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Another Twist of the Knife: Introducing a New Death Tax

Another Twist of the Knife: Introducing a New Death Tax
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May 1, 2021, 10:29 AM·28 min read
The devil is in the details, and while, when it comes to the Biden tax plan, Old Nick is not just lurking in the small print, one particular technical-sounding change proposed by the president is rightly attracting some attention: that is the plan to scrap the long-standing principle that if someone inherits an asset, his or her basis cost in that asset for capital-gains-tax purposes is not the price that the deceased may have paid for it (or its value when it came into the deceased’s ownership) but its market value at the time of the deceased’s death, a “break” that can be justified on grounds of basic fairness. That’s the case for various reasons, but one of the most obvious is that estate tax may well, in the case of the wealthiest, also be payable on what is left after the capital-gains tax has been paid.

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Capital Letter: Climate & Central Banks: Regulators Doing What They Shouldn't

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European Central Bank President Christine Lagarde addresses an event to launch the private finance agenda of the 2020 United Nations Climate Change Conference in London, England, February 27, 2020.
(Tolga Akmen/Pool via Reuters)
I felt spoiled for choice when it came to a topic with which to preface this week’s Capital Letter. Dogecoin went quite a long way toward the moon, the U.N.’s secretary-general has pushed for a “solidarity” or wealth tax, and digging further into the details of the administration’s planned new corporate-tax regime produced yet more nasty surprises.
That said, I think that it’s worth continuing to watch how the regulatory state continues to push ahead with its climate agenda in a way that bypasses the normal democratic process — and is still not subject to enough scrutiny.

Georgia , United-states , Paris , France-general , France , Le-chatelier , Champagne-ardenne , Texas , Atlanta , China , Boston , Massachusetts

'Stuffing Their Mouths with Gold' — Selling the Biden/Yellen Tax Cartel

‘Stuffing Their Mouths with Gold’ — Selling the Biden/Yellen Tax Cartel
Andrew Stuttaford
© Kevin Lamarque/Reuters
President Joe Biden receives an economic briefing with Treasury Secretary Janet Yellen in the Oval Office at the White House in Washington, D.C., January 29, 2021.
At the time of the establishment of Britain’s National Health Service, Aneurin Bevan, Labour’s Health Minister, faced serious opposition from, among others, top doctors unenthusiastic at the prospect of having to rely solely on the state for their income, a potentially dangerous challenge to the nascent NHS. To calm them, he agreed that they could continue seeing private patients alongside those from the new health service.

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'Stuffing Their Mouths with Gold' — Selling the Biden/Yellen Tax Cartel

'Stuffing Their Mouths with Gold' — Selling the Biden/Yellen Tax Cartel
yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.

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The Capital Letter: Bond Worries, Asceticism & More

A “storm” swept through the US government bond market on Friday, sending a key measure of long-term borrowing costs to the highest level since last February.
Treasuries dropped in overnight trading after a large sale of long-dated bond futures in Asia, according to people familiar with the matter. Yields on the benchmark 10-year note, a key marker across global asset markets, jumped to 1.63 per cent, having traded around 1.53 per cent the day before.
Analysts said the scale of the move underscored how jittery the $21tn market had become against the backdrop of a more robust economic rebound. Treasuries are the biggest and deepest market in the world, something that typically insulates it from sharp rises and falls in prices.

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Boom, then Bust?

Boom, then Bust?
February 20, 2021, 8:22 AM·36 min read
Well, the S&P may not have done much this week, but there were clear signs and signals that the conditions fueling the current bubble(s) are going to continue — and that the bubble(s) themselves are still bubbling away.
Elon Musk, in some ways the man of the bubble (I do hope that comment doesn’t disqualify me from some space tourism), got to the point.
Billionaire Elon Musk defended Tesla Inc.’s $1.5 billion Bitcoin investment on Twitter, calling the cryptocurrency a “less dumb” version of cash.
“When fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk said in a reference to the sub-zero returns on cash caused by negative-yielding debt. The comments pushed Bitcoin to a record on Friday, with prices climbing above $53,000.

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Larry Kudlow To Join The Bahnsen Group Wealth Management Firm

Larry Kudlow To Join The Bahnsen Group Wealth Management Firm
Former White House National Economic Council Director, Larry Kudlow, is joining The Bahnsen Group, a $2.6 billion national wealth management firm with offices in New York City and Newport Beach, California, as an economic advisor.
“Larry has been a mentor to me for many years, both personally and professionally. We both share a love of free markets, and Larry has over forty years of experience in public policy and macroeconomics that is going to benefit the process we implement for our clients immensely,” said David Bahnsen, Founder and Chief Investment Officer at The Bahnsen Group. “My clients have benefitted from the wisdom of Larry Kudlow for years, albeit indirectly. To formalize this working relationship is a dream for me."

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The Green Bubble

The Green Bubble
February 13, 2021, 8:24 AM·36 min read
Yes, I am going to talk about bubbles again, but once again about one specific bubble: the bubble in anything (supposedly) green, particularly if it can be tied to the war against climate change.
Like many of the asset-price bubbles of our current moment, this one is not entirely irrational. Not only are green assets being “revalued” (to use a term that implies rather more calculation than is really the case) in the light of the general mispricing of risk that is the product of today’s artificially low interest rates, but, as I have noted before, buying green is supported by some arguments that have little to do with value, but a great deal to do with price.

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Fun and GameStop

Fun and GameStop
Andrew Stuttaford
© Nick Zieminski/Reuters
Outside a GameStop store in New York City, January 27, 2021.
National Review’s Daniel Tenreiro has been doing such good work on GameStop (see links below) that I was going to ignore that particular dumpster fire and concentrate on the latestpronouncements by Larry Fink. Fink is the chairman and CEO of BlackRock, the largest asset manager in the world with $8.7 trillion under management. Fink is also an oligarch’s oligarch, who is working hard to be a key figure in the corporatist America (where corporatism has, in effect, been updated by being redefined as “stakeholder capitalism,” and then supplemented by “socially responsible” investment) that is currently being put together at a quite remarkable pace.

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What is President Trump's legacy?

Historians will face a daunting task in trying to assess Donald Trump’s presidency. What will he be remembered for?

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