Gastro Gnome - Eat Better Wherever

Anybody Buying Yet? Where’s the Bottom?

SAJ-99 said:
I’m with Schwab. I note that Schwab and TD Ameritrade are merging, so will be the same.
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My understanding is they've already merged... Schwab bought TD. Based on the most recent info, the account merger is Sept this year. Though the initial purchase of TD was the catalyst of 0$ stock transaction fees that was quickly followed by others.

As for @Bam Bam Q: TD is the best for the average person. TD has a vast variety of videos that cover most every aspect of trades, etc. Many other platforms exist though the most user friendly w/o deep(er) knowledge that also covers the deep(er) trade skills, as well as instant phone access with a trader or representative is quick, painless, and always appreciated. TD hands down.

As for international stocks, best to ya. NYSE, NASDAQ, etc are, "regulated" by SEC. However NYSE International is IOSCO regulated in conjunction, to some degree with SEC. I find international stocks out of my wheelhouse of comfort. More than enough ETF, stocks, etc to keep me busy, both retirement and hobby.
 
BigHornRam said:
I get it. You are a big government guy. Good luck with your mission.
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More Fox dog-whistle labels. I want the rules to give all people a fair opportunity and incentive at being a productive member of society. And I want everyone to play by the rules. I don't care about the size of the government. I would love for the rules to be more simple, but it is easier to cheat a complex system. Newton's Second Law applies to politics and tax policy x10.
 
Sytes said:
My understanding is they've already merged... Schwab bought TD. Based on the most recent info, the account merger is Sept this year. Though the initial purchase of TD was the catalyst of 0$ stock transaction fees that was quickly followed by others.
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***Trigger alert***. They still haven't merged and It is getting annoying. I ended up with Schwab when they bought Optionxpress. They are still running that Streetsmart platform, which I prefer to the Schwab site. Schwab has tended to buy technology and platforms rather than build their own. I agree that TD has a lot of good stuff for retail investors, and the Thinkorswim platform is a pretty close to professional-level. Schwab will keep that for sure. Some of the stuff I like at Schwab is I can bring in numbers from other non-Schwab accounts (Fidelity retirement accounts) and run overall exposures. This is pretty typical on most platforms now, but 10yrs ago it would have been like landing a person on Mars.
 
SAJ-99 said:
The Tax Foundation disagrees. As does the CBO and anyone else that analyzed the bill. But I'm sure you know better, because they told you on TV.

View attachment 260069
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Note that the big revenue increase is from the new reporting requirements (i.e. payment apps being required to report transactions over a certain threshold). I think have already backpedaled on that though. Something tells me the Bezos types aren't the ones that are going to be the ones paying in that $460 billion of additional taxes that they are projecting will be generated. I'm not sure what the breakdown is on the smaller $320 billion of additional taxes projected through enforcement actions. I do know that the biggest chunk of unreported and unpaid taxes involve transactions that are not reported to the IRS at all. As was mentioned previously, if the intent is to generate $320 billion of additional revenues from enforcement, it is going to involve going after the non-billionaires and working to pick up that unreported income, not quibbling over deductions claimed. My 2 cents.
 
npaden said:
Note that the big revenue increase is from the new reporting requirements (i.e. payment apps being required to report transactions over a certain threshold). I think have already backpedaled on that though. Something tells me the Bezos types aren't the ones that are going to be the ones paying in that $460 billion of additional taxes that they are projecting will be generated. I'm not sure what the breakdown is on the smaller $320 billion of additional taxes projected through enforcement actions. I do know that the biggest chunk of unreported and unpaid taxes involve transactions that are not reported to the IRS at all. As was mentioned previously, if the intent is to generate $320 billion of additional revenues from enforcement, it is going to involve going after the non-billionaires and working to pick up that unreported income, not quibbling over deductions claimed. My 2 cents.
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The main reason this was included in the "Inflation Reduction Act" was so the proponents of the bill could claim it was a revenue neutral bill, and "pay" for all green energy tax credits in the bill. That, and making their base think they were going to stick it to the rich guys.🙂
 
BigHornRam said:
The main reason this was included in the "Inflation Reduction Act" was so the proponents of the bill could claim it was a revenue neutral bill, and "pay" for all green energy tax credits in the bill. That, and making their base think they were going to stick it to the rich guys.🙂
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TLDR last few pages...

