US Economy - News, Updates and Discussion

[The SC]

US stocks lose nearly $2,500,000,000,000 in a single day (2.5 trillion dollars).(ChainCatcher)

The reason?Multiple investor concerns, the most important of which is the fear of tightening the noose on building AI data centers after the Democrats' sweeping victory in the midterm elections because the Democrats' orientations focus on environmental preservation and data centers consume a lot of energy.

 

[AZ_HighCountry]

US stocks lose nearly $2,500,000,000,000 in a single day (2.5 trillion dollars).(ChainCatcher)

The reason?Multiple investor concerns, the most important of which is the fear of tightening the noose on building AI data centers after the Democrats' sweeping victory in the midterm elections because the Democrats' orientations focus on environmental preservation and data centers consume a lot of energy.

Yup.

The markets sobered up.

When you have people like Bernie Sanders, The Squad, and the newly emboldened DSA members; all hell-bent on stifling American growth and innovation; this is the result you can expect.

Crazy Bernie is once again harping the well-worn record of a minimum wage of $20 per hour at the federal level, universal child care, Medicare for all, with all of it to be paid for by a 5% wealth tax on billionaires.

In terms of taxes, the billionaires already pay more than their fair share. On the total annual tax revenues received by the federal government, the top 1%, which includes many of the billionaires, pays 40% of the taxes to the US government. That old fool refuses to accept that; that the bottom 50% pay only 3%.

I get so tired of that broken record.

 

[Davey Crockett]

In terms of taxes, the billionaires already pay more than their fair share. On the total annual tax revenues received by the federal government, the top 1%, which includes many of the billionaires, pays 40% of the taxes to the US government. That old fool refuses to accept that; that the bottom 50% pay only 3%.

The same Congressional Budget Office numbers also showed...

The Total Tax and Wealth Perspective

• Total Federal Taxes: According to Congressional Budget Office data analyzed by economics publications like the New York Intelligencer, the top 1%'s share drops to about 26.2% when you factor in all federal taxes—such as regressive payroll taxes (FICA/Medicare) that take a larger percentage of lower wages. [1, 2]
• Income and Wealth Share: Analysts emphasize that the top 1% also earn roughly 21% or more of all national income and hold a much larger share of total U.S. wealth. [1, 2]
• Unrealized Gains: Critics of the current tax setup note that a significant portion of ultra-wealthy fortunes grows via asset and stock appreciation rather than traditional W-2 wages. Under current U.S. law, those capital gains are not taxed until the assets are sold, allowing tax deferral or avoidance that isn't available to regular wage earners.

 

[AZ_HighCountry]

And, it's the unrealized gains that Crazy Bernie and Elizabeth Warren want to go after. Which California just voted into law via I believe it is Proposition 3.

So what happens in the event those same billionaires take a paper loss of the kind the market experienced today? Do they get to claim that as a write off?

The reason the tax code is the way it is is sitting right there in Washington, District of Corruption. They are to blame for it.