CZ Secretary Yellen was today's years old when she learned that the average American understands finances better than she thought.
This is incompetent economics. Since the whole administration is apparently incapable of seeing unintended consequences, I shall explain...
This is incompetent economics. Since the whole administration is apparently incapable of seeing unintended consequences, I shall explain...
https://twitter.com/thehill/status/1452417369834278917
CZ If you tax people only for successful investments, but don't allow them to refund or credit bad investments, you are punishing people for making good investments.
Which means they won't do it. The housing market will tank, the stock market will plunge as people cash out.
Which means they won't do it. The housing market will tank, the stock market will plunge as people cash out.
CZ People will minimize 401(k) contributions. In other words, millions of Americans will liquidate to avoid paying unrealized gains for fear of losing anything they make.
This then puts billions of dollars in cash in people's homes, not banks (another meager form of investment).
This then puts billions of dollars in cash in people's homes, not banks (another meager form of investment).
CZ So then inflation skyrockets, with precious metals being the only safe investment. Last time this happened? 1929.
Yellen's "tax on unrealized capital gains" will lead to high inflation, a collapse of reliable investment markets, and turn a recession into a depression.
Yellen's "tax on unrealized capital gains" will lead to high inflation, a collapse of reliable investment markets, and turn a recession into a depression.
CZ From the $600 transaction audits, to quantitative easing, to unrealized capitals gain taxes...the administration seems utterly incompetent at basic economics.
It's madness. We need adults in charge there, not these clowns.
It's madness. We need adults in charge there, not these clowns.
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