I changed my mind on minimum wage after reviewing the data. I used to believe in letting the free market handle it, like most of you. However, when California raised the minimum wage for fast-food workers, it increased prices for consumers by pennies (~1-2%). There was zero downside... it didn't drive massive automation, nor did it cause businesses to shutter. Exactly the same result as Australia and other American cities... no changes in jobs; restaurants didn't close. We are at record profits for corporations. We are at a record low in unemployment in America over the past five years. We are at maximum social unrest due to wealth disparity. We should WANT to see the lowest-earning Americans go from $12 to $15, to $20, and then to $25 an hour over the next decade. This isn't virtue signaling; this is good business! Why? Individuals earning under $40,000 a year spend 100% of their income. They save nothing... they just spend it at the same companies they earn it at (Amazon, McDonald's, the Apple Store, DoorDash, Uber, etc). It increases monetary velocity. Take the time to research all of this, and you'll find the only downside is for teenage workers, who aren't worth $15-20 an hour. It does depress those jobs, so we should keep teenagers at a lower rate.

BREAKING: President Trump's capital gains tax cut discussions include "indexing" capital gains for inflation BEFORE taxes are calculated. This would mean that taxes would be applied on gains adjusted for inflation. For example, if you purchased a stock for $100,000 and sold it 5 years later for $200,000. Under the current system, you would owe capital gains taxes on the full $100,000 gain. But, if cumulative inflation over those 5 years was 20%, your inflation-adjusted cost basis would rise to $120,000. This means you would only owe capital gains taxes on the $80,000 REAL gain, rather than the $100,000 nominal gain. Trump has also suggested exemptions for sales of homes worth $2 million or less from capital gains taxes. We expect more details soon.

I changed my mind on minimum wage after reviewing the data. I used to believe in letting the free market handle it, like most of you. However, when California raised the minimum wage for fast-food workers, it increased prices for consumers by pennies (~1-2%). There was zero downside... it didn't drive massive automation, nor did it cause businesses to shutter. Exactly the same result as Australia and other American cities... no changes in jobs; restaurants didn't close. We are at record profits for corporations. We are at a record low in unemployment in America over the past five years. We are at maximum social unrest due to wealth disparity. We should WANT to see the lowest-earning Americans go from $12 to $15, to $20, and then to $25 an hour over the next decade. This isn't virtue signaling; this is good business! Why? Individuals earning under $40,000 a year spend 100% of their income. They save nothing... they just spend it at the same companies they earn it at (Amazon, McDonald's, the Apple Store, DoorDash, Uber, etc). It increases monetary velocity. Take the time to research all of this, and you'll find the only downside is for teenage workers, who aren't worth $15-20 an hour. It does depress those jobs, so we should keep teenagers at a lower rate.

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