The rich now own a record share of stocks, about 93% of U.S. households' stock market wealth is held by the top 10%
The rich now own a record share of stocks, about 93% of U.S. households' stock market wealth is held by the top 10%
Bruh, if you had invested your school lunch money instead of literally eating it and thus draining it down the toilet, you would have been a millionaire by now. Subscribe for more of my finance tips for just $20 a month.
You had lunch money? I had enough to cover 1 small milk carton a week. I had hunger and no investments.
tax. every. trade.
If you mean a small tax per share when purchased then that would be a great idea. Make high frequency trading, that contributes zero to society, unprofitable. It wouldn't hurt household investors as the tax would be small but it would hurt the assholes who manipulate prices through trading back and forth.
Hard agree. Make it impossible to dodge with loopholes for the wealthy. Eliminate capital gains and losses Taxing every trade is the only fair way to do it. And people don't need shares of stock to live, so it's not a burden on the poor.
Don't worry, they'll raise a panic alarm about how everyone and their brothers retirement pensions are invested in the market, and so "you'll hurt the poor" will resound, ignoring that a lot of those poor never had a choice to not have their pensions gambled on the fucking market.
Abolishing the stock market in general would be nice, or at least moving towards that direction gradually. The wealthy don't typically get their money from great trading, but parking their money and letting it grow.
The stock market itself isn't the problem either though, it's that the wealthy have money and the poor do not. If you want to buy a house and you don't have the cash for it, you need to borrow from someone...and that means someone who has a lot of money. And you'll pay interest for the privilege because there is a time value of money. That doesn't go away without a stock market.
The real solution is to tax the wealth itself, either directly or through taxing the step-up in value after the owner of a stock dies, or a massively increased estate tax.
Or, require a stock buyer to hold that stock for 365 days before they can sell it. Then tax the sale.
Well of course they do. That's the whole point of the legal scam of investing. If it benefits regular people it wouldn't exist.
Don't worry, it'll trickle down.... Annny day now.
I can already feel it trickle on me! No wait, that‘s asbestos.
Just give it 30 years or so, and we'll be swimming in that sweet sweet mesothelioma money.
It's ok though because they sprayed it down with urine first.
This is an important thing to note when someone claims that you should be eager about stock market performance because of your [comparative handful of] shares in your retirement account. Accounts such as the 401k were probably devised to tie up regular people's money into the stock market, injecting more money into it and making it seem more important (and thus worth bailing out).
They were devised to get rid of pensions so companies didn't need to care for their employees, they could just have the option to match input, but retirement was made to be 100% on us.
More bullshit to benefit corporations, but to be honest there are so many scumbags out there and so many pension plans that were stolen from, I don't know how to feel about it.
It was also devised so that when a crash occurs, the lower classes get wiped out, the rich still have piles of cash, and they get to buy up everything at fractions of a penny on the dollar.
You know exactly how to feel about it. Douchebag MBA's who think they're Masters of the Universe gamble with other people's retirement money. And all those sweet sweet fees...
We should invest in guillotines.
Accounts such as the 401k were probably devised to tie up regular people’s money into the stock market
Aren't pensions also tied up in the stock market. Yes there's a difference of who manages and how the contributions are made, but both plans put the security of your retirement in the market in some capacity, right?
Pensions also allocate some funds in stocks, but overall they invest conservatively. By default, most 401k funds are set to a target retirement date fund and early on those are mostly stocks. These funds also often have significant annual fees. Instead of a single large fund managed conservatively, you have many individual funds that are managed all over the place. The common advice is to invest more aggressively when you're younger, there has also been a huge push toward ETFs which are their own tangled mess and have a potential for trouble in the future, but that's a different topic.
Billionaires shouldn't exist.
No no you guys all don’t understand that this is a good thing because… (let me check my notes…) ….uh…hm…derrr…communism.
My wife and I constantly lament how we were born a few decades too late. For everything
Born too late to explore the world, born too early to explore space. Born just in time to explore Dank memes.
Truly, a time to be alive.
One thing the article doesn’t make super clear to me is if that figure includes investment funds and whatnot, and to what degree. It sounds like it might but elaborated very little beyond a vague statistic.
It is extremely vague, because the top 10% of Americans in net worth are those who have over about $850,000.
Cause and effect
No shit. If someone does not have money they don't need then they can not buy stocks or any investment.
So many hands
As is tradition.
Is this really a new thing? Haven't the rich always been the stock-holders?
Gasoline is relatively cheap.
Just saying...
Tax stock over 100,000 shares 1% per current price, per stock, per quarter.
Guillotine anyone who tries to buy a yacht or private jet.
So if everyone in the US stops buying publically traded companies, it would bankrupt the top 10%?
Only if you're including the top 10%. The vast majority of retail investing makes little difference even when combined, in comparison to institutional investing.
I don't think it's good to have such wealth inequality, but I do this general investment into the stock market should be encouraged.
401ks are so much better than pensions as a retirement vehicle. Better return on investment and more financial separation from the company I work for. I never worry about someone raiding the pension fund or a company going bankrupt, and I've received much better return on investments than the numbers you hear from pension funds! That's not even considering 401k matching......
Ok rich person, or it will be owned only by a tiny few and collapse bc of it.
Your comment makes no sense. Try replying to what I wrote please.
I'm shook!
It's actually insane knowing that so many people on this planet live in extreme poverty, in slums, have no safe access to food and water and yet we have many single humans buying 15 cars, villas worth 15 million, yachts etc.
At this point I shouldn't take me out of the equation because even though I am not rich I still buy useless stuff I might not need and someone else needs the money more than I do.
But I just can't wrap my head around that a lot of individuals have so much money. No human should have 10x more than an average person needs. What justifies someone making albums and selling them for 15$ and that person earns 20 million $ cause so many people buy the album for 15$. At some point the money should flow to programs or other things that benefit society.
Sure the album is great, thats why it is selling, but why a nurse for example is doing hard work and just will never earn that money. I'm pretty sure most nurses have done a lot more things during their career that SHOULD be worth millions. But thats not the point. Even nurses shouldn't have more than 10x what they need. No one needs it. It's great to have but no one needs it.