It was reported by the Treasury Department recently that Federal receipts have crossed the $3 trillion mark for the first time ever in fiscal 2014. But even with the highest receipts in history (much of those receipts caused by onetime tax avoidance measures), a budget surplus is out of reach. … [Read more...]
10 Best States for Working
Here’s the latest rundown of the 10 best states for working courtesy of moneyrates.com: Washington. Washington repeats as the best state for all-round employment conditions, and it held the No. 2 spot in the two years before that. Washington's strengths include one of the highest average incomes in the nation, no state income tax and workplace conditions that ranked in the top 10 in the Gallup-Healthways survey. The state's unemployment rate and cost of living are above average, but only slightly, so this is not enough to undermine its positives. Texas. Another state with no income tax, … [Read more...]
(E)State Planning
Rhode Island is a great place to visit but a rotten place to die. The top inheritance tax rate is 16% on estates more than $921,655. Compare that to “The Live Free or Die State” of New Hampshire which has no estate tax. It’s an island among the tax happy states of the northeast. “Have your cake and eat it too” in NH or “Live Free then Die Free”, could work for you if you live in NH. I like this illustration in Forbes: … [Read more...]
Invest in Texas
I've been keenly interested in the investment theme surrounding vigorous competition between states. But when I look at Rhode Island and compare it to Texas or North Dakota, I ask is it even a competition? It's not even close. The WSJ ran a piece yesterday discussing the pressures put on the infrastructure in Texas from the inflow of new residents. Sounds like a business opportunity to me rather than a problem. Which states attract new residents and businesses? It makes sense to partner up with them. Americans have flocked to Texas in search of a piece of the state's booming economy as much … [Read more...]
MLPs and IRS
The Wall Street Journal on the potential, or lack thereof, for MLP audits: Is your investment too complicated to be audited? It could be, say experts, if it is a partnership stake in a large private-equity firm, hedge fund or master limited partnership. Examples include publicly traded partnerships such as Blackstone Group BX -2.88% and KKR & Co., KKR -2.87% oil and gas MLPs such as Magellan Midstream Partners MMP -1.26% or Kinder Morgan Energy Partners,KMP -0.47% and many privately held large partnerships as well. The Internal Revenue Service reviewed the books and records of only … [Read more...]
As Rich as Bill Gates
What do Bill Gates, Warren Buffett and Paul Krugman have in common? Higher taxes for you. Mr. Gates believes that when tax rates are below 50 percent there’s room for additional taxation. That’s just great. As long as they've made their money, right? Rolling Stone interview: Rolling Stone: Let's talk about income inequality, which economist Paul Krugman and others have written a lot about. As a person who's at the very top of the one percent, do you see this as one of the great issues of our time? Bill Gates: Well, now you're getting into sort of complicated issues. In general, on … [Read more...]
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