People have different priorities and different values. But we share the same data. Over the last few days, we've heard a presidential contender make comments completing ignoring the data. This should concern everyone - ignoring data leads to irresponsible comments and poor policy decisions.
Read the whole article.
Sector Performance And Sector Rotation and Global Market Rotation (FinViz and Stockcharts)
The financial and healthcare sector are advancing relative to the SPYs. Consumer discretionary is weakly leading. Energy and basic materials continue to outperform.
Russia, Latin America and Brazil are outperforming the US. India is about to move into the outperforming camp. Europe is trying to more up, as is Japan and all Asia less Japan.
Rich people do move for tax reasons, but only about 2.2 percent of the time, the study estimates, with little impact on revenues in the states they leave behind. If states increase their top tax rate by 10 percent, they risk losing just 1 percent of their population of millionaires, the researchers found, using a statistical model based on millionaires' past movements from state to state.
“Millionaire tax flight is occurring, but only at the margins of significance,” write the authors, Stanford University sociology professor Cristobal Young, his Stanford colleague Charles Varner, and two U.S. Treasury Department economists, Ithai Lurie and Richard Prisinzano.
The researchers analyzed 45 million tax records, covering every filer who reported income of at least $1 million in any year from 1999 to 2011, and found that the rich are in fact less likely to move around than the poor. Typically, about half a million households report such an income, and only 2.4 percent of these taxpayers move from state to state in any given year. That compares with 2.9 percent of the general population and 4.5 percent of those earning about $10,000 a year.