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Investors Have Borrowed a Near-Record $1.48 Trillion. This Surprising Tax Strategy Is Fueling the Binge

Investors Have Borrowed a Near-Record $1.48 Trillion. This Surprising Tax Strategy Is Fueling the Binge

The Financial Industry Regulatory Authority (FINRA) reports that investors owed $1.48 trillion on margin at the end of September. That compares with $1.45 trillion in August and $1.18 trillion in October 2025. Speculation accounts for part of the climb. A…

The Financial Industry Regulatory Authority (FINRA) reports that investors owed $1.48 trillion on margin at the end of September. That compares with $1.45 trillion in August and $1.18 trillion in October 2025. Speculation accounts for part of the climb. A fast-growing share comes from wealthy households borrowing to cut their tax bills, and that changes what margin debt tells us.

Charles Schwab (NYSE:SCHW | SCHW Price Prediction) shows the shift most clearly. In its October 15…

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