Biden's Tax Plan Is A "Raw New Deal" For Retirees. Here's Why...
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Joe Biden has a long history of screwing over retirees.
It started in 1983, when he voted to slap income taxes on 50% of Social Security income, income that had previously been tax-free.
In 1994, he voted to up the amount of Social Security benefits subject to taxation, to 85%.
In 2000, he turned his attention to estate taxes, votingAGAINST the Estate Tax Elimination Act that would have phased out certain estate taxes by 2010.
Now, he wants to raise over $3.3 TRILLION in taxes...
And he's got his eye on America's nest eggs...
His plan?
He wants to expand
estate taxes and "equalize" benefits across tax brackets.
Now that word
"equalize"...
It's not the same as
"fair"...
"Equalize" means
some will come out ahead... while others will end up with less.
What will happen to
you?
What will you LET happen to you?
It's worth
considering.
Are you prepared to
accept the worst... the potential for higher taxes, fewer benefits, less
money overall for yourself...
Or do you want to do
something about it -- BEFORE Joe Biden takes office and changes the tax
laws?
Right now -- but
potentially not for much longer -- there's a unique IRS loophole that could protect your IRA, 401(k), pension, TSP, or savings account from Joe Biden's "Raw New Deal".
You could protect
your money 100% tax- and penalty-free, too. For now.
All the details are
laid out for you in this FREE GUIDE to protecting your wealth and retirement savings.
But you'll want to
act fast. Joe Biden has a lot of plans for "Day One" in office.
Don't let his plans
ruin yours...
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>> CLICK HERE <<
Get A FREE Copy Of My Special Report
"Can Your Retirement
Survive" Today!
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There's Absolutely $0 Cost To You!
We Even Pay For
Shipping & Handling!
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TOGETHER WITH
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Good morning. Today's top blurb is brought to you by our dear friends on the growth team.
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NASDAQ
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13,128.95
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S&P
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3,809.84
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DOW
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31,060.47
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- 0.03%
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GOLD
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1,847.90
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+ 0.20%
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10-YR
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1.089%
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- 4.50 bps
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OIL
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52.89
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*As of market close
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Government: Donald Trump became the first US president to get impeached twice,
after a House majority (including 10 Republicans) charged him yesterday
with “incitement of insurrection.” The Senate trial won’t take place
until after Joe Biden is sworn in, meaning President Trump will likely
serve out his full term in office.
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Debt: The U.S. government’s budget deficit hit $144 billion in December. In the same month in 2019, it posted a $13 billion deficit.
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Markets: Investors are taking a lazy river approach to start a year that’s been nothing but wave pools. Stocks barely budged one week out from Biden’s inauguration.
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Francis Scialabba
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Affirm, a company that helps consumers finance online purchases, went public yesterday in the first meaty IPO of 2021. Investors’ reaction?
- More, please. Shares briefly topped $100 after being priced less than half that, before finishing the day up 98%.
The backstory:
A personal lender that offers pay-as-you-go options at a variety of
merchants, Affirm benefited from the rise of e-comm during the pandemic.
“Buy now, pay later” has become an attractive payment plan for
budget-conscious consumers, especially since Affirm doesn't charge late
fees. “We don't profit from our customers’ mistakes and misfortunes,”
CEO Max Levchin told Fortune.
So how does it profit?
Affirm
charges interest over the course of most customer payment plans, but a
significant chunk of its revenue comes from the fees it charges
merchants who use its service. This has been especially lucrative
because of one particular merchant—Peloton.
- Affirm’s partnership with the trendy fitness company accounts for a mind-boggling 28% of its total revenue.
It’s trying
not to be a one-partnership pony. Affirm inked a second substantial
agreement back in July 2020 with another e-commerce leader, Shopify. In
exchange for allowing Affirm to become the exclusive point-of-sale
financier of its checkout service, Shop Pay, Shopify was granted
warrants to buy around 20 million shares in the company.
The long road ahead
Despite a favorable business environment and Jimmy Fallon-level investor enthusiasm, Affirm lost $112 million in its last fiscal year and has yet to turn a profit. But Levchin knows a thing or three about navigating the public markets.
- As a member of the
“PayPal mafia” with investor Peter Thiel, Elon Musk, and others, he
helped take the fintech giant public in 2002.
