Ok, Jeff Bezos made $1.7m as CEO of Amazon?  Do you think it's fair that (using the average), he pretty much paid a 3.4% tax rate on his AGI whereas the average person making 60K per year pays 22% on his AGI?

I'm not saying high income people or wealthy people don't pay a lot --- I'm just stating it's not fair in the long run.  Yes, I guess I support a flat tax on income if that's what it takes to have everyone pay something like 20% on their income.

I must admit that I'd like to know how much people like LeBron and Kevin Durant pay on their $40m salaries + endorsement income.

The highlighted part is not true.   I think you're again conflating wealth with income.  Those are not the same thing.  

In addition to that, it is not true that a person making $60,000 pays 22% in federal income tax.  In this case, you are taking the marginal tax rate and confusing that with the average tax rate.   A person making $60,000 pays 22% only on amounts over $40,526.  

Jeff Bezos paid $973,000,000 in taxes last year, on $4.22 billion in income.  That makes his average tax rate 23%, but his marginal tax rate was 37%, which is the top bracket.  

If you support a 20% flat tax, you will pay more tax and Jeff Bezos will pay less.

Geez -- I said "using the average"   --- attention to detail.

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The highlighted part is not true.   I think you're again conflating wealth with income.  Those are not the same thing.  

In addition to that, it is not true that a person making $60,000 pays 22% in federal income tax.  In this case, you are taking the marginal tax rate and confusing that with the average tax rate.   A person making $60,000 pays 22% only on amounts over $40,526.  

Jeff Bezos paid $973,000,000 in taxes last year, on $4.22 billion in income.  That makes his average tax rate 23%, but his marginal tax rate was 37%, which is the top bracket.  

If you support a 20% flat tax, you will pay more tax and Jeff Bezos will pay less.

Geez -- I said "using the average"   --- attention to detail.

Using the average of what?  If you are using that 3.4%, then you are confusing wealth and income.  That figure ("3.4%") came from an article that stated that these billionaires are paying 3.4% of their increase in WEALTH.   But we don't have a federal tax on wealth.  So the 3.4% is derived from a hypothetical tax that doesn't exist.

Read the article again.  This is what it says:

We compared how much in taxes the 25 richest Americans paid each year to how much Forbes estimated their wealth grew in that same time period.

We’re going to call this their true tax rate.
The results are stark. According to Forbes, those 25 people saw their worth rise a collective $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.

The 3.4% comes from dividing the income taxes paid by the estimated increase in wealth.  They are making up a hypothetical tax rate that they call the "true tax rate."  But we don't tax wealth in the United States.   Taxing wealth is unworkable and unconstitutional.   The authors are mixing apples and oranges to make a political point.  It's deceptive.  

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I just sold 25 shares of AMC at $63 a share.. Took half of that revenue and bought more Doge at .29 cents a share.. Desposited the rest.

Bought the dip and hodl..

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I just sold 25 shares of AMC at $63 a share.. Took half of that revenue and bought more Doge at .29 cents a share.. Desposited the rest.

Bought the dip and hodl..

Nice !!!  I bought AMC at $15 and got out at $30 ($10k profit on this transaction) ---- $63 per share is un-freakin-believable --- Cinemark (CNK) a much more stable company with a much better balance sheet must be thinking [BLEEP] !!  

I may get back into Koss if it drops below $20 and EXPR if I can pick that one up for $4 --- they also did me good in the past.

Another thing, I'm not sure if you noticed but the reddit (meme) stocks soar when the market goes up significantly.  During the recent drop last month, those stocks did nothing.  I think this is because the big hitters reap huge benefits during bubble weeks so they use some of their play money profits on the meme stocks (including Doge)

On a side note, I sold off yesterday at noon because I honestly don't know what to think of the market this month.  I love the cruise stocks but the RCL crew covid incident postponing departures for another month presents a risk across the board.  Almost hoping for a correction so i can get back in near the bottom.

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Here comes the Biden inflation crash.

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Here comes the Biden inflation crash.

Actually, it was the St. Louis Fed Chair that caused today's anxiety.  The Dow dropped 200 points in the premarket during his interview on CNBC Squawk Box -- I watched the interview and Becky Quick even referenced it to him as the end of the interview.

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Here comes the Biden inflation crash.

The stock market and the housing market are in dire need of a correction.

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Here comes the Biden inflation crash.

The stock market and the housing market are in dire need of a correction.

The housing market correction will put millions of people underwater on the mortgage with negative equity.

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The stock market and the housing market are in dire need of a correction.

The housing market correction will put millions of people underwater on the mortgage with negative equity.

We had great tenants of 4 years in Lakewood Ranch (Sarasota) but informed them we would not be renewing their lease as we are listing it on July 1 -- the house value jumped up 30% in a year.  Never thought we'd sell it but this is a once in lifetime opportunity and yes, I too foresee the housing bubble bursting once people have to start paying (and back-paying) mortgage and rent again ....

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The housing market correction will put millions of people underwater on the mortgage with negative equity.

