Did You Know? Cinco de Mayo

  • Dennis Hartley
  • 05/5/22

Contrary to popular opinion, Cinco de Mayo is not a celebration of Mexico’s independence. Celebrated on May 5 in some parts of Mexico and the US, the day commemorates the victory of the outnumbered Mexican army over the French army at the 1862 Battle of Puebla, during the Second Franco-Mexican War. The actual Mexican Independence Day falls on Sept. 16 and celebrates the ‘Cry of Dolores’, the call to arms that launched the Mexican War of Independence.

Per the Wall Street Journal, the interest rate on America’s most popular mortgage - the 30-year fixed rate mortgage - hit 5% for the first time in more than a decade, extending a sharp rise that has yet to significantly slow the red-hot housing market.

As of the 4th quarter of 2021, only 3.8% of U.S. disposable personal income was going towards mortgage debt payments. At the height of the 2000s housing bubble, that figure was nearly double at 7.2%. Shady lending practices were regulated out of the market by the 2010 Dodd-Frank Act. If a storm does come, most homeowners, in theory, should be better positioned to ride it out.

Per CNBC, Bitcoin and other cryptocurrencies are classified as property and subject to capital gains taxes, meaning that you owe taxes on the increase in value of your property from when you first bought it. If you bought and sold cryptocurrency, or otherwise spent your crypto or exchanged it for other digital tokens, you must report this as a capital gain.

The NY Times reports that California is banning the sale of gas leaf blowers and other small gas-powered equipment starting in 2024, citing severe impact on environmental and human health and the imperative to reduce carbon emissions. A few cities, including Washington, D.C., have banned the use of gas leaf blowers entirely. It is said that leaf mulchers are also an effective way of shredding leaves without the need to remove them.

Per CNBC, some recent AMEX spending insights:  Millennials spending was up 56%, Gen X was up 37%, and restaurant spending was up 74%!

In 2021, reports showed that over 70% of the 400 richest people in the U.S. and 88% of millionaires are self-made, according to the Wall Street Journal.

 

Photo by Jeremy Harris on Unsplash

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