Epstein Secrets

50% marginal tax rate on ordinary income over $1 million. According to the TPC, revenue raised over 10 years: $472 billion, assuming the rest of the Bush tax cuts do not sunset. As a result, it's not just monetary policy that squeezes family income, but possibly tax policy as well. There are investme

ty. To be clear, zero policy rates forever is not our base case, but increasingly, reality is not looking like anyone's prior vision of the future. Michael Cembalest Chief Investment Officer Municipal bonds, cash and 60 Minutes Total return index,12/19/2010= 100 107 106 105 104 103 102 101 100 99 Sep-

se dividend tax rates on gfliWtaxpayers* to 20% 24 9ncrease cmyorate income tax rates by 1% sot Allow MIBusfi tax cuts to sunset as planned Allow Bush tax cuts on ITTIWtaxpayers to sunset 709 Estate/gift tax rates/exemptions to '09 levels 'fax carried interest as ordinary income 21 Impose a fina

tion to drive a sound compromise, perhaps driven by Senators Reid and McConnell; maybe we'll have one next week. Bottom line: don't sell your gold. Michael Cembalest Chief Investment Officer On asset sales to fund government operations If the debt ceiling is not raised, asset sales may be a better option in the

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gan Chase JPNI-SDNY-00001699 EFTA_00 189039 EFTA01301151 J.P. Morgan advises each donor as their own CIO J.P. Morgan Global Asset Management: Michael Cembalest Heal el Card1O(01W. Ilemlot Manor Medd Parkin. R.'S WA oi Eton. 14..1.4 Met Judea+ Cord. Menial Cm /maim he JP.PAser• Gamble Ghligked Dior

.1% 27 scenario (Mandatory Spending) 14 estimates Bush Tax Cuts ($250k+ ; | 0.3% 0 ncomes, Estate Tax) 1

n debt None Bank lending te HH/NFC, last 12 months None AANFC = households and non-financial corporations Sources: (MF, OECD, EU, World Bank, CEPS Michael Cembalest Chief Investment Officer [a] Example: here’s a link to a 2007 article by Austan Goolsbee, former Chairman of the Council of Economic advisors and a

ing) D7 -0.3% 0 Incomes, Estate Tax) 4 Congress Bush Tax Cuts (Middle Income) -0.9% -2 punts Alternati

al aid and ECB financing to prevent another one. _| Bank lending to HH/NFC, last 12 months None . HH/NFC = households and non-financial corporations Michael Cembalest Sources: IMF, OECD, EU, World Bank, CEPS Chief Investment Officer Sources “States of Bankruptcy, Part I: The Coming State Pensions Crisis”, Jot Eco