Some of those policies may well be justified but some are not. The mask\vax stuff is probably a necessary evil over all but the spending and energy policies are driving inflation. On top of that you have threats of tax hikes and future spending that normally would be "meh" in the eyes of Wall St. having an impact because of everything else going on. The Biden Admin. did probably the smartest thing they have done since taking office today in working to get our west coast ports open 24/7. Since trucking is one of the weakest links in the chain right now they need to reverse their policy on energy to get the costs of trucking down. You already have a driver shortage, you cannot dump higher fuel prices on top of that. We are very much entering a Carter-type era where we are seeing high inflation coupled with bad energy policy. Unfortunately, the near term answer is to curb spending, curb demand and drive people from their couch to the 11 million+ jobs that are out there, despite them not all being $150k paying jobs you work from home. The Fed has begun tapering which needed to happen years ago but was delayed due to Covid. That's the monetary side. The fiscal side needs to get their house in order.
Posts: 130,058	4 0

10-13-2021, 10:34 AM	#11614
Hog's Gone Fishin Fish are scared of me Join Date: Nov 2001 Casino cash: $-119523	What do you guys think about the government monitoring our bank accounts ? The way I heard it last night was that any account that reaches a $600 balance at any time will then be monitored by the IRS. Thus they've sent EVERYBODY a $600 stimulus check so there you go. I haven't a damn thing to hide but talk about a waste of resources ,time and money .
Posts: 40,651

10-13-2021, 02:31 PM	#11623
MTG#10 Mammoth penis Join Date: May 2006 Location: Springfield Casino cash: $7214386	I think we to just go ahead and lock this thread from new posts for everyone except pete.
Posts: 11,434	2 0