We had great tenants of 4 years in Lakewood Ranch (Sarasota) but informed them we would not be renewing their lease as we are listing it on July 1 -- the house value jumped up 30% in a year.  Never thought we'd sell it but this is a once in lifetime opportunity and yes, I too foresee the housing bubble bursting once people have to start paying (and back-paying) mortgage and rent again ....

We are in the same boat. We did a rehab we were very tempted to flip, but the rental market is absolutely insane right now, so we ended up getting 2K a month for a place that normally rents for $1300 tops. We will look to sell the place in 10-15 years when this happens all over again!

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We had great tenants of 4 years in Lakewood Ranch (Sarasota) but informed them we would not be renewing their lease as we are listing it on July 1 -- the house value jumped up 30% in a year.  Never thought we'd sell it but this is a once in lifetime opportunity and yes, I too foresee the housing bubble bursting once people have to start paying (and back-paying) mortgage and rent again ....

We are in the same boat. We did a rehab we were very tempted to flip, but the rental market is absolutely insane right now, so we ended up getting 2K a month for a place that normally rents for $1300 tops. We will look to sell the place in 10-15 years when this happens all over again!

No kidding.  rent has gone sky high.  I could never have imagined the stock market and real estate market booming during a worldwide pandemic.  wow...

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The stock market and the housing market are in dire need of a correction.

The housing market correction will put millions of people underwater on the mortgage with negative equity.

It's the bubble that is allowing them to get such a big mortgage.  The sooner the bubble pops, the better.  The longer we wait, the worse it will be.

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The housing market correction will put millions of people underwater on the mortgage with negative equity.

It's the bubble that is allowing them to get such a big mortgage.  The sooner the bubble pops, the better.  The longer we wait, the worse it will be.

The inevitable holdout is politically motivated, which makes it the most dangerous. The good news for people is that they have mortgages they can actually afford, as long as they have jobs...

I am looking forward to the correction.

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I think the housing problem is also due, in part, to an artificially low supply of housing coming available. I think there are 3 million homes delinquent on their mortgages, which means many homes will be up for foreclosure. That just hasn't happened yet, because the COVID laws don't end until the end of this month (that's from memory, so take those numbers with a grain of salt). I'm really curious to see if the government is going to keep kicking that can down the road. If not, what is that influx of homes going to do to the housing market? I feel like everything being done by the government right now is just to keep people oblivious to the crash that's coming so politicians can stay in power.

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I think the housing problem is also due, in part, to an artificially low supply of housing coming available. I think there are 3 million homes delinquent on their mortgages, which means many homes will be up for foreclosure. That just hasn't happened yet, because the COVID laws don't end until the end of this month (that's from memory, so take those numbers with a grain of salt). I'm really curious to see if the government is going to keep kicking that can down the road. If not, what is that influx of homes going to do to the housing market? I feel like everything being done by the government right now is just to keep people oblivious to the crash that's coming so politicians can stay in power.

Regarding the part in bold, that's a small part of it.  The bigger issue is the supply chain for building new homes.  With lumber (as far as other materials) prices up so high new homes are far more expensive.  The demand for homes is so high that it's driven up prices.  I'm getting ready to sell our current home and current estimates are that I can sell it for almost double what I feel that it's worth.  It's a great time right now for anyone selling.

I don't think that the bubble bursting will be as bad as in 2008.  As far as I know (and I could be wrong about this) banks aren't handing out sub-prime loans like they were doing back then.

What I don't understand sometimes is the number of new home developments that I see building $200,000+ and in some cases $300,000+ homes right next to each other on "postage stamp" sized lots.  The "back yards" of some of these places are smaller than my living room.  I'm guessing that the appeal for something like that is geared more towards those moving down here "from the city".

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

Where are you Bitcoin and Doge entry or double-down points, if any.  

Bitcoin is at $29,500 and Doge is at $0.1723

I almost want to throw a little on Bitcoin as the reaction to China's restrictions will ultimately subside.  Looks like it's still selling off so I'll see where is is toward the end of the trading day.

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Where are you Bitcoin and Doge entry or double-down points, if any.  

Bitcoin is at $29,500 and Doge is at $0.1723

I almost want to throw a little on Bitcoin as the reaction to China's restrictions will ultimately subside.  Looks like it's still selling off so I'll see where is is toward the end of the trading day.

If Bitcoin hits 25k then I'm doubling.

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“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

Trevor may need to pick up a 2nd job if he really invested his signing bonus in crypto.

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Where are you Bitcoin and Doge entry or double-down points, if any.  

Bitcoin is at $29,500 and Doge is at $0.1723

I almost want to throw a little on Bitcoin as the reaction to China's restrictions will ultimately subside.  Looks like it's still selling off so I'll see where is is toward the end of the trading day.

If Bitcoin hits 25k then I'm doubling.

I just added a small amount on GBTC (ETF) since fidelity does not allow me to invest directly in BTC-USD or DOGE --- even had to sign a risk disclosure prior to them accepting the transaction.

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If Bitcoin hits 25k then I'm doubling.

I just added a small amount on GBTC (ETF) since fidelity does not allow me to invest directly in BTC-USD or DOGE --- even had to sign a risk disclosure prior to them accepting the transaction.

I've thought about doing the same, but I'm with Merrill in a taxable account.

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