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April 29, 2024 Investor Insights Thumbnail

April 29, 2024 Investor Insights

Investor Insights

Trying to Tax the Rich

April 29, 2024

Enjoy this week's "Investor Insights," a weekly newsletter that highlights the financial news you need and provides tips and tricks for making better investment decisions. 

 

  • A staggering 77% of voters in swing states (Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin) like the idea of a billionaire tax to bolster Social Security shortfalls. More than half say they approve of trimming benefits for high-earners and for taxing wages for Social Security beyond the first $168,600 in earnings. 1
  • An alarming number of Americans with at least $100,000 in investable assets have no plans for the future. Over half (52%) do not have any estate plan, 41% have no financial plan, and 39% have yet to create a retirement plan. 2
  • Gold prices have risen 40% from their October 2022 low point. After watching the U.S. use its power to shut Russia out of the global financial system, the central banks of China, India, and Turkey have been buying gold while divesting U.S. dollar exposure. China's central bank alone has increased its gold reserves by $28 billion. 3
  • Nominal credit card balances hit a record high in Q4 2023 as credit card performance worsened. 30, 60, and 90+ day past due accounts all rose to their highest levels since 2012, and 4.1% of all accounts were at least 30 days past due. 2

Sources:

  1. Bloomberg – “Ultra-Rich Should Pay to Save Social Security, Swing-State Voter Poll Shows"
  2. MFS – “Beyond the News"
  3. Barrons – “Gold Continues to Boom. The Major Buyer: Central Bankers"

*Past performance is not indicative of future performance

Disclosure: This information is furnished for the use of Glen Eagle Advisors, LLC, Glen Eagle Wealth, LLC, and their clients and/or contacts. It does not constitute the provision of investment advice to any person. It is not prepared with respect to the specific objectives, financial situation, or particular needs of any specific person. Investors reading this commentary should consult with their Glen Eagle representative/financial advisor regarding the appropriateness of investing in any securities or adapting any investment strategies discussed or recommended in this newsletter. 

Glen Eagle Wealth, LLC is a member of FINRA, MSRB and SIPC 

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