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Non-Tech : Kirk's Market Thoughts
COHR 154.52-3.0%Nov 7 9:30 AM EST
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To: rdkflorida2 who wrote (12438)11/30/2021 11:02:45 AM
From: Kirk ©  Read Replies (1) of 26439
 
The economy is booming in CA too.
The economy is booming. Friends in Michigan tell me it's gonzo good

We have a HUGE surplus that the special interest groups are fighting over to get larger pieces of while the politicians skip the obvious uses such as lowering taxes to ease the burden of massive inflation and using some of the surplus to shore up the under funded pension funds. Instead they have voted to allow the CALPERS pension fund to borrow money to buy more risky assets, which I think are in a bubble of their own due to so much excess liquidity.

Now we need to go back and discuss the cash/underground economy. We had a decent discussion on this topic on this board years ago. It needs to be addressed, if for no other reason tax avoidance/evasion. Reduce or eliminate the Federal Income Tax and go to a national sales tax.

That makes sense but I don't see the government giving up on one channel of tax collection. My guess is they will add a sales tax, maybe to fund health care, then watch it grow each year just like the personal income tax rate started at a couple of percent on the very wealthy and grew to be much larger.

Taxes are so high here that I've been told that some restaurants frown if regular takeout people pay with a credit card rather than cash. I've heard dentists will negotiate for service if paid with cash too. A friend got a quote for landscaping that had 56 hours at $100/hr.... he decided to not do the work rather than ask if that was a mistake... I think some are so booked with work that they quote huge prices and take those willing to pay... ie price gouging which ads to inflation.
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