Bottom line:
Affirm’s entry into the “doubled in value on the first day of trading”
club alongside other unprofitable companies like Snowflake and DoorDash
could lead to more scrutiny of what some consider a broken IPO process.
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Yesterday, Airbnb stock shot up 5.7% to a record high, eclipsing a market value of $100 billion for the first time since it IPO’d just over a month ago.
- Airbnb’s stock mirrors
the rise in other travel names such as Tripadvisor, as investors bet on a
vacation binge for the ages once we’ve all been vaccinated.
But it’s tightening the screws on the home front
Airbnb said yesterday it’s blocking
new reservations and canceling existing ones in the DC metro area next
week, when Joe Biden is set to be inaugurated as president.
Tensions are
high in the city following last Wednesday's siege of the Capitol
building by pro-Trump extremists. Local officials are asking people to
stay home.
- Facebook has also been tracking a rise in plans for more violence spawned by the Capitol attack, a spokesperson told Reuters. The dates center on the Jan. 20 inauguration.
Interesting angle: Barack Obama’s inauguration in January 2009 was a pivotal moment
for Airbnb’s cofounders, who became convinced of their business model
that week when they witnessed the flood of people looking for short-term
accommodations.
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Giphy
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WeWork and
GameStop, two companies that have toed the line between “mostly dead”
and “all dead” over the past year, are mounting surprising comebacks in
2021.
WeWork: Despite the overall downturn in demand for office space, WeWork may have actually gained momentum
during the pandemic. According to CEO Sandeep Mathrani, the company is
on track to be profitable by the end of the year. Why? “Flexible” office
space is emerging as an attractive option for workers and companies
that are frustrated with the bedroom-as-boardroom life, but don’t want
to return to a traditional office format.
GameStop: Like
many legacy retailers, the video game peddler has been struggling to
compete with nimbler online rivals. So rather than beat ’em, it invited the cofounder of e-commerce pet brand Chewy to its board. Investors loved the move and the stock climbed nearly 60% yesterday.
One important wrinkle: GameStop has been an especially popular target
for short-sellers, who profit if the stock price drops. Yesterday’s pop
prompted the short-sellers to cut their losses...which subsequently
drove the stock price even higher.
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SPONSORED BY IMA® (INSTITUTE OF MANAGEMENT ACCOUNTANTS)
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When you think about your career, what comes to mind? Are you where you want to be, or are you still looking to make an impact?
Since you’re a reader of this here fancy pants newsletter, we have a feeling you’re ready to make some big changes.
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Gianluca Chininea/Getty Images
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Yesterday, a judge in the Italian region of Calabria (the boot’s toe) kicked off
a massive trial targeting one of the biggest crime syndicates on Earth:
the ‘Ndrangheta. James Gandolfini probably just burst into your mind,
but it’s more like The Wire meets Narcos meets Home Alone.
The ‘Ndrangheta is one of the world’s largest drug trafficking networks, controlling
over 80% of Europe’s cocaine trade. One 2013 study found it had more
financial firepower than Deutsche Bank and McDonald’s combined, with
annual revenues of around €53 billion ($64.4 billion).
- The trial’s 325 defendants include not just alleged ‘Ndrangheta members but also alleged ‘Ndrangheta colluders—politicians, civil servants, and businesspeople facing charges ranging from murder to drug trafficking to corruption.
- An elite police unit called the Cacciatori (meaning “hunters”) sniffed out the defendants from bunkers hidden by sliding staircases, trapdoors, and manholes.
Zoom out:
Experts say this is Italy’s biggest Mafia trial since the 1980s, when
law enforcement tried to extinguish Silicy’s infamous Cosa Nostra—an
effort that hamstrung Cosa Nostra and provided an opening for the
‘Ndrangheta.
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The Society Group PR
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We’ve got the house for you. Details on Bel Air’s ginormous property known as “The One” for its ginormity were shared with Architectural Digest for the first time this week.
The specs:
- 105,000 sq. ft.
- 21 bedrooms, 42 bathrooms, 30-car garage “gallery,” five swimming pools
- Bowling alley, 30-seat movie theater, full-service hair and beauty salon
Pretty
staggering. But we did find one oversight: the property’s moat only
covers three sides, leaving the fourth vulnerable to invaders.
