Marx’s Sins of Capitalism

“Yesterday’s reader comment that free markets lead to monopolies is ridiculous,” says our first contributor.

“Free markets allow competition and, therefore, monopolies are impossible. Monopolies always result from privileges granted by the state.

“All the sins Karl Marx attributes to capitalism can all be traced back to government intervention and privileges granted.

“In a true free market, consumers decide who prospers and succeeds, not the state. Corporations, however, are creatures of the state, by the way.”

Another reader echoes the sentiment above a little more succintly:

“In a free market, if you can make the best product, you can sell it to anyone who wants to buy it. But the government is the one that imposes the most damaging monopolies on us.”

Do you believe the government creates monopolies? How and why? (Hint: Take a look at the FANG stocks. Has the government promoted corporate monopolies? Why?)

Your Rundown for Tuesday, October 22, 2019:

High/Low Tax States

If you live in a high-tax state, according to the chart below, you’re probably releasing a long-suffering sigh at the moment. (I commiserate, living as I do in Maryland, a decidedly tax-unfriendly state.)

chart

“This week, the personal-finance publication Kiplinger’s released its list of the most — and least — tax-friendly states in America,” says Market Watch.

“To draw its conclusions, it used a hypothetical couple with two kids and $150,000 in income a year plus $10,000 in dividend income, and then looked at the income-, property- and sales-tax burden that family would face.”

And, hey, the Old Line state didn’t crack the top-ten states with the highest tax burden… not this year, at least.

The 10 least tax-friendly states:

  1. Illinois
  2. Connecticut
  3. New York
  4. Wisconsin
  5. New Jersey
  6. Nebraska
  7. Pennsylvania
  8. Ohio
  9. Iowa
  10. Kansas

Any surprises here? Personally, I generally think of Midwest states — with the exclusion of Illinois — as having a low tax burden. According to the chart, not so much.

In contrast…

The 10 most tax-friendly states:

  1. Wyoming
  2. Nevada
  3. Tennessee
  4. Florida
  5. Alaska
  6. Washington
  7. South Dakota
  8. North Dakota
  9. Arizona
  10. New Hampshire

Here’s a question: If you’re retired, did you move to a more tax-friendly state? Or would you consider doing so in future? Let us know.

Market Rundown for Tues. October 22, 2019

S&P 500 futures are up 3 points to 3,010.

Oil is up 66 cents to $53.97 for a barrel of WTI.

Gold’s up $1.00 per ounce to $1,489.10.

Bitcoin’s up $11 to $8248.77.

Have a great day; we’ll talk tomorrow.

For the Rundown,

Aaron Gentzler

Aaron Gentzler

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Aaron Gentzler

Aaron Gentzler is the publisher of Seven Figure Publishing. He is also the editor of The Rundown and has been with Agora Financial / Seven Figure Publishing since 2005. He's been covering technology and markets for over a decade.

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