CO sent Annie Oakley to congress to make a symbolic vote against a provision in passed legislation that was used to bullchit the public about the actual cost of the bill.

Meanwhile grandpa Joe and pals...
 
npaden said:
Note that the big revenue increase is from the new reporting requirements (i.e. payment apps being required to report transactions over a certain threshold). I think have already backpedaled on that though. Something tells me the Bezos types aren't the ones that are going to be the ones paying in that $460 billion of additional taxes that they are projecting will be generated. I'm not sure what the breakdown is on the smaller $320 billion of additional taxes projected through enforcement actions. I do know that the biggest chunk of unreported and unpaid taxes involve transactions that are not reported to the IRS at all. As was mentioned previously, if the intent is to generate $320 billion of additional revenues from enforcement, it is going to involve going after the non-billionaires and working to pick up that unreported income, not quibbling over deductions claimed. My 2 cents.
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Yes. "Side jobs" are a big part of the economy. They should be taxed (i'm sure that will irritate a lot of people). That was why the Tax Foundation's conclusion was there needs to be simplification of the tax laws to make any real progress. Rich people hire accountants to find the loopholes. However, there is low-hanging fruit- Pass-through income needs an overhaul. Carried interest needs to be closed. I highly doubt the IRS is going to audit your Venmo payment to your buddy for your share of the bar bill.
 
SAJ-99 said:
Yes. "Side jobs" are a big part of the economy. They should be taxed (i'm sure that will irritate a lot of people). That was why the Tax Foundation's conclusion was there needs to be simplification of the tax laws to make any real progress. Rich people hire accountants to find the loopholes. However, there is low-hanging fruit- Pass-through income needs an overhaul. Carried interest needs to be closed. I highly doubt the IRS is going to audit your Venmo payment to your buddy for your share of the bar bill.
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Must be some pretty impressive bar bills to get your share over the originally proposed $600 threshold for reporting.

It's not going to take much human involvement for the IRS to match up reported payments to income on the corresponding tax returns. They already do that right now for most reported sources of income. Just forget to include a 1099 on your tax return and they will go ahead and send you a notice with the tax that is due.

I'm really surprised that there hasn't already been a push for W-2 earners who take the standard deduction to no longer have to file a tax return anymore. I think it because so many people over withhold and the IRS would actually lose money if it when ahead and calculated their tax owed. As a partner in a CPA firm I think the window for basic tax preparation revenue is probably less than 10 years from ceasing to exist.
 
npaden said:
I'm really surprised that there hasn't already been a push for W-2 earners who take the standard deduction to no longer have to file a tax return anymore.
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Agreed. $600 is a lot, but I'm of Irish and German descent. I have no problem trying to hit it.

It was proposed and has been discussed for a few years and is a main point to upgrading technology.
Here is an article, but there are tons. https://www.cnbc.com/2022/07/20/dem...ax-filing-service-tax-pros-are-skeptical.html
Guess who is against it? CPAs and Grover Norquist. Oh, The irony.
 
SAJ-99 said:
Agreed. $600 is a lot, but I'm of Irish and German descent. I have no problem trying to hit it.

It was proposed and has been discussed for a few years and is a main point to upgrading technology.
Here is an article, but there are tons. https://www.cnbc.com/2022/07/20/dem...ax-filing-service-tax-pros-are-skeptical.html
Guess who is against it? CPAs Intuit/HRB/Liberty Tax/etc and Grover Norquist. Oh, The irony.
Click to expand...

Any CPA that is worried about that needs to upgrade their skillset.
 
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