The asking price? At a reported $340 million, AD
calls it “America’s priciest home.” And in case the 10,000-sq.-ft. sky
deck doesn’t convince its eventual owner their home is one of a kind,
recently passed city ordinances mean a house of this size will never
again be approved in Los Angeles.
We know what you’re thinking and we agree, this property would make a great plotline for Season 4 of Selling Sunset. Sadly for reality TV fans, brokers at Compass and The Beverly Hills Estates nabbed the listing.
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Twitter CEO Jack Dorsey reflected on his company's decision to ban President Trump's account.
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Intel’s CEO Bob Swan is stepping down, and VMware CEO Pat Gelsinger will take his place.
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Alibaba, Tencent, and Baidu, three Chinese internet giants, will be spared from a US Treasury Dept. investment ban.
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Unemployment for the lowest-paid workers in the US is above 20%, according to the Fed’s Lael Brainard.
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Target’s comparable sales jumped 17% over last year during the holiday period.
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NBA superstar James Harden has been traded from the Houston Rockets to the Brooklyn Nets, where he’ll team up with Kevin Durant and Kyrie Irving.
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Francis Scialabba
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Every other Thursday, Brew's Bookshelf
brings you a few of our favorite, business-related reads. In honor of
Martin Luther King Jr. Day on Monday, pick up a book on the civil rights
icon's big dreams for economic opportunity.
- In his final book, Where Do We Go From Here: Chaos or Community?, King reflected on the civil rights movement and how to eradicate poverty.
- MLK advocated for a guaranteed minimum income, and journalist Annie Lowrey's Give People Money examines how the UBI movement can work.
- MLK also saw parallels between India's caste system and the US’ own racial hierarchies. Isabel Wilkerson’s Caste highlights the consequences for individuals and society.
- In King and the Other America, Sylvie Laurent digs into MLK’s Poor People's Campaign and what today’s progressive causes can learn from it.
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Another
week, another batch of crazy headlines from the news cycle. But one of
these headlines is too weird to be true. Can you spot the one we made
up?
- “Citing 'censorship' concerns, North Idaho internet provider blocks Facebook, Twitter”
- “Saudi Arabia launches 170km city built in a straight line”
- “Texas city settles mayor’s race by pulling ping-pong balls from a top hat”
- “Two ‘Roblox’ streamers are feuding after both naming their virtual cities ‘Blockington’”
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We made up the "Roblox" feud.
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Thursday, January 14, 2021
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If you have money in an IRA or 401k,
what's coming next could put your wealth in jeopardy. Here's how to prepare now...
Click now to read more
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While
stocks tanked early in 2020, this "safe haven" soared. But experts
predict it could hit new highs soon. What happens next...
Click here now for the details
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January 14
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| FEATURED BIOGRAPHY
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| Albert Schweitzer
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| FEATURED EVENT
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| 1900
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| Premiere of Giacomo Puccini's opera Tosca
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President Trump Supporters Will LOVE this Legacy Pocket Watch!
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Dear Reader,
In 1944, an experiment was done in this Nazi medical center…
Take a look at the circled window in this photo…
A medical experiment commissioned by Adolf Hitler was done here in
1944. Our own U.S. government has refused to acknowledge the important
scientific results of this experiment.
Now, after 70 years, the results are finally being revealed to the public.
And you will NOT believe what they expose.
Click here now to see them while they’re still available.
But hurry…
The government spent decades hiding this from the public. So they likely won’t be happy we’re sharing this with you.
Click here now before we’re forced to remove it from the web.
Regards,
Emily Harper
Publisher, Natural Health Response
P.S. The health implications of this shocking video will leave you speechless. But if you can stomach it, I highly recommend you watch it immediately. This could have a major | | impact on your health and the health of your family. Watch this now.
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Nearly HALF (48%) of millennials think
the American Dream
is dead.
That's according to a Harvard Institute of Politics poll.
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Just wait until you see Bill O'Reilly DESTROY and DISMANTLE that theory in mere minutes.
Sincerely,
John Atwood
Editorial Director, The Oxford Club
P.S. This impacts you and all Americans, so pay close attention to O'Reilly's argument.
CLICK HERE TO SEE O'REILLY DESTROY MILLENNIAL THEORY IN MINUTES.
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