Off The Cuff: Tax Americanus

Off The Cuff: Tax Americanus

In this week’s Off The Cuff podcast, Chris and Mish Shedlock discuss:

  • The New Tax Bill
    • There’s a lot to hate about it, despite the “cuts”
  • Watch The TED Spread Carefully
    • The big trouble will arrive in the bond market
  • A Hike Too Far
    • Rising rates threaten to break the back of this bull market
  • Bitcoin: Where To From Here?
    • When the insiders start dumping (as they are), it’s time to pay close attention

There’s a lot to be outraged about in the newly-passed tax legislation. Here’s just a tidbit, from Mish:

There are a couple of the things that are in there that are particularly galling, like special breaks for people who own private jets on getting them maintained. There’s a tax break specifically for jet owners, okay? I believe it’s safe to say that you and I and anyone listening doesn’t have a private jet.

Now, Senator Bob Corker from Tennessee, who was against this bill for months on end because it increased the deficit, finally voted for it. And the day that he voted for it, there was a special provision in there just for him – well, not just for him – for anyone who happens to own investment real estate. Orrin Hatch wrote this in personally, and admitted it. A special break for real estate investors. And guess what? His wife has a half million-dollar real estate property. So special breaks for them. 

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