Ritter’s research shows that underpricing is de rigueur in IPOs, and on average, the shares jump 19% over what the chosen institutions paid by the end of the first trading day. “The ability to give their clients underpriced shares is worth a lot more than the 2% fees,” says Ritter. Were SpaceX to leap that average of 19% on day one, Wall Street’s customers would pocked a one-day, paper gain of $9.5 billion. The initial investors got their shares due to their status as the firms’ largest, commission-paying trading customers. In exchange for winning the super-cheat shares, says Ritter, they typically rebate about 30% of the one-day gain to the book runners who anointed them in future business. In SpaceX’s case, then, the two or three lead book runners would collect an extra nearly $3 billion (30% of the roughly $9.5 billion windfall). Let’s assume three lead underwriters. Each would garner a total as high as $120 million in fees, and another $1 billion courtesy of the super-discount pricing, for a total of almost $1.1 billion.
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For the rest of filers making below $100,000 annually, the lost revenue is a mere drop in the bucket for a country currently $38.8 trillion in debt, and counting. Although IRS income breakdowns are not separately reported, we can estimate that households earning less than $100,000 a year likely pay at most $1 trillion to $1.4 trillion in federal income tax. (This number was derived on the basis of individual income taxes that raise on the order of $2.6 trillion a year. It’s important to note this group pays a large share of payroll taxes that go to funding Social Security and Medicare).