Bonds Getting Blown Out – Rates Rising – Biden Already Set to Break “No Taxes Unless You Earn $400k+” Pledge – Will Propose $1 Trillion in New Taxes

This could get ugly fast. Ten year yield just hit 1.75%

This could be the end of a 40 year bull market in bonds/40 year bear market in rates.

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finviz.com/futures_charts.ashx?t=BONDS&p=d1

Philly Fed Explodes To Highest Since Interest Rates Were 14%

As a reminder, the mid to late ’70s were not a fun time for inflation and markets… and 10Y Yields were at 14%!!

www.zerohedge.com/markets/philly-fed-explodes-highest-40-years-prices-surge

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The Biden Debt Bomb

“What would happen to the national debt will depend on the extent to which the bill would include revenue raisers as well as spending. Of course, Congress basically has two options: borrowing money or raising taxes, whether it uses reconciliation or not,” Stan Veuger, a resident scholar in economic policy studies at the American Enterprise Institute, said.

Biden Already Set to Break “No Taxes Unless You Earn $400k+” Pledge – Claims Threshold Was for Married Couples

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White House Press Sec­re­tary Jen Psa­ki on Wednes­day clar­i­fied that Pres­i­dent Biden’s pro­posed tax hike would apply to peo­ple who earn $200,000 per year if they are mar­ried to some­one who makes the amount.

Psa­ki said at her dai­ly press brief­ing that the pro­posed $400,000 thresh­old for tax increas­es applies to “fam­i­lies” rather than individuals.

The clar­i­fi­ca­tion sig­nif­i­cant­ly low­ers the tax-hike thresh­old announced by Biden in an ABC News inter­view that aired Wednesday.

Biden’s inter­view state­ment appeared to indi­cate the cut­off would be $400,000 in indi­vid­ual income.

“Yes, anybody making more than $400,000 will see a small to a significant tax increase,” Biden told George Stephanopoulos.

Biden added, “If you make less than $400,000, you won’t see one single penny in additional federal tax.”

 

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Biden Will Propose $1 Trillion in New Taxes, Former Advisor Says

Biden Tax Hikes Will ‘Hurt Every Single Person In This Country’

Rep. Nancy Mace, R-S.C., weighed in on President Biden’s reported tax hike proposal on FOX Business’ “Mornings with Maria” arguing that she “can’t think of a worse idea” amid the coronavirus pandemic.

REP. NANCY MACE: “I think most of America, whether you’re Republican or Democrat, are going to be against tax hikes. And when you look at what the Biden administration is trying to do, I can’t think of a worse idea in the middle of a pandemic than to raise taxes. And they’re using key buzzwords, you know, to tax the rich and that companies should pay their fair share. But somebody has to pay that bill. And that’s on the backs of hard-working Americans.

h/t fiftybagger

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