Remember, your key takeaway here is that millionaires will become the new billionaires if Warren has her way. Here’s how her tax rates reach 158%. Richard Rubin reports in the WSJ: Potential tax rates over 100% could result from the combination of tax increases the Massachusetts senator proposes for the very top tier of investors. She wants to return the top income-tax rate to 39.6% from 37%, impose a new 14.8% tax for Social Security, add an annual tax of up to 6% on accumulated wealth and require rich investors to pay capital-gains taxes at the same rates as other income even if they don’t … [Read more...]
Bonds vs. Stocks: First Things First
Bonds play a role in your portfolio even when interest rates are low. You absolutely, without a doubt, must consider your risk first and foremost before investing in stocks. That’s why I want you to put your bonds before your stocks when considering today’s market environment. Originally posted on Your Survival Guy. … [Read more...]
Google to Offer Checking Accounts Next Year
I don’t like this at all. The name alone, Cache, is dripping with smugness. When it comes to your money privacy is always paramount. CNBC's Jeff Cox reports: Google will offer checking accounts next year, according to a source familiar with the company’s plans, representing Big Tech’s boldest move yet into the consumer banking business. Most previous efforts have focused on credit cards and payment platforms. The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union, the source said, confirming a report in The Wall Street Journal. As part of a … [Read more...]
Texans Fight to Protect Their Income from Taxation
Texans are known for their fierce loyalty to their home state, with some even considering themselves Texans first, then Americans. So it's no surprise when Texans band together to protect themselves from outside forces seeking to change the state's character and customs. Thanks to Texas' many years of economic success, people from all over America and beyond have immigrated to the state to participate in its bounty. They have brought with them ideas antithetical to Texas' traditions, including a desire for bigger government. In the face of this foreign influence on their ways, Texans … [Read more...]
Here’s How the Wealthy Get More for Their Money
For decades high tax states have been treating their wealthiest residents like a bank account, with money to be withdrawn whenever state legislators had a new pet project to fund. In the past, wealthy residents were tied down to places like New York, New Jersey, and Connecticut because of their proximity to centers of industry like Wall Street. Today though, the internet allows wealthy executives to operate their businesses from almost anywhere. With this newfound freedom, many wealthy residents of high tax states have been fleeing for places like Florida, where they get to keep more of … [Read more...]
Blockchain Can Bring Speed, Efficiency and Competition to Stock Settlement
I am a fan of blockchain technologies, though I am skeptical of the crypto-currencies that are so far the best-known uses of blockchain. Despite a history that is closely tied to crypto-currencies, blockchain technologies are finding their way into other industries. Now, the Wall Street Journal reports, blockchain has the chance to bring speed, efficiency and much-needed competition to the business of stock transaction settlements. Alexander Osipovich reports: Last week, the Securities and Exchange Commission gave the green light to a pilot project in which blockchain—the technology behind … [Read more...]
Stock Investors: Set it and Forget it!
You can read until you’re blue in the face about how the current high level of cash is a bullish signal. That investors, fearing they’re missing the boat may begin to pile into the stock market. That may be the case, but does it mean you should increase your allocation to stocks? It depends. Do you have the patience to hang in there if they fall in value by say 20 percent? Or are you hoping for a gain of 20 percent to make life “easier?" I think you’d be wise to remember what my father in law Dick Young says, “Hope is not a strategy.” You can also read about how the investment committees of … [Read more...]
There’s No Better Way to Put Time to Work for You
Over the weekend I received this email from a client: Hi EJ, My recently departed friend, George B. of Putney, Vermont was a volunteer driver delivering lunches to Meals on Wheels clients in the Brattleboro area. Ronald Read was on his route. George was stunned to learn that Mr. Read had accumulated so much wealth. Thought you might find this of interest. Also, George was a fellow grad of Northeastern University, 10 years before me. Regards, David L. David had read about Ronald Read in Dick Young’s Intelligence Report of May 2015. Dick wrote then: Pumping Gas to the Tune of $8 … [Read more...]
Does Big Government Create Poverty?
Perhaps the best thing about suggestions by candidates like Bernie Sanders and Liz Warren to a welfare model closer to those seen in Europe is that there are years of evidence about what that could mean for Americans. Despite the candidates' cherry-picking of old and debunked data, there is a lot of evidence in Europe that legislating wealth equality will, in fact, have the opposite effect. My friend Chris Edwards of the Cato Institute writes about a new study by Pirmin Fessler and Martin Schurz that suggests welfare programs are making wealth inequality worse, not better. Fessler and … [Read more...]
Can You Have an Affordable, Warm, Gun-Friendly Retirement?
Some retirees want it all, and by that, I mean a state with warm weather, firearms freedom, and low costs. Catey Hill, an editor at MarketWatch, was asked for just that by a retiree living in California. She responded with some ideas for locations offering just that. She wrote (abridged): You’re not alone in wanting to flee California in retirement — and for you, the costs make it hard to live anywhere in California on your Social Security checks alone. Though you’ll be hard-pressed to find a state with weather as good as it is in many parts of the Golden State. That said, I’ve found some … [Read more...]
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