The city’s hedge-fund executives are flying south — and it’s not for vacation.
An increasing number of financial firms, especially private equity and hedge funds, are fed up with New York’s sky-high city and state tax rates and are relocating to the business-friendly climate in Florida’s Palm Beach County.
And they’re being welcomed with open arms — officials in Palm Beach recently opened an entire office dedicated to luring finance hot shots [...]
JIM SINCLAIR: WE HAVEN’T SEEN ANYTHING YET, DERIVATIVES COLLAPSE WILL BE OF MAYAN CALENDAR PROPORTIONS!
In his latest update to CIGA’s, the legendary Jim Sinclair states that we haven’t seen anything yet, and that the financial collapse in progress due to over $1 trillion in notional OTC derivatives is going to be an event of Mayan calendar proportions.
To the amazement of the young turks and talking heads of Wall Street, economic law has not been repealed. [...]
As the year draws to a close, there’s still time to reduce your 2012 tax bill and plan ahead for 2013. The following are a few potential tax-saving opportunities. While none of us can predict the outcome of the fiscal cliff drama unfolding in Washington — except to say that it will be torturous and prolonged and entirely satisfactory to no one — these strategies offer a way to [...]
From Money Crashers:
If you’re like most Americans, you’re surely in search of new, creative ways to ease your annual tax burden. Fortunately, there are several ways you can cut your taxes or increase the amount of your tax refund without incurring the wrath of the IRS.
Tax credits and allowable deductions come and go as the IRS alters their rules and regulations from year to year. However, there are a number [...]
The Romney campaign is releasing Mitt and Ann Romney’s 2011 tax return today. The campaign previews a few of the highlights here:
In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.
The Romneys’ effective tax rate for 2011 was 14.1%.
The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.
The Romneys claimed a deduction for $2.25 million of those charitable contributions.
The Romneys’ generous charitable donations [...]
The extremes in the US have gotten more pronounced in this economic crisis. It is hard to imagine a country where 46 million people are living with the assistance offood stamps while 6 of the 400 top income earners pay no federal tax. I’m sure that just like most Americans you pay your fair share of taxes. Of course the real burden has fallen on the middle class since the recession [...]
On the face of it, Senator Harry Reid’s explosive but flimsily sourced claim that Mitt Romney paid no income tax seems preposterous. Mr. Romney has denied it, and without his returns no one can say for sure. But for someone who makes millions of dollars a year, would it even be possible?
Evidently it is.
It so happens that this summer the Internal Revenue Service released data from the 400 individual income tax returns [...]
Vice President Biden thinks he’s in the middle class, even though his income far exceeds the $250,000 threshold President Obama set for raising income taxes on the rich.
According to his 2011 tax returns, Biden and his wife Jill had an adjusted gross income of $379,000 last year. And that, Biden siggested Tuesday in remarks to the National Council of La Raza in Las Vegas, puts him squarely in the middle class:
For middle [...]
Well, Obamacare is now official, which means that a lot more people in the United States will have health insurance.
And it also means a lot more people will be paying more taxes.
(You didn’t think Obamacare was free, did you?)
Here are some of the new taxes you’re going to have to pay to pay for Obamacare:
A 3.8% surtax on “investment income” when your adjusted gross income is more than $200,000 ($250,000 [...]
They both pay less than their secretary does in taxes.
“President Obama today released his 2011 federal income tax, with he and his wife reporting an adjusted gross income of $789,674. The Obamas paid $162,074 in total tax – an effective federal income tax rate of 20.5%. The Obamas also reported donating approximately 22% of their income to charity — $172,130.
President Obama has been making a big political push for the [...]
by KEITH KOFFLER on APRIL 14, 2012, 12:16 PM
No, he’s not moonlighting as an agent.
Vice President Joe Biden last year earned $20,900 in rental income from the Secret Service, which is paying him to host agents on his property so they can protect him.
Most high-profile people in need of protection pay people to keep them safe. Government officials are allowed to have taxpayers pick up the tab. Biden is unique in that he [...]
By Michael A. MemoliApril 13, 2012, 9:14 a.m.
Amid an aggressive campaign on what he calls “tax fairness,” President Obama’s own tax burden in 2011 was the lowest of his time in the White House.
The president and first lady reported a joint adjusted gross income of $789,674 last year and paid $162,074 in total federal taxes, or about 20.5%.
The Obamas’ income was about $1 million less than what they reported in 2010, owing [...]
(ABC News) President Obama today released his 2011 federal income tax, with he and his wife reporting an adjusted gross income of $789,674. The Obamas paid $162,074 in total tax – an effective federal income tax rate of 20.5%. The Obamas also reported donating approximately 22% of their income to charity — $172,130.
