Independent thinking for complex markets and current events
Washington is considering a 9.9% tax on income above $1M. With this proposal, for people making $1M+ the state and local marginal tax rate could be 18% in Seattle. Highest ever. Add 37% federal tax, plus payroll taxes, and more than 50% is gone to taxes. Wild. — The Money Cruncher, CPA (@money_cruncher) January 25, …
Plus, Susie Wiles breaks cover, a new name in the frame for the Federal Reserve and Hegseth says the Pentagon won’t release the Sept. 2 boat strike video Good morning. New data released Tuesday showed that the unemployment rate has risen from 4% when President Trump took office to 4.6% in November. A sizable drift …
by Michael Inflation is a tax that nobody can escape. No matter how hard you may try, the rising cost of living is going to catch up with you eventually, and we live at a time when the cost of living has become exceedingly painful. The reason why the cost of living has become such …
You don’t get to accuse others of “living off welfare” when you’re a net recipient of the system. Most people receive more in government spending than they pay in federal taxes. That’s not an insult, it’s arithmetic. Meanwhile, high earners fund the overwhelming share of income tax revenue. Calling the primary funders of the state …
New York millionaires: threatening to flee the city since 2009 pic.twitter.com/nuOLxApYGW — The Daily Show (@TheDailyShow) November 7, 2025 NY State saw peaks of over 3,000 millionaires leaving annually around 2020, with cumulative net outflows shrinking its U.S. millionaire share from 12.7% in 2010 to 8.7% in 2022. High earners contribute about 40% of income …
American did all the right things. She went to school, became a Registered Nurse, she has $0 debt and an 808 credit score She just called trying to get a mortgage, she cant afford a mortgage payment If someone like this can’t even afford a mortgage, how can the average American American did all the …
The final week of July 2025 is not a policy moment. It’s a collision of pressure points. The Federal Reserve is expected to hold interest rates at 4.25% to 4.5% for the fifth straight meeting. The decision lands Wednesday at 2 p.m. ET. Trump’s push for cuts has intensified, with direct pressure on Powell and …
California just redefined “low income” and it no longer means what people think it does. A single person earning $111,700 in Santa Clara County now qualifies. In San Francisco, Marin, and San Mateo counties, the line is set at $109,700. These are the official income limits for 2025, released by the Department of Housing and …
Canada is experiencing the largest millionaire exodus in its history, with 3,200 high-net-worth individuals expected to leave this year. The country ranks third globally in millionaire flight, following China and India. The reasons behind this mass departure are clear—high taxes, hostility toward success, and growing political instability are driving Canada’s wealthiest citizens to seek better …
In a land once brimming with promise, the American Dream now flickers like a distant star, obscured by the harsh realities of financial struggle and unattainable aspirations. $100,000 income no longer buys the American Dream in most places, per CNBC. — unusual_whales (@unusual_whales) May 17, 2024 About 42% of those with household income of more …
More low income earners in the Us are not dining out, per Reuters: pic.twitter.com/oAbUo1h9D0 — unusual_whales (@unusual_whales) April 8, 2024 “Runaway prices at U.S. fast-food joints and restaurants have made people skittish down the income ladder and executives at chains including McDonald’s (MCD.N), opens new tab and Wendy’s (WEN.O), opens new tab recently said they …
IR-2024-56, Feb. 29, 2024 WASHINGTON — In the continuing effort to improve tax compliance and ensure fairness, the Internal Revenue Service announced a new effort today focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017. The new initiative, made possible by Inflation Reduction Act …
via ssa.gov The national average wage index (AWI) is based on compensation (wages, tips, and the like) subject to Federal income taxes, as reported by employers on Forms W-2. Beginning with the AWI for 1991, compensation includes contributions to deferred compensation plans, but excludes certain distributions from plans where the distributions are included in the reported compensation …
by confoundedinterest17 According to mythology, Hades made King Sisyphus roll a huge boulder endlessly up a steep hill in Tartarus. Unfortunately, the modern day version of Sisyphus is the middle class pushing a boulder endlessly up a steep hill while the top 1% (the elite class) horde more and more wealth. An example of the Sisyphus economy? …
Economic inequality worsens in the U.S. as the top 1% amass more wealth. Housing affordability declines. The 1% are crushing it 👇 pic.twitter.com/0Wfsj4EbR6 — Win Smart, CFA (@WinfieldSmart) December 14, 2023 Housing is less affordable for both renters and buyers alike, per Bloomberg: pic.twitter.com/vT3bMKiKxV — unusual_whales (@unusual_whales) December 14, 2023
The alarming truth is that the soaring rental costs are taking a toll not only on low-income individuals but also on those with above-average incomes. This unforgiving rental market is compelling people to relocate further away from their workplaces in search of more affordable housing. 🔊 … can't afford rent Increases in rent affecting even …
Financial winter is coming. h/t Mayhem4Markets
via thepostmillennial: According to an analysis of data from the Internal Revenue Service by The Oregonian from income tax returns filed in 2020 and 2021, Multnomah County lost a net 14,257 tax filers and their dependents, many of whom were high earners who could do jobs remotely, resulting in a net income loss of over …