The 1 percent will do well under Trump’s tax plan. From Bill Bonner at bonnerandpartners.com:
POITOU, FRANCE – We pause. We take a deep breath. We cease our normal sarcasm and kvetching.
Today, we give thanks to the global elite… the people to whom we owe so much.
The thought came to us after our research department passed along this tweet from Holger Zschaepitz, a markets editor at German national newspaper Die Welt:
We’ve never had it so good: Global equities now worth $84.8trn, highest value ever in history. Equals to ~110% of world GDP.
And then, CNBC reinforced our gratitude with this:
America’s top 1% now control 38.6% of the nation’s wealth, a historic high, according to a new Federal Reserve Report.
The Federal Reserve’s Surveys of Consumer Finance shows that Americans throughout the income and wealth ladder posted gains between 2013 and 2016. But the wealthy gained the most, driven largely by gains in the stock market and asset values.
The top 1% saw their share of wealth rise to 38.6% in 2016 from 36.3% in 2013. The next highest nine percent of families fell slightly, and the share of wealth held by the bottom 90% of Americans has been falling steadily for 25 years, hitting 22.8% in 2016 from 33.2% in 1989.
Wait a minute… How much income do you need to be in the top 1% of earners in America?
We looked it up. If you and your spouse earn $343,927 or more, you’re there.
Hallelujah! And yippy tai yai yay! Those book royalties pushed us over the top. It’s great to be in the 1%!
Break out the party favors. Pop the champagne corks. Open a Swiss bank account.
Oh… and don’t forget the people who made this possible. Contact your congressional team. Be sure to make a contribution to their re-election campaign fund… and book a night or two at Trump Tower Hotel, while you’re at it.
To continue reading: Another Win for the “One Percent”