Now that Connecticut has raised taxes on the wealthy so high many of them are fleeing the state, Ned Lamont, the state's governor, and its legislature, are setting their sites on the middle class to fund state government. The state is overloaded with debt. After a borrowing binge, the state raised taxes, but it still can't pay its bills. So, rather than making the hard choices by cutting spending, the government is coming after middle class families with taxes on things like soda and electronic cigarettes. In the CT Mirror, Thomas Aiello, a policy and government affairs associate with … [Read more...]
Democrats Fight for the Wealthy with New Tax Bill
Senator Bob Menendez (D-NJ) is pushing a bill with his House colleague Rep. Bill Pascrell (also from NJ), to eliminate the cap on deductions for state and local taxes. The cap has hit wealthy Americans in high tax states like New Jersey very hard. In 2010 Menendez called the GOP Senate negotiators terrorists for attempting to extend the entire Bush tax cut plan, now he's demanding tax breaks for many of the same people the Republicans were fighting for then. Naomi Jagoda of The Hill reports: Sen. Bob Menendez and Rep. Bill Pascrell, both New Jersey Democrats, introduced legislation last … [Read more...]
Your Retirement Life: The World Needs More Cowboys
Wyoming is the Cowboy State, and if you are looking for more adventure in retirement, it's a great place to go. Wyoming residents are blessed with a tax burden that is tied with South Dakota for second lowest in the nation (behind Alaska). With an overall state tax burden of only 7.1%, residents fleeing New York (12.7%), Connecticut (12.6%), New Jersey (12.2%) or California, Illinois and Wisconsin (all 11.0%), could see savings adding up to around 4%. That's as much as the recommended annual portfolio draw down for many retirees. Can you afford to leave that money with your city and state each … [Read more...]
Europe Seems Bent on Taxing U.S. Ingenuity
France has just introduced a 3% tax on major tech companies. Those hit hardest will be Facebook, Google and Amazon. These American companies brought their ingenious products to Europe, gaining strong followings. Now, the overly indebted governments of Europe, led by France, are itching to get their hands on tech cash. This isn't the first attempt at taxing tech companies in Europe, and it won't be the last. Elizabeth Schulze reports for CNBC: An EU-backed effort to pass a 3 percent tax on the revenues of big internet companies failed last year amid concerns from countries including Ireland … [Read more...]
Your Retirement Life: Don’t Pay Too Much for Your Big Macs
Since 1986, The Economist has published its Big Mac Index. The index is a lighthearted way of viewing purchasing power across national borders. The theory is that a McDonald's Big Mac uses the same ingredients and labor from one country to another, so when prices are compared in dollar terms, the differences in the purchasing power of money between locations is easy to see. In the latest reading, Russia has the cheapest Big Mac, at only $1.65. Fluctuating currency valuations can have a big impact on the index when dealing with different countries. When comparing the U.S. states, however, … [Read more...]
Inflation is Destroying Venezuela’s Economy: Shield Your Portfolio Against It
Socialist president Nicolas Maduro has run out of other people's money, and so his government is using inflation of its currency to pay its bills. The country's inflation has gotten out of hand, and hyperinflation has ensued. Now, the dropping value of the country's bolivars has decimated its manufacturing industry. The Wall Street Journal reports: Manufacturing’s fall reflects broader economic devastation. Venezuela’s economy has halved during President Nicolás Maduro’s six years in office, and is expected to decline another 30% this year as new U.S. sanctions on oil hit. The country’s GDP, … [Read more...]
Dear Amazon: National Right to Work President’s Open Letter
When politicians play games to lure companies to their state, it is oftentimes with tax breaks using money they don’t have, as was the case with New York’s tax breaks to Amazon. Amazon was going to pay much more in taxes than they received in tax breaks—by a lot—it was basically New York Prime. The topic came up at a recent lunch with clients. I told them I was torn. I have a real problem when politicians use other people’s money to do their bidding. But I’m certainly not sad to see the backlash Congresswoman Alexandria Ocasio-Cortez will face in 2020. My beef with politicians is, they … [Read more...]
Amazon, Groceries and What it Means for Wal-Mart
Delivering non-perishable goods is one thing. Making sure you’re happy with the apples and oranges they picked for you and delivered to your door is another thing all together. Americans are picky about their fruits and vegetables. And it’s why the grocery deliver business hasn’t been able to scale. It’s a major endeavor. Amazon announced last week it is opening a handful of grocery stores separate from its Whole Foods operation. The key to groceries is execution. It’s not good business to bet against Bezos, but when you look at Wal-Mart’s footprint, it’s hard not to believe there will be … [Read more...]
Tucker Explains: Poverty Doesn’t Cause Instability. Envy Does.
You don’t need to be rich to live the good life. The good life is more a way of life. Not to sound too trippy but “it’s a feeling, man.” Sort of like the peace and love shared by Deadheads swaying to Jerry, or classic rock fans to Hendrix at Woodstock. You can’t always explain why you feel a certain way. You just do. That’s how it was for me growing up. I just felt good about my family. I liked my friends and life was good. But we weren’t rich. And it didn’t matter. We didn’t talk about our place in society. We were middle class and our place was a small single level cape in … [Read more...]
Government’s Fidelity Probe Looks to be a Non-Starter: Part II
Yesterday I wrote to you about the government probe into Fidelity. My view continues to be that this looks to be a non-starter. But unfortunately, when you’re in the headlines, questions are always going to be asked. The thrust of the probe is related to an infrastructure fee Fidelity negotiates with other mutual fund companies for the privilege of listing their funds for sale on Fidelity’s FundsNetwork. The infrastructure rate is agreed upon between the two parties and is listed in the fund prospectus or plan document. A plan document is used by retirement plans such as 401(k)s to make … [Read more...]
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