The Wolf Den #339 - Janet Yellen Has Lost Her Mind
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This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.Janet Yellen, the United States Secretary of the Treasury, made some alarming comments during the Senate Banking, Housing and Urban Affairs Committee meeting on Tuesday. I first want to point out some of the concerning facts that she raised regarding the U.S. economy. Yellen warned lawmakers that the U.S. is running short on cash and will likely be unable to pay its bills by October 18th. Currently, Democrats want to take on more debt and raise the ceiling (code for print money) and Republicans are blocking this measure. She said that “failure to clinch a deal by mid-October would lead to the first default in U.S history, which would be catastrophic for the economy.” The actions of our leaders are starting to catch up to them, although this high stakes game of political chicken with the debt ceiling has happened a number of times and they consistently manage to kick the can down the road.Yellen went on to discuss ideas to fund Biden’s economic plans. In a proposal worthy of making an American denounce citizenship and move to another country, Yellen suggested increasing capital gains tax and taxing unrealized gains. That's right. In addition to taxing short term capital gains at a nearly 40% rate, Yellen wants to tax gains that do not exist from money we have not made and may never realize or enjoy.Let's take a quick example. If you bought a single share of a stock worth $200, and it rose to $400 at the end of the year, you would need to pay tax on the $200 increase even if you haven’t sold, roughly $80 at 40% on the $200 gain. Imagine the stock market crashes, and the value of the stock returns immediately to $200. You now have $200 worth of stock and have paid $80 already in taxes - meaning that you now have a realized loss on a stock that is at the same price as when you purchased it.Does she not realize that every person on the planet would have to sell a huge portion of their assets every year to cover the gains, creating endless downward pressure on the market?Does this mean that you get a tax deduction on unrealized losses? Are taxes different if you actually sell?The idea is preposterous and would never pass, but the very mention of it should set off every alarm that we have as investors and citizens.Chart Request Live Stream at 1:30 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 12:30 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.REMINDER: I can only do so many charts on the livestream. My assistant picks 25 random requests from everyone’s submissions and those are the coins I chart.Chart Request FormLink To YouTube Page (not exact link for stream) If you are a new member, please refer to Issue 236 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-236-think-like-a-whale-592727) for instructions on how to make my charts your own.In This Issue:Janet Yellen Has Lost Her MindChina, Exchanges and DEXes - IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsAre Most Cryptos Securities?Ethereum 2.0 Receives First UpgradeThe NFL Gets A Version Of Top ShotEl Salvador Volcano MiningMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #339 - Janet Yellen Has Lost Her Mind
The Wolf Den #339 - Janet Yellen Has Lost Her…
The Wolf Den #339 - Janet Yellen Has Lost Her Mind
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.Janet Yellen, the United States Secretary of the Treasury, made some alarming comments during the Senate Banking, Housing and Urban Affairs Committee meeting on Tuesday. I first want to point out some of the concerning facts that she raised regarding the U.S. economy. Yellen warned lawmakers that the U.S. is running short on cash and will likely be unable to pay its bills by October 18th. Currently, Democrats want to take on more debt and raise the ceiling (code for print money) and Republicans are blocking this measure. She said that “failure to clinch a deal by mid-October would lead to the first default in U.S history, which would be catastrophic for the economy.” The actions of our leaders are starting to catch up to them, although this high stakes game of political chicken with the debt ceiling has happened a number of times and they consistently manage to kick the can down the road.Yellen went on to discuss ideas to fund Biden’s economic plans. In a proposal worthy of making an American denounce citizenship and move to another country, Yellen suggested increasing capital gains tax and taxing unrealized gains. That's right. In addition to taxing short term capital gains at a nearly 40% rate, Yellen wants to tax gains that do not exist from money we have not made and may never realize or enjoy.Let's take a quick example. If you bought a single share of a stock worth $200, and it rose to $400 at the end of the year, you would need to pay tax on the $200 increase even if you haven’t sold, roughly $80 at 40% on the $200 gain. Imagine the stock market crashes, and the value of the stock returns immediately to $200. You now have $200 worth of stock and have paid $80 already in taxes - meaning that you now have a realized loss on a stock that is at the same price as when you purchased it.Does she not realize that every person on the planet would have to sell a huge portion of their assets every year to cover the gains, creating endless downward pressure on the market?Does this mean that you get a tax deduction on unrealized losses? Are taxes different if you actually sell?The idea is preposterous and would never pass, but the very mention of it should set off every alarm that we have as investors and citizens.Chart Request Live Stream at 1:30 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 12:30 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.REMINDER: I can only do so many charts on the livestream. My assistant picks 25 random requests from everyone’s submissions and those are the coins I chart.Chart Request FormLink To YouTube Page (not exact link for stream) If you are a new member, please refer to Issue 236 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-236-think-like-a-whale-592727) for instructions on how to make my charts your own.In This Issue:Janet Yellen Has Lost Her MindChina, Exchanges and DEXes - IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsAre Most Cryptos Securities?Ethereum 2.0 Receives First UpgradeThe NFL Gets A Version Of Top ShotEl Salvador Volcano MiningMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO