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   A Tax Professional: ETF Proposal

Posted September 20, 2021

Aaron Gentzler

By Aaron Gentzler

A Tax Professional: ETF Proposal

Responding to our issue Friday about Senator Wyden’s ETF proposal, an actual tax professional writes: “According to the National Assoc of Tax Professionals ( NATP ), of which I am a member, it is estimated that 95% of Trump’s tax cuts went to large corporations and high income earners, not the middle class.

“And what did the corporations do with that money: they bought back stock and gave executives huge bonuses. Where was the ‘trickle-down’ benefit?”

Hmm… We suppose the only trickle-down effect would be for shareholders of pumped-up stocks. Otherwise, Main Street’s out in the cold.

A second reader says: “I'm not going to argue whether or not the ETF tax proposal is a good idea; the costs and the way they are distributed, may well outweigh the potential revenue. But I'm getting a little tired of hearing the argument that [doing X] wouldn't raise all that much tax revenue.

“What, do people actually believe that there's some proposal that will raise, say, 20% of the necessary goal from just one source? It's not going to happen; we're talking about a grinding game of inches to get anywhere with this.

“Just my $0.02 (which, if you collect 50 of 'em, still actually makes a buck, for whatever that’s worth).”

Read on for The Rundown’s response…  

Send your opinions to, TheRundownFeedback@StPaulResearch.com

Your Rundown for Monday, September 20, 2021

Our Two Cents…

We suppose what’s most laughable about the ETF tax proposal is it pays lip service to the Democrats’ “tax the rich!” rhetoric (yes, that old saw) while sticking it to middle class investors.

Stop focusing so much attention on taxing wealthy Americans -- who have the resources to beat the IRS regardless. Insead, out-of-touch politicians should focus on proposals that benefit middle class taxpayers… And don’t even get us started on Team Biden’s $3.5 trillion budget bonanza.

Finally, after receiving an email from us with the subject line “R.I.P. 2008-2021,” a reader writes: “Why do you send this on a Friday afternoon, if you really think that we’re doomed on Monday morning?”

Well, it’s Monday morning… and the Dow’s dipped 530 points at the time of writing. You might have noticed, we at The Rundown have not sided with the perma-bulls.

And Wall Street sage Jeremy Grantham -- who accurately called market crashes in 1998, 2000 and 2008 -- tells us: “Today, it is clear to me that this is the most dangerous package of overpriced assets we have ever seen in the U.S.,” he says. 

“That, combined with an equity market that can easily lose $5 or $10 trillion, depending on the magnitude of the break, is a contender for the highest-priced market in American history.

“You get to a point of maximum confidence… maximum leverage… maximum debt and then the air begins to leak [out of the market].”

Market Rundown for Monday, Sept. 20, 2021

The S&P 500 has lost 1.5% to 4,360.

Oil is down 2% to $70.54 for a barrel of West Texas crude.

Gold’s clambering back: up $12.30 to $1,762.80 per ounce.

Bitcoin has lost a stomach-dropping 7.5% to $43,990.50.

Send your comments and questions to, TheRundownFeedback@StPaulResearch.com

Hang in there, and we’ll be back Wednesday. Take care.

For The Rundown,

Aaron Gentzler

Aaron Gentzler
Editor, The Rundown
TheRundownFeedback@StPaulResearch.com

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