Dow Sees Biggest-Ever One-Day Plunge, Closes down 2,013 points on coronavirus fears.

C'est Moi said:
I'm not sure I understand what you mean. Payroll taxes are in no way an "entitlement." 🤔
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Perhaps I'm misunderstanding.

I thought the plan was to reduce FICA which is sometimes referred to as a payroll tax.

Additionally, sources told Fox News that Trump would like to eventually make the payroll tax cut permanent and fund Social Security, Medicare and unemployment insurance from general revenues.
 

Aunt Bea said:
Perhaps I'm misunderstanding.

I thought the plan was to reduce FICA which is sometimes referred to as a payroll tax.

Additionally, sources told Fox News that Trump would like to eventually make the payroll tax cut permanent and fund Social Security, Medicare and unemployment insurance from general revenues.
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I believe that is what Trump said....I can not see it working or getting passed.
 
Don M. said:
Today, the markets "officially" moved into Bear territory.....all of the major indexes down about 5%. It's going to be pretty hard to find any stability for the foreseeable future.
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I agree. With all the closings of everything from sporting events to political events and people not flying, etc. its going to take a long time for the market to start back up. I think it well not start back up until the coronavirus "thing" is in the rear view mirror. Six months? Three months? One year? What do you think?


We are going to hold on and the stocks we own for the most part will continue to pay their dividends.
 

Aunt Bea said:
Perhaps I'm misunderstanding.

I thought the plan was to reduce FICA which is sometimes referred to as a payroll tax.

Additionally, sources told Fox News that Trump would like to eventually make the payroll tax cut permanent and fund Social Security, Medicare and unemployment insurance from general revenues.
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I don't know what Fox News said, but I'm confused about what they mean by "payroll tax." From Investopedia... In the United States, payroll taxes are divided into three main categories: Federal income, Medicare, and Social Security. The government also collects money for federal unemployment programs.

My original post in this thread was questioning whether the tax tables would remain the same and people would need to pay uncollected federal income taxes at tax time next year.

Also, I thought the president's plan was to eliminate payroll taxes through the end of this year. I'm not aware of any permanent change proposal, but then I haven't been paying close attention.
 
Gold is looking better and better although the price is still rather low (I always thought gold rose as stocks plunged), perhaps a good time to buy.

When, if ever, would you eggheads buy gold? (I use eggheads in a complementary manner here - as in educated investor.)
 
Pepper said:
You've reached your full allotment of wives?
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Hopefully, hopefully - their about all I can handle - unbelievable I know - but a man, of even my stature, has his limits. Always wondered how good old king Solomon survived so many.
 
oldmontana said:
I agree. With all the closings of everything from sporting events to political events and people not flying, etc. its going to take a long time for the market to start back up. I think it well not start back up until the coronavirus "thing" is in the rear view mirror. Six months? Three months? One year? What do you think?
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And....this evening a ban was placed on European travel....set to take effect Friday. That announcement has driven the pre-market trading down another 4+%. A couple of days ago, I read an article from a "analyst" who was predicting a 40% drop in the markets. At the time, that sounded unrealistic....but, with every passing day, such a dire prediction seems more plausible.
 
oldmontana said:
I believe that is what Trump said....I can not see it working or getting passed.
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Aunt Bea said:
Perhaps I'm misunderstanding.

I thought the plan was to reduce FICA which is sometimes referred to as a payroll tax.

Additionally, sources told Fox News that Trump would like to eventually make the payroll tax cut permanent and fund Social Security, Medicare and unemployment insurance from general revenues.
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That was my understanding as well, Aunt Bea. To me, to eliminate FICA till the end of the year would only further weaken Social Security and Medicare and would not help the taxpayer much anyway.

I also think that to fund Medicare and social security from general revenue would be the death knell of both programs.
 
Don M. said:
And....this evening a ban was placed on European travel....set to take effect Friday. That announcement has driven the pre-market trading down another 4+%. A couple of days ago, I read an article from a "analyst" who was predicting a 40% drop in the markets. At the time, that sounded unrealistic....but, with every passing day, such a dire prediction seems more plausible.
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I'm contemplating selling out, before it drops any farther. I hate to, as I have been invested in the company {P&G} for over 50 years, but I hate to loose anymore either. Truly has becoming trying times...regarding the market I mean. On the other hand, staying healthy is far more important.
 
rgp said:
I'm contemplating selling out, before it drops any farther. I hate to, as I have been invested in the company {P&G} for over 50 years, but I hate to loose anymore either. Truly has becoming trying times...regarding the market I mean. On the other hand, staying healthy is far more important.
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I "chickened out" about 2 weeks ago, and moved most of my IRA into cash and bonds. I lost 7 or 8 percent in just a couple of days, and could see the probability of losing far more if I stayed put. I intend to stay out of the markets until some positive news comes out with regard to this virus....which may be weeks/months. I own some stocks, and they have lost well over 20% in the last couple of weeks....but, those are funds I don't need...for now, so they can stay put.
The thing I find confusing about this market is the lack of positive movement in precious metals. Usually gold and silver rises substantially when equities fall, but not this time....to me, that is a Strong clue that things are going to get a lot worse before they get better.
 
Don M. said:
I "chickened out" about 2 weeks ago, and moved most of my IRA into cash and bonds. I lost 7 or 8 percent in just a couple of days, and could see the probability of losing far more if I stayed put. I intend to stay out of the markets until some positive news comes out with regard to this virus....which may be weeks/months. I own some stocks, and they have lost well over 20% in the last couple of weeks....but, those are funds I don't need...for now, so they can stay put.
The thing I find confusing about this market is the lack of positive movement in precious metals. Usually gold and silver rises substantially when equities fall, but not this time....to me, that is a Strong clue that things are going to get a lot worse before they get better.
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"but, those are funds I don't need...for now, so they can stay put. "

Well, that is how I feel about my P&G, never planned on using / needing it...but always nice to know the cushion was there. I too am down about 20%. At this very moment, just cannot bring myself to dump it.
 
Aunt Bea said:
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Gold prices are under pressure probably because of the volatility of the market and that investors are seeking to sell and hold cash. The PPI hasn’t moved either way very much and inflation is also not an issue. So, investors during times like this will sit on the sidelines counting their cash while they are waiting for the market to begin a rebound.
 
Butterfly said:
I am going to grit my teeth and ride it out, as I did in 2008.
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When the coronavirus "thing" is over I look for stocks to come back close to were they were a month ago. Stocks are down so low I do not think its the time to sell unless one needs money. We will keep getting our dividends and like you..ride it out.

What surprise me is utility stocks are down so much when people are still going to use power, even if they do not work.
 
oldmontana said:
When the coronavirus "thing" is over I look for stocks to come back close to were they were a month ago. Stocks are down so low I do not think its the time to sell unless one needs money. We will keep getting our dividends and like you..ride it out.

What surprise me is utility stocks are down so much when people are still going to use power, even if they do not work.
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Allot of the 'down' is due to people fear.....fear of their portfolio loosing all it's value. Too much emotion/too little thought.
 

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