World economies have done the Texas Two Step (one step forward and two steps back) for much of the year as global stock and bond markets were broadly higher in Q2, supported by the accelerating roll-out of Covid-19 vaccines. Meanwhile, cryptocurrencies crashed, oil soared, home prices sizzled, and the G7 spendthrifts, prompted by President Biden, sought to raise corporate tax rates across the globe.
How to Build Equity
Last week, ProPublica released a story that showed a prominent Silicon Valley entrepreneur’s Roth IRA is worth around $5 billion. Yes, that is billion with a “B”, which is about 833,333 $6,000 annual IRA contributions, if you are curious how many years you would have to save to get that much in your IRA.
Death, Taxes, and Death Taxes
…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.