ACCOUNTABLE UPDATE
"See Through"
…in this world nothing can be said to be certain, except death and taxes.
— Ben Franklin
The quote above, attributed to Ben Franklin, is a well-known excerpt from a letter to French scientist Jean-Baptiste Leroy in 1789 where he discussed the new Constitution that had recently been adopted in the United States.
President Joe Biden has proposed plans in his first few months in office that may pair those events even more so than Franklin may have imagined.
Equity markets marched steadily higher in the first quarter of 2021. Extreme volatility from a handful of “meme stocks” occupied headlines with social media brigades hyping out of favor companies such as Gamestop. While the idea of small investors sticking it to big greedy hedge funds makes for good media quotes (i.e. “You only live once!”), it was the energy and financial sectors that were the best performers overall and led the stock charge.
Recently, while preparing a financial plan for a client, I came across a situation that seemed to be a case of “The Man” sticking it to a worker. The worker, in this case a highly compensated one, appeared to have been shortchanged by about $12,000 on promised compensation from his employer. Potential headline news on MSNBC, or at least our local channels, right?
Maybe. However, a little further investigation revealed that instead of a greedy corporation cheating a worker out of what he had fairly earned, there was a far less sinister explanation.
In fact, this particular issue only impacts highly compensated workers that can afford to save significant portions of their income, so it probably wouldn’t have made headlines anyway. (Well maybe CNBC.) Nonetheless, for those fortunate enough to earn higher than average income, it is still probably worth reading the rest of the story.
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