With the American economy firing on all cylinders after President Trump cut taxes two years ago, Democrats have come along with a plan to raise taxes. The plan is to raise the payroll tax from 12.4% to 14.8%. The plan would increase the share of GDP of Social Security taxes from 4.5% to 6.5%. Investor's Business Daily reports: Amid all the hoopla about Democrats wanting to raise taxes on the rich, they are quietly working on a bill that would increase taxes on every working family in America. Why? To fund expanded benefits for baby boomers hitting retirement. The Social Security 2100 Act … [Read more...]
Is Your State Winning or Losing the Tax Game?
There are winners and losers in the race for more federal tax dollars. Some states pay out large amounts of tax dollars but don't get much back. Others reap the rewards of federal largess. The New York State Comptroller's office has studied the phenomenon and laid out the facts. New York is a big loser when it comes to tax dollar allotment, ranked at 47th in net tax flows. Worse off though is nearby New Jersey, which ranks dead last in the ratio of dollars out to dollars in. If you live in New Mexico, your state is receiving the highest net tax dollar flow, with a positive per capita … [Read more...]
To Those Who Don’t Think Politics Matter in Investing
In Davos, Ray Dalio explains that the income tax increases being discussed in the United States could soon play a role in market expectations for the future. Bloomberg reports: Discussing the outlook for a slowing world economy, Dalio said that next year will see “the beginning of thinking about politics and how that might affect economic policy beyond. Something like the talk of the 70 percent income tax, for example, will play a bigger role.” He didn’t mention Ocasio-Cortez by name. “There’s an element, yeah, where people are going to have to start paying their fair share,” … [Read more...]
What’s Good for Thee is not for Pelosi
As Madame Pelosi cools her heels on the tarmac—thank you President Trump—she might ponder why Americans are fed up with her duplicitous stand on the WALL. Because behind her smirk and her walled family compound, is anyone really home? You would think she’s working for the Russians. Maybe she and AOC should get a boots-on-the-ground look at the border. There’s plenty of room on my downtrodden mule below. By the way, who in their right mind would work if 70% of their income were confiscated by pols like Pelosi & Co.? Exactly. For them, is there anything better than an unemployed voter? … [Read more...]
70% Tax Rates Won’t Achieve Proponents’ Goals
Congress's youngest and possibly most famous new member, Alexandria Ocasio-Cortez has made many lofty proclamations during her time in the lime light, but perhaps the one getting the most attention is her call to raise tax rates to 70% to pay for her agenda. Rational thinkers can see the issue in taking 70% of another person's dollar for no other reason than wanting to use it for something else. For the benefit of Congresswoman Cortez and those who believe like she does, the Tax Foundation has done the math to show that even if you confiscate 70% of the income of the wealthiest Americans, … [Read more...]
Democrats’ Opening Bid? 70% Tax Rates
Speaker of the House Nancy Pelosi hasn't even warmed up her gavel, but already the newest, and youngest member of her party's Congressional caucus, Alexandria Ocasio-Cortez, has suggested a 70% tax rate on earnings over $10 million. That's probably not the issue Pelosi thought she would have to explain right away to voters. John Harwood reports in CNBC: The top tax rate stood above 90 percent throughout the 1950s. But through deductions and tax avoidance, “taxes on the rich were not that much higher” then, the conservative Tax Foundation noted in a 2017 article. The top rate remained 70 … [Read more...]
Tax Cuts are About to Get A Lot More Popular
Here come the tax refunds. Many Americans haven't really seen what the Trump tax reform is going to do for their returns. With big checks possibly coming back to many families, the retail sector could be buoyed for longer than anticipated. Bloomberg's Matthew Townsend reports: Polling shows that many Americans don’t like the landmark tax overhaul passed a year ago, but maybe that’s because they haven’t received a bulk of the benefits yet. The law cut tax rates for some individuals, but lots of Americans haven’t seen all those savings flow through to their paychecks, according to Wells … [Read more...]
Maximize Your Retirement by Leaving Income Taxes Behind, Part II
You may recall this piece I wrote to you, Maximize Your Retirement by Leaving Income Taxes Behind. A reader friend of mine wrote and asked why our favored state of New Hampshire didn’t make the cut. After all, he noted, what’s not to like about no sales or ordinary income taxes? Agreed. But unfortunately, NH does levy a five percent tax on dividends and interest—a form of income especially in retirement. There’s always room for improvement. New Hampshire legislators introduced SB 404 on March 15, 2018, which would have phased out the five percent tax over a five-year period and ultimately … [Read more...]
Maximize Your Retirement by Leaving Income Taxes Behind
If you have a solid retirement portfolio, chances are you are paying federal taxes on the income it generates. If you're unlucky enough to live in a state with its own income taxes, you could be paying even more. There is one foolproof way to get more from your retirement revenue streams, and that is to move to a state which doesn't force you to pay taxes on your income. I have written a number of posts on how you can determine where best to live in retirement. Here's a sample: Your Retirement Life: Looking for Tax Freedom? Here’s Where to Find It Your Retirement Life: How Do You … [Read more...]
Maine’s Governor wants to Live in Florida, Here’s Why
The low taxes and warm weather of Florida have enticed millions of retirees to the Sunshine State. Now, Maine's term-limited governor, Paul Le Page has told the Portland Press Herald that he'll be the next Northeasterner to become a snowbird (heading south in the winter and spending summers in the north). When asked about his plans, Le Page answered in a way that many retirees would understand, according the Press Herald he stated: “I’ll tell you very, very simply: I have a house in Florida. I will pay no income tax and the house in Florida’s property taxes are $2,000 less than we were paying … [Read more...]
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