You have seen my advice throughout the pandemic, the riots, the inflation, and war: Escape the City. Get out of big blue blob states and move instead to one of my Super States. You can do it. Many people have. The economies of America’s red states (the free states where Main Street businesses are encouraged and families are valued) are soaring, while the other states—I call them the Escape States—are struggling. Josh Mitchell reports in The Wall Street Journal: The pandemic has changed the geography of the American economy. By many measures, red states—those that lean Republican—have … [Read more...]
Avoid This Serious Tax Mistake in Retirement
If you're not paying attention, you could make a serious tax mistake in your retirement. At Kiplinger, John Carruthers explains how to get the most out of your retirement accounts by withdrawing from them in the right order. He writes: Don’t get caught off guard and let taxes adversely affect your golden years. One of the keys to developing a good tax strategy for retirement is understanding the order of withdrawals you should follow. Knowing when and how to draw on your various assets can have a big impact on how much in taxes you’ll owe from year to year. Withdraw from taxable accounts … [Read more...]
Why Work When Taxes Take It All?
Your Survival Guy witnessed firsthand on my recent fact-gathering trip to Paris just how taxes can impact the labor force. Obviously, the business world is wiping the Covid crust from its eyes, but there’s a fine line between government assistance that creates value, and that which does not. When taxes are high, and assistance discourages work, there's much less incentive to rejoin the labor market. When speaking with locals in Paris, they told me some workers will never come back to the workforce if they can help it. Do they feel their taxes are allocated well? It’s a simple question. It’s … [Read more...]
Raise Taxes to Lower Inflation?
After jamming an unneeded stimulus program through congress and turbo charging inflation, Biden and his allies on the left have come up with a plan solve the inflation problem they helped create. They want to raise your taxes. The WSJ points out the folly in such an approach. The same policy wizards who brought you soaring inflation are now offering what they claim is a solution to inflation: Raise taxes. Our advice is to consider the source and the economic record their previous advice produced. Democrats are desperate to salvage something from their Build Back Better agenda after Joe … [Read more...]
The IRS Wants to Count Your Pennies
Did you sell those old baseball cards on eBay? How about those crochet designs you've sold on Etsy? What about those cheesecakes you've been selling to your neighbors on Venmo? If you made more than $600, they'll be sending your name to the IRS. Laura Saunders reports at The Wall Street Journal: Now that your 2021 taxes are done—or at least under way—it’s time to focus on a key tax change for 2022 affecting millions of Americans making money through platforms like eBay, Etsy, Airbnb, Venmo and Uber. This change, which is beginning to ripple through e-commerce, tightens the tax reporting on … [Read more...]
Arizona Wins Major Flat Tax Victory
Arizona residents have avoided a major tax increase on higher incomes after a judge ruled the tax unconstitutional (per the Arizona state constitution). The surtax would have charged some Arizonans an 8% marginal tax rate, but after the judge's ruling, Arizona's tax rates will actually fall to some of the lowest in the nation by 2024. That year, Arizona will phase in the lowest flat tax rate in the country (for states with an income tax), of only 2.5%. The WSJ editorial board writes: Nixing the surtax means Arizona will soon have a flat tax of 2.5% on individual incomes, the lowest flat rate … [Read more...]
DON’T LET THEM WIN: Politicians Want Your Money Even When You’re Dead
Shame on politicians for moving the goalposts on investors every four years or so, especially the rules governing estates and all types of IRAs. Planning one’s estate shouldn’t have to change with who’s in charge of the White House. But that’s the world we’re living in today. I’ve never been busier this time of year, working through these types of issues with investors. It’s a disservice to those who’ve done without and saved until it hurt. Now they have to worry about how to protect what they earned—yes, they earned it—from a government that’s supposed to work for them, not … [Read more...]
The 10 Worst States for Taxpayers if Build Back Better Passes
Just how much of each dollar you earn should the government be allowed to take from you? The modern income tax signed by Woodrow Wilson had the highest income-earners paying a statutory 7% on the income they earned over $500,000. At the time, some states did collect income taxes as well, but nothing like today. If Joe Biden's Build Back Better bill passes, high-income earners will be leveled with high tax rates on income. At the federal level alone over half, 51.4%, of every dollar earned by high-income earners will be redistributed by the government via income taxation alone. If you live … [Read more...]
BUILD BACK BETTER? Democrats’ Plan Would Reduce GDP, Wages and Jobs
A new analysis of the latest version of Democrats' "Build Back Better," money transfer scheme by the Tax Foundation, finds that the plan will reduce GDP, wages, and jobs. The Tax Foundation's analysts write: Democratic lawmakers in the House of Representatives have advanced updated legislation containing the tax elements of President Biden’s Build Back Better agenda. The draft legislation may be modified before moving to the House floor and differ from the Senate’s version of the legislation. This analysis contains estimates of the budgetary, economic, and distributional impacts of the House … [Read more...]
Democrats’ New Tax Starts With the Wealthy. So Did Income Taxes
Despite promises that it "costs nothing," Democrats are planning to plug the holes in the budget their massive reconciliation bill is creating by creating a tax on billionaire wealth. They promise that the tax will affect fewer than 1,000 people. The tax on unrealized capital gains on liquid assets aimed at "billionaires," will likely induce its wealthy victims to simply shift the types of assets they own. In all likelihood, much like the income tax, the wealthy will become so good at avoiding the tax, the threshold for paying it will be moved down to millionaires, and eventually to everyone … [Read more...]
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