…The ‘Buy Borrow Die’ mantra is a common practice among many of the ultra-wealthy…
After last week’s sizzling hot CPI data, inflation talk continues to dominate the news. The government and central bank have been insisting inflation is transitory. Now they’ve turned to a new spin tactic – recycling 1970s inflation propaganda.
Treasury Secretary and former Federal Reserve chair Janet Yellen appeared on Face the Nation and spent the interview lying about inflation. Peter Schiff unraveled her lies in his podcast.
According to Yellen, the current bout of inflation has nothing to do with the Biden administration or the Federal Reserve. She claims it’s the pandemic’s fault, saying, “The pandemic has been calling the shots for the economy and for inflation.”
In Yellen’s narrative, inflation is simply a byproduct of high demand. She said there was a dramatic increase in demand during and after the pandemic, and that is why prices are going up. Since people were at home, they had lots of time to shop. “They shifted their spending on to goods that led to a surge in the demand for products,” Yellen said.
So, we really don’t have anything to worry about because this isn’t really inflation. It’s just demand-driven price hikes.
Peter called this laughable.
According to Business Insider, the reason is because of SALT. No, that’s not the Strategic Arms Limitation Talks. This SALT stands for State And Local Taxes. Currently under a bill that was passed in the Trump administration, you can deduct up to $10,000 in state and local taxes that you’ve paid from your federal taxes as a deduction. That’s about to change.
Democrats see the SALT provision as a slap to blue states who have much higher state and local taxes than red states (which is one reason why most blue states are losing populations to places like Texas, and Florida, and Arizona. The House version of Biden’s bill would raise the amount that you can deduct on your federal income taxes from $10,000 to $80,000 in essence giving the wealthy who pay a lot in state and local taxes a big tax break.
said yes, but media reports claim he has to sell the stock soon regardless of the rhetoric.
CNBC, Musk faces a $15 billion tax bill on stock options expiring next
year, which is likely the real reason he considered selling 10% of his
Tesla stock in the first place.
As Musk himself declared, he doesn’t take a salary or cash bonus
from Tesla, thus his taxable wealth comes from stock awards and the
gains in the company’s share price. Musk was awarded Tesla’s stock
options back in 2012, which allows him to buy 22.86 million Tesla shares
at the fixed price of only $6.24 each. As the company’s shares closed
at $1,222.09 apiece last week, his gain on these options now totals just
under $28 billion.
Musk’s stock options expire in August 2022,
but in order to use them, he has to pay the income tax on the gain at a
combined rate of 54.1%. Simple math shows that at the current price, his
tax bill is around $15 billion.
Musk himself indicated that he will start selling Tesla stocks to
gain on expiring options at the Code Conference in September, saying: “I
have a bunch of options that are expiring early next year, so… a huge
block of options will sell in [the fourth quarter] – because I have to
or they’ll expire.”
The Twitter community has been divided on
Musk’s poll. While some fretted that their Tesla holdings will drop
when Musk starts selling, some said it’s high time billionaires paid
their due. Musk himself said, “much is made lately of unrealized gains being a means of tax avoidance,” referring to plans proposed
by the Democratic Party in the US Senate, who want billionaires to be
taxed on their stock gains when the price of their shares goes up, even
if they do not sell their stocks.
Many people suggested the fate of billions in taxes should not be decided by a Twitter poll. Oregon Senator Ron Wyden tweeted: “whether
or not the world’s wealthiest man pays any taxes at all shouldn’t
depend on the results of a Twitter poll. It’s time for the Billionaires
“We are witnessing the Twitter masses deciding the outcome of a $25B coin flip,” Venture investor Chamath Palihapitiya said, while Berkeley economist Gabriel Zucman tweeted that he’s “looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll.”
News circulated last month that the Biden administration was planning a payoff scheme whereby illegal border crossers would get $450,000 apiece, or $1 million per family, from U.S. taxpayers. … Illegals would be grotesquely rewarded by American taxpayers for violating our laws …
One can only imagine the feedback that those who run the “Biden administration” received to this proposal. It must have been so grim that Joe Biden has now backtracked: Joe Biden Backs Off $450K Payouts to Border Crossers: ‘Not Going to Happen’.
On Wednesday, while promoting vaccines for the Chinese coronavirus, Biden claimed reports about the $450,000 payouts were “garbage” and called them “not true.”
More likely, Biden’s handlers just didn’t like the political fallout when the absurd scheme was exposed. …
Trying it on. In the meantime, can you imagine the effect on potential illegal immigrants? Free health care, free education, assistance with housing, great schools — and maybe $1m! Let’s immigrate to the US.
While Democrats are scrambling to justify massive tax increases to pay for their massive spending plans, House dems snuck in a massive tax break for the wealthy into their proposed tax-and-spending proposal by lifting the cap on the federal deduction […]
Illinois Supreme Court Rules Tax On Guns & Ammo Unconstitutional By Lorenz Duchamps of Epoch Times, The Illinois Supreme Court ruled on Oct. 21 that two taxes on guns and ammunition in Cook County violate the state’s constitution because they affect law-abiding citizens’ Second Amendment right to acquire firearms for self-defense. TINLEY PARK, IL – […]
The Pandora Papers leak of nearly 12 million documents
has shed further light on the secretive, mysterious world of offshore companies and trusts.
These structures — set up in
so-called “tax havens” or “secrecy jurisdictions” — are used by many of the world’s wealthiest and most powerful people and corporations to shift and store money internationally.
… Some 35 current and former leaders and more than 300 public officials are
featured in the files from offshore companies, dubbed the Pandora Papers.
A massive leak
Details … are contained in the
“Pandora Papers”, one of the largest leaks of financial documents in history.
Since 2019, 11.9 million documents from 14 offshore providers have been
leaked to the International Consortium of Investigative Journalists (ICIJ), the collective behind the landmark Panama Papers exposé.