Senator Elizabeth Warren’s proposed wealth tax is a more promising idea, I think, than Alexandria Ocasio-Cortez’s plan for a top marginal income-tax rate of 70 percent. A levy that high on very high incomes is likely to be fiscally self-defeating, but an annual 2-3 percent tax on wealth would be a big revenue-raiser even if confined to the very rich.
But the problem with these contests isn’t transparency or lack thereof, but rather that the entire exercise is futile because the outcomes are entirely random.
Close on the heels of Representative Alexandria Ocasio-Cortez’s proposal to tax top income at 70 percent, Senator Elizabeth Warren has released her own big idea — a tax of 2 percent a year on all wealth above $50 million, rising to 3 percent for those fortunes of more than $1 billion.
Temporary restraining orders and overly prescriptive and punitive compensation plans are poor responses to the realities of today’s market.
A battle is brewing between Wall Street and stock exchanges. Wall Street says it’s fighting for ordinary investors, but don’t be fooled. Like everything else on Wall Street, this dispute is about the bottom line.
Don’t be so quick to believe the dirt you hear about brokers.
The arrest of a partisan extremist who mailed explosive devices to political and media critics of President Donald Trump was a reminder of what happens when rhetoric turns nasty.
The rule, which the Department of Labor first proposed in 2015, required brokers to act as fiduciaries — to put their clients’ interests ahead of their own — when handling retirement accounts. It sounded simple, but it meant that brokers would have to rethink the way they do business.
Today marks the third year anniversary of an “intraday flash crash” that had devastating consequences. Specifically, on August 24, 2015, approximately 1,278 stocks “gapped down” more than 5% at the opening, so the NYSE stopped trading on those stocks.