I’m easily drawn in by lists. But I suspect many people are, which is why every super market magazine cover is half covered by numbers. Today I clicked on “Five Myths About the Election and the Stock Market“. And I should have stopped reading as soon as I saw the one word that guarantees bullshit is present. That word? BusinessWeek. (More like BusinessWeak! Burn!)
Myth No. 4: The market is alarmed by prospects the capital-gains tax rate could be raised.…
Though higher taxes can be a burden on the economy, this theory of a short-term impact from Obama’s tax plans was always open to question. “You try not to let tax implications dictate [investment] decisions,” says financial planner Micah Porter of Minerva Planning in Atlanta.
Holy bull testicles, Batman! Sure you “try” to not be bothered by tax implications, but when taxes change, or choosing the wrong tax treatment destroys your bottom line, that kind of intentional ignorance is pure negligence.
Myth No. 5: Wealthy investors can breathe easier because the next President wouldn’t dare raise income taxes in a recession.…
While higher taxes can hurt, a huge budget deficit is “really a problem in the long run,” says Victor Li, an economics professor at the Villanova School of Business. “Whoever wins, the revenues have to be raised somewhere. Taxes have to be raised.”
“Taxes have to be raised“? BS.
I hope that Ben Steverman feels an intense emptiness in his soul for publishing such drivel.
