In the early years, the personal income tax worked as Congress intended, falling squarely on the richest. In 1918, only 15% of American families owed any tax. The top 1% paid 80% of the revenue raised, according to historian W. Elliot Brownlee.
The Smart Bird
The Early Bird for Investors — Provides a summary of the best commentary and pertinent news
Smart Bird: Robinhooders are the Product
…folks like my nephew actually aren’t your customer. They’re your product. Your customer is sitting right next to you, Mr. Griffin with Citadel.”
Smart Bird: Fix It Rant
Social Security is a transfer tax from the current generation to the retired generation. It is a generational tax, not an investment account, so the rich in our generation should NOT get off the hook…
Smart Bird: “You have to wipe these people out”
Gamestop is blowback to wall street. Wall Street wants protection. Two minutes of truth.
The Martens: Why the financial markets are broken – extreme corruption at the top.
“The pint-sized Carmen Segarra had the guts to sneak a tiny tape recorder into the New York Fed to blow the whistle on the crony relationship between the Federal Reserve Bank of New York and Goldman Sachs. Segarra was an… Read More ›
TSP Smart: Hope for the Take Down of Wall Street
“And we can reorient our economy from wealth to work. To do all of that, we have to take on Wall Street power.
The Fed Rides to the Rescue of JPMorgan and Citi Again
I’m getting sick of this. They can get away with it because few understand what is going on and there are so many distractions. From wealth transfer to wealth preservation for the few while the many fall back, again. Excerpt… Read More ›
Smart Bird: Robinhood Traders Are the Product
Citadel was front running half of the Robinhood order flow and just got a slap on the wrist from regulators who will probably work for Citadel or another like firm soon.
TSP Smart: The Really Short Pictorial History of TSP and the Markets
If a picture is worth a thousand words, what’s a good are chart worth. Find out.
The Smart Bird – He Knew
We are in a hostile investing environment with poor long-term support for the current prices in the markets. The stock market is simply riding the Fed’s largest intervention in history. And every wave ends the same.