jchoop.hl

Watching Australian leadership speedrun the country to zero.

The purpose of a system is what it does, not what it claims to do

[jchoop.hl @jchoop]

CT when Bitcoin goes down 5% and is still above 100k

[jchoop.hl @jchoop]

@SkullSpeedDeal Agree, but how do you implement when crypto is a thing

[jchoop.hl @jchoop]

@ChrisMinnsMP I am an ex heroin addict, and it's frankly absurd that I'm not allowed to drive when I'm fucked off my face on methadone and can't sit up straight. You clearly agree, right?

[jchoop.hl @jchoop]

@Ben_Davison1 How are you defining tax, because you're certainly not including all forms of taxation Australians are subject to. And if you're not including all of them, you're just spinning

[jchoop.hl @jchoop]

@TaxPawspective Literally just look at the average 24-33 year old (fresh into workforce) to see where it's really fucked.
A low income person cashing a 50k capital gain is only a boomer, and nobody gives a fuck about taxing them more given that resentment is the leading cause of sentiment

[jchoop.hl @jchoop]

@JEChalmers Now do per capita so immigration is excluded

[jchoop.hl @jchoop]

@rdphx8215362 @CredibleCrypto CVX has been paying out basically 30% a year for its entire existence though

[jchoop.hl @jchoop]

@MasterMaliq Stats don't lie

[jchoop.hl @jchoop]

@CredibleCrypto Would be good to show the volume even if you don't use it personally. It's really helpful when trying to recognise stuff like this in real time

[jchoop.hl @jchoop]

@psyclaw And yet you think it's a good idea to further discourage creating them?

[jchoop.hl @jchoop]

@thecoachchris_ It's worse than this. Govt programs are what cause inequality, destroy social mobility and have made it so you literally cannot save your way to prosperity

[jchoop.hl @jchoop]

He certainly doesn't pay zero, and I put it to you that he actually should pay zero. If this guy is based in your jurisdiction, the place is rich. It's that simple. States should be competing for people that generate such absurd wealth and value for hundreds of thousands of workers and millions of people

[jchoop.hl @jchoop]

@DerekFranc90653 The birth of the 7 beta spx

[jchoop.hl @jchoop]

@DerekFranc90653 Im going to have to actually test this over time when you factor in claiming losses, but yeah it's grim

[jchoop.hl @jchoop]

@TMFScottP Hate to be a kid in their 20s on 50-70k trying to save for a house deposit putting a little a week into high growth stocks. Indexing CGT is so much worse for young portfolios that orient around growth and not stability. Isn't this meant to be for them?

[jchoop.hl @jchoop]

The only money I ever spend is:
Rent
Supermarket shop: $160/wk between me and gf
Fuel
Utilities + $25/mo mobile plan

No dentist, no doctors appts, no social, no eating out, no gambling, no subscriptions, don't use the gas heater ever, no drugs, alcohol or cigarettes. Just bare essentials. $50-150 a week into ETFs (if im lucky, although doubt I'll do that now with the new CGT shit)

That's it. I'm 34. And I am not alone.

[jchoop.hl @jchoop]

@AngelicaOung Australia is importing 2% of its population a year roughly.

In the US, a country of 300million, losing 3mil manufacturing jobs was enough to stagnate wages for 50 years.
Imagine what importing 2% of Australia's total population to exactly sydney and Melbourne every year does

[jchoop.hl @jchoop]

@econoadabsurdam NDIS does not work when you are importing populations with 60% rate of inbreeding.

I know this sounds racist as fuck, but it's an actual stat

[jchoop.hl @jchoop]

@DrCameronMurray Wages aren't going to rise 30% over the next 50 years let alone 5

[jchoop.hl @jchoop]

A millennial cannot save up a house deposit by just putting cash in the bank (inflation and house prices rising over time will make this a hamster wheel situation), so they must invest their savings in the markets to make forward progress.
They now have a tax burden around double what it would be under the old rules, on any selling they do- which is necessary as investment thesis change or realise over time.

Young people tilt towards high growth, since they are young enough to weather the volatility and have smaller relative portfolios, so a CPI based discount is especially punative to young people.

So these changes make saving a deposit harder.

They will also increase rents, which non-owners are necessarily paying- further increasing the time to save for a house deposit.

So tell me again how the changes help young people get into the housing market