Economy stonks v21

Meh another uneventful flat day after two lows. Which is Wad's point. I'm guessing things go green for tomorrow as we head into the weekend of a new month.

I actually sold AMD at 108 the other day and have been kicking myself for not getting in again at 100 yesterday.
<PlusJuan>

Getting a lil nervous about that commie chatter about taxing unrealized gains though, that would be awful
 
I’m not a super leftist but fucking A why shouldn’t we get rid of stepped up basis. While we are at it, why am I paying property tax on a basis 10x higher than the dead beat kids who inherited their homes from their rich parents. And while we are at it, why is Chick Fil A closed on Sunday?
 
News coming by end of September they said, this stonk isn't a steaming pile of shit they said...

UAL bless. I've been on the road every week the past 5 months or so and it continues through YE. Ohare is thumping, EWR is thumping, LAX is picking up, SFO is starting to pick up. UAL is going to hit $63.50 by end of Nov. @Bikes prediction.
 
I’m not a super leftist but fucking A why shouldn’t we get rid of stepped up basis. While we are at it, why am I paying property tax on a basis 10x higher than the dead beat kids who inherited their homes from their rich parents. And while we are at it, why is Chick Fil A closed on Sunday?

To keep your broke ass laboring. As well as your children. Welcome to the simulation. They all stay rich; we stay dumb.
 
making the same mistake and buying another despac of the day. ionq @ 9. (the dmyi i was in the other week @ 10 but sold ~5 minutes later for 11.40)

just a small position since it will probably crash to like $3 by next week.

{<jordan}



but they seem... interesting. probably just another $qs scam, but i figured, what the hell. might as well gamble while everything's bleeding.

@bearish must have OD'd on all the easy shorts this week. RIP, stonks brah.
 
Added back a small amount of AEHR shares at 12.50. Will add more if this drops to $11s. Glad I sold most of it in the $16s.
 
<PlusJuan>

Getting a lil nervous about that commie chatter about taxing unrealized gains though, that would be awful
So how would unrealized losses work? Could we use those as tax write offs to offset gains? That whole idea is beyond idiotic.
 
So how would unrealized losses work? Could we use those as tax write offs to offset gains? That whole idea is beyond idiotic.
Maybe they are going for the Netherlands route

Wealth tax in The Netherlands
The way it’s calculated is that the Dutch government assumes a 4% growth / yield from the assets exceeding €30k. This includes cash, investments, bank accounts, cryptocurrencies… Everything!

So, for example, if you have €100k on your bank account, you can keep the first €30k tax free. The government will assume that you made 4% return on the other €70k, amounting to 2800€. And you’ll need to pay 30% of this assumed profits in taxes, which is 840€.

Once again, this is enforced regardless of whether you made 4% ROI, whether you kept the money in checking account, whether you realized any gains, or whether you doubled your money and didn’t realized it.

Again, it’s not this straight forward and it’s a progressive system, but for simplicity, it’s effectively around 1% of the total amount of wealth you owned on 1st of January that fiscal year.

So, it’s not a substitute for capital gains. It’s also not tax on unrealized gains. It’s capital gains regardless of gains.
 
Bought more ITOCY today at $57.35. Think this one should end up as a relatively large position. Cheap as hell. And in recent years they've been doing share buybacks as well, which Japanese companies usually don't engage in.
 
Maybe they are going for the Netherlands route

Wealth tax in The Netherlands
The way it’s calculated is that the Dutch government assumes a 4% growth / yield from the assets exceeding €30k. This includes cash, investments, bank accounts, cryptocurrencies… Everything!

So, for example, if you have €100k on your bank account, you can keep the first €30k tax free. The government will assume that you made 4% return on the other €70k, amounting to 2800€. And you’ll need to pay 30% of this assumed profits in taxes, which is 840€.

Once again, this is enforced regardless of whether you made 4% ROI, whether you kept the money in checking account, whether you realized any gains, or whether you doubled your money and didn’t realized it.

Again, it’s not this straight forward and it’s a progressive system, but for simplicity, it’s effectively around 1% of the total amount of wealth you owned on 1st of January that fiscal year.

So, it’s not a substitute for capital gains. It’s also not tax on unrealized gains. It’s capital gains regardless of gains.

If something like that passes, I have a feeling somehow it’ll only effect middle class earners and a select few millionaires; meanwhile, somehow, billionaires are magically exempt from such legislation.

It will be advertised though that it will only effect the billionaires.

