Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: rdkflorida2 who wrote (10258)	8/24/2020 10:35:26 AM
From: Kirk ©	Read Replies (3) \| Respond to of 26439

Softball questions as if a continuation of the DNC convention on the eve of the GOP convention. It felt like they actually coached a few of the answers. I liked how they said he won't raise taxes on anyone making less than $400K but I don't trust the Congress to stick to this to find the money to pay for all the free stuff. I'm happy making CEOs who cheat the system by taking salary as stock that appreciates after they buy back stock... so after $400K annual income capital gains SHOULD be taxed as ordinary income unless you risk your own capital up front... I'd also be pleased to see the carried interest scam removed and perhaps also eliminate 1031 exchanges for real estate that I can not use to trade a highly appreciated growth stock for safer dividend stocks. abcnews.go.com MUIR: We know there's another crisis attached to this pandemic and that's the economy. Thirty million Americans on unemployment right now we just learned of another million last week filing for unemployment. You lead in the polls, but in the same polls there's also a vulnerability. Over and over again, President Trump leads on the economy, and you know what he's saying? He said, President Biden, a Biden administration, will raise your taxes, will you raise taxes? BIDEN: I will raise taxes for anybody making over $400,000. Let me tell you why I'm going to do it. It's about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay fair share, corporations should pay a fair share. The fact is, there are corporations making close to a trillion dollars that pay no tax at all. I’m not punishing anybody. This is about everybody paying their fair share. MUIR: So no new taxes $400,000 and down? BIDEN: No new taxes, there would be no need for (inaud). MUIR: And in the middle of a recovery because you've seen this before when you entered back in 2008 with President Obama -- Is it smart to tax businesses while you're trying to recover? BIDEN: It's smart to tax businesses that are in fact are making excessive amounts of money and paying no taxes. It's how we did it last time, look what happened. I was put in charge of making sure that $800 billion got distributed around the country and started economic growth. Less than two tenths of 1% waste or fraud, the largest, the most consecutive number of months of growth in jobs of any time in history. We did it the right way. Look what he's doing. The money was supposed to go to help small businesses, you have one in six small businesses have already closed. You're finding a situation that over 60% of the money -- only 40% of money for small businesses went to small businesses. MUIR: But what is the cut off? You're talking about small businesses, will you be raising taxes on small businesses? BIDEN: No-- MUIR: You’re talking about... BIDEN: I'm talking about -- I'm talking about businesses that in fact -- look, you have 90% of the businesses out are mom and pop businesses that are out there that are making -- that employee less than 50 people. There will be no raising taxes on them. We have to provide them with the ability to reopen. We have to provide more help for them, not less help. Softball.... Muir did NOT follow up on this. MUIR: I want to turn to the blistering attacks we've seen from President Trump just this week alone on your mental fitness, whether you're up for the job. His campaign has called you "diminished." And I'm curious how you’d respond to that.