Drawing the line
New Biden Proposals have pushed me to the brink, I can no longer take this administration or its supporters seriously. intellectually or otherwise.
Sorry, I draw the line when you try to essentially double my tax rate in one proposal.
Completely upend my industry, destroying incentive-based compensation
DOUBLING capital gains tax
Upend the real estate industry by canning 1031 like-kind exchanges
Rip away all tax code support for American energy independence,
Call for taxes that will drive up the cost of goods I consume,
Crush companies with a huge 8% increase that will lead to reduced supply, quicker adoption of automation, shirking labor wage rates, depressed corporate earnings and by extension, stock prices, and very importantly, stifle technological innovation
Smack hard-working Americans with an extra 3% on marginal income bracket rates - as if that really produces any meaningful revenue. Just leave it at 37, last I checked the treasury can borrow at, even in today's world, like 3% on the 10y horizon.
House GOP better stand man to man in complete and total opposition to any of this crap, not an inch given. Kevin, remember, we have you on a leash. You try to deal with them, and it's over, Joran or someone else will step in and stop the insanity.
Democrats refused to ever cooperate with Trump on any policy issue, even things that made bipartisan sense. We have an obligation to repay that favor, not to mention a solemn duty to stop ludicrous policy ideas like the ones listed above that would send an earthquake through our economy during a very fragile period. Every single one of these ideas is trash. I have no respect for Janet Yellen or any of the other Econ advisors in Biden's inner circle. They are all ivory tower leftists with only failed to show for any time they might have spent in the real world. Janet was a terrible Fed secretary, in way over her head, and she's an even worse Treasury Secretary. Cecilia Rouse is a disaster. Lael Brainard can't be trusted and belongs in a classroom. Jared Bernstein is a bozo. Neera Tanden almost got picked for a top spot and she's a total nut. Wally Adeyemo is a china-loving globalist who has spent his career climbing political ladders, not working in finance, Jared Bernstein eye roll,. Brian Deese is a decent enough guy, but he's a theoretical policy wonk. These people listed are Biden's top financial/economic people. Not one of them has ever operated a business. Not one has ever worked in sophisticated finance or a buy-side institution. They have spent their whole careers theorizing how to best implement their own independent versions of socialized capitalism. Everything about this team is disappointing. I guarantee Yellen will be gone before the year is over, things are going to get much worse and they are going to make her fall on the sword - and she sort of deserves it given the way she's managed debt issuance/treasury savings account and the debt limit.
I knew in early 2020 serious inflation was coming, ESPECIALLY after congress unleashed even more from the fiscal water foundation and just drowned the entire earth with cash, despite life for many in this country returning to normal and there being no need for trillions of stimulus – a large part of why inflation is so elevated everywhere in the world right now. We passed a ton of spending, far more than was necessary to keep demand at a reasonable level, that enabled us to buy up global supplies, leaving limited goods for everyone else, hence inflation. This was only turbocharged by the fact that the Federal Reserve monetized that debt-fueled spending by essentially immediately buying every bond issued to pay for the emergency covid programs. That is outright debt monetization, or as some might call it, printing money. But she was in charge and was a former Fed chair, seeing the big economic picture was supposed to be right in her wheelhouse. If I could see that we had set the stage perfectly for an avalanche of inflation, surely she could? Apparently not, as rates at that time were 0%, she could have easily been out there issuing hundreds of billions of new 30-year paper - maybe even issuing a new 100-year note, but instead, she kept the financing short-dated, rapidly. maturing, and oddly spent down the savings account rather than the alternative. very bizarre. If she knew inflation was coming, given that she was a former Fed chair, she probably should have been able to guess that interest rates were going to go up, and significantly, in the near future. But Nope, she just peddled vaccine gibberish as if that's a treasury function, talked about transitory inflation, mismanaged asset liability modeling, and generally floundered running the treasury of the world's richest nation...