What if the money you have is in a saving account? Are banks even paying a 4% interest? I feel like it’s around 1-2%
 
What if the money you have is in a saving account? Are banks even paying a 4% interest? I feel like it’s around 1-2%
Hah! it's like .06% on average nationally right now, I believe.
 
If something like that passes, I have a feeling somehow it’ll only effect middle class earners and a select few millionaires; meanwhile, somehow, billionaires are magically exempt from such legislation.

It will be advertised though that it will only effect the billionaires.

What if the money you have is in a saving account? Are banks even paying a 4% interest? I feel like it’s around 1-2%

lolz!

the fed interest rate is like 0.25%

no one's getting 4% from bank accounts.

So how would unrealized losses work? Could we use those as tax write offs to offset gains? That whole idea is beyond idiotic.

where it gets even more fucked is... what's the point of long-term investing? seems like they want to incentive even the buy&holds into being active investors/traders. paying annual taxes on unrealized gains negates some of the point of long-term gains... and they're raising the rates for those, anyway.

if ~everyone in the market is a trader, shit's gonna get real volatile (which the politicians seem to hate) and real fucking weird. we'd see some mutual fund boomers trying to get into wsb pump and dumps and going broke.
 
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Hah! it's like .06% on average nationally right now, I believe.

Even worse! So again how would they implement something like the Dutch model here? I don’t see how they could go after bank accounts. Credit unions could give you a higher interest rate return on your saved money than other banks, so how would that work?


Just raise property taxes assuming your home is always going up in value? Even that could depreciate.
 
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Maybe they are going for the Netherlands route

Wealth tax in The Netherlands
The way it’s calculated is that the Dutch government assumes a 4% growth / yield from the assets exceeding €30k. This includes cash, investments, bank accounts, cryptocurrencies… Everything!

So, for example, if you have €100k on your bank account, you can keep the first €30k tax free. The government will assume that you made 4% return on the other €70k, amounting to 2800€. And you’ll need to pay 30% of this assumed profits in taxes, which is 840€.

Once again, this is enforced regardless of whether you made 4% ROI, whether you kept the money in checking account, whether you realized any gains, or whether you doubled your money and didn’t realized it.

Again, it’s not this straight forward and it’s a progressive system, but for simplicity, it’s effectively around 1% of the total amount of wealth you owned on 1st of January that fiscal year.

So, it’s not a substitute for capital gains. It’s also not tax on unrealized gains. It’s capital gains regardless of gains.
$100k ain’t fucking shit. Start at like $5M where everyone has professionals running their money. I’m not saying go this route for the record. Im in favor of anyone other than the government have the money.
 
lolz!

the fed interest rate is like 0.25%

no one's getting 4% from bank accounts.



where it gets even more fucked is... what's the point of long-term investing? seems like they want to incentive even the buy&holds into being active investors/traders. paying annual taxes on unrealized gains negates some of the point of long-term gains... and they're raising the rates for those, anyway.

if ~everyone in the market is a trader, shit's gonna get real volatile (which the politicians seem to hate) and real fucking weird. we'd see some mutual fund boomers trying to get into wsb pump and dumps and going broke.
Don't worry, they will not let unlicensed traders have access to the market. First they will create the problem, then they will offer the solution (only their Wall Street buddies are allowed to actively trade). It is for your own safety.
 
Even worse! So again how would they implement something like the Dutch model here? I don’t see how they could go after bank accounts. Credit unions could give you a higher interest rate return on your saved money than other banks, so how would that work?


Just raise property taxes assuming your home is always going up in value? Even that could depreciate.
They are introducing legislation where the banks are obliged to report all transactions over $600 directly to the IRS. It's a matter of a few years at most until they report every single penny transaction as well, and force foreign banks who want to participate in SWIFT and other things to report as well.

I was just forced to close out a Swedish investment bank account because I'm paying taxes in the US, and the bank has now banned all US tax payers from their services due to reporting regulations.
 
Don't worry, they will not let unlicensed traders have access to the market. First they will create the problem, then they will offer the solution (only their Wall Street buddies are allowed to actively trade). It is for your own safety.

I thought for certain that would be the fallout coming down the pipeline after the GME fiasco.
 
Don't worry, they will not let unlicensed traders have access to the market. First they will create the problem, then they will offer the solution (only their Wall Street buddies are allowed to actively trade). It is for your own safety.
Well they’ve already started restricting part of the OTC because according to them people need to be protected.
 
Today was just meh. Took a position for a long term investment in CHPT. Going to add more if it goes down further.

Keeping an eye on ROOT. Set a limit order for 5 if it gets there. Been in and out the stock last few weeks. Looks bearish though.
 
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