Economy

Taxing Unrealized Gains Would Obliterate The U.S. Economy

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– Taxing Unrealized Gains Would Obliterate The U.S. Economy:

https://archive.is/v1OCi

Having used up all of the rest of the batshit, insane, counterintuitive economic dirty tricks left in the “we’ll literally do anything but cut spending” bag, the Biden administration is pushing what could be the most destructive idea for our country since prohibition: taxing unrealized gains.

As part of its budget proposal for the 2025 fiscal year, the Biden administration is trying to raise an addition $4.3 trillion over 10 years in the worst way possible: imposing a minimum tax equal to 25 percent of a taxpayer’s taxable income and unrealized capital gains less the sum of their regular tax, for taxpayers with wealth over $100 million.

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Russia To Seize $440 Million From JPMorgan

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– Russia To Seize $440 Million From JPMorgan:

Seizing assets? Two can play at that game…

Just days after Washington voted to authorize the REPO Act – paving the way for the Biden administration confiscate billions in Russian sovereign assets which sit in US banks – it appears Moscow has a plan of its own (let’s call it the REVERSE REPO Act) as a Russian court has ordered the seizure of $440 million from JPMorgan.

The seizure order follows from Kremlin-run lender VTB launching legal action against the largest US bank to recoup money stuck under Washington’s sanctions regime.

Read moreRussia To Seize $440 Million From JPMorgan

First-Time Buyers Must Earn $120,000 To Afford The Average Home

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– First-Time Buyers Must Earn $120,000 To Afford The Average Home:

https://archive.is/yIW0e

Earlier today we reported that for at least 40% of Americans – up from 27% just two years ago – the American Dream is dead and buried and has been replaced with the American nightmare: renting for life.

And here’s why: according to a new survey from Clever Real Estate, a St. Louis-based real estate company, thanks to the galloping housing inflation, the median-priced home in the U.S. now costs $332,494, with NAR and Census Bureau data reporting that the median Existing and New Home sale price has risen to $393,500 and $430,700…

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Cities’ “Doom Loops” Are Even Worse Than You Imagined

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– Cities’ “Doom Loops” Are Even Worse Than You Imagined:

This is why those who understand these dynamics are getting out, even though the city was their home.

A correspondent who prefers to remain anonymous sent me this account of the “doom loop” that is playing out in many American cities. The correspondent makes the case that the Doom Loop is not limited to specific cities, but is a universal dynamic in all US cities due to the core causes of the Doom Loop: financialization and the multi-decade decay of cities’ core industrial-economic purpose / mission.

I have edited the text slightly, with the correspondent’s approval.

The context of the Doom Loop is the process and politics of this decay are the second-order results of central bank easy money (free fiat). That led to financialization becoming the city’s core function and the subsequent loss of the city’s previous mission. The people living in cities just haven’t gotten the message yet.

Read moreCities’ “Doom Loops” Are Even Worse Than You Imagined

Apple Slashes Vision Pro Shipment Projections By 50% As Demand For $3,500 Headset Craters

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– Apple Slashes Vision Pro Shipment Projections By 50% As Demand For $3,500 Headset Craters:

In what will come as a surprise to exactly nobody, the revolutionary if ridiculously overpriced Vision Pro virtual reality headset, which retails for $3,500, is not selling.

While it was hardly necessary – at least for anyone with a functioning frontal lobe –  an analysis published this morning by the widely-read TF International Securities analyst Ming-Chi Kuo (best known for gathering intelligence from his contacts in Apple’s Asian supply chain), who back in January correctly reported that Apple has lowered its 2024 iPhone shipments to a 15% decline, reported that Apple has cut its full year Vision Pro shipments to 400–450k units by as much as 50% versus the market consensus of 700–800k units or more.

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