President Obama has been making a big political push for the “Buffett Rule,” which would require millionaires to [...]
President Obama earned $789,674 in 2011, the White House announced on Friday. However, with this income, he does not even qualify for the so-called Buffett Rule that he has promoted relentlessly and the Senate will take up on Monday.
The Buffett Rule calls for those making over $1 million a year to pay a minimum tax rate, named after billionaire Warren Buffett. The presidentdid earn over $1 million in previous years–$1.7 million in [...]
by Nicholas Pell
The economy recently saw some good news on the job front: A recent jobs report paints a far sunnier picture than we’ve seen in years and led to a stock market rally.
Still, the Christian Science Monitor is reporting that as many as 15 percent of Americans are still looking for work.
Even many people who currently have jobs spent some time during 2011 looking for one. If you spent 2011 looking for a job, [...]
Warren Buffet’s secretary, Debbie Bosanek, served as a stage prop for President Obama’s State of the Union speech. She was the President’s chief display of the alleged unfairness of our tax system – a little person paying a higher tax rate than her billionaire boss.
Bosanek’s prominent role in Obama’s “fairness” campaign piqued my curiosity, and I imagine the curiosity of others. How much does her boss pay this downtrodden woman? So [...]
Click on link and scroll down to see the essential CHARTS.
WED NOV 23, 2011 AT 05:15 PM PST
Income inequality and tax fairness in three charts
Occupy Wall Street has made a difference in the public narrative to the extent that the traditional media is at least now aware of the idea of income inequality. You don’t need more proof of that than this “Reality Check” from the Washington Post.
It’s true [...]
NY Times article from Jdargis wrote:
The wealth is not limited to Republicans. Though President Obama was not in the 1 percent in 2006, before his entry to presidential politics, he earned between $1.8 million and $6.8 million last year, largely from book royalties.
Interesting that they had to find some economist at NY University to come up with the $700,000 figure instead of using the governments [...]
NEW YORK (CNNMoney) — Billionaire investor Warren Buffett this week showed a little more leg in his campaign to get Congress to raise taxes on the uber-rich.
In a letter to Republican Rep. Tim Huelskamp Tuesday, Buffett revealed that his adjusted gross income last year was $62,855,038 and that his taxable income was $39,814,784. Buffett said he paid $15,300 in payroll taxes.
Buffett also said his federal income [...]
(Reuters) – U.S. incomes plummeted again in 2009, with total income down 15.2 percent in real terms since 2007, new tax data showed on Wednesday.
The data showed an alarming drop in the number of taxpayers reporting any earnings from a job — down by nearly 4.2 million from 2007 — meaning every 33rd household that had work in 2007 had no work in 2009.
Average income in 2009 [...]
The Wall Street Journal is the leading mouthpiece for cutting taxes for the rich. The Journal editorial board is fully in the service of that cause. An editorial at the start of this week (“Where the Tax Money Is,” April 18, 2011) is a vivid case in point. The Journal claims that IRS data prove the “fiscal futility of raising rates on the top 2%, or even the [...]
WASHINGTON – President Obama banked a six-figure savings when he agreed to extend the Bush-era tax cuts last year, as he hauled in $1.73 million, the first family’s tax returns show.
Obama continued to earn big bucks last year, mainly through book royalties, according to tax returns released by the White House yesterday.
“I don’t need another tax cut,” Obama said last week.
But he sure got one. According to [...]
WASHINGTON (MarketWatch) — President Barack Obama and First Lady Michelle Obama reported an adjusted gross income of $1.73 million in 2010, mostly from proceeds from the sale of the president’s books, the White House said Monday. The Obamas paid $453,770 in federal tax, the White House said, and donated $245,075 to 36 different charities. They also paid $51,568 in Illinois taxes. Vice President Joe Biden [...]
If he hadn’t given all this money away to his cronies, Wisconsin would have a surplus to work with.Â HE IS MAKING THIS UP JUST TO BU’ST THE UNIONS.
One Wisconsin Now, the progressive watchdog group that has provided the closest monitoring of Walkerâ€™s budgetary gamesmanshÂip, explains:
â€œSince his inauguratiÂon in early January, Walker has approved $140 million in new special-inÂterest spending that includes:
â€œâ€¢ $25 million for an economic [...]
HOW THE HELL CAN WE LET THIS HAPPEN?
Below are stats for the 400 Individual Income Tax Returns Reporting the Highest Adjusted Gross Incomes for 1992-2007 (sourceÃ¢â‚¬Â¦IRSÃ¢â‚¬Â¦2007 is most recent data available)
Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦.Adjusted GrossÃ¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦..Adjusted GrossÃ¢â‚¬Â¦Ã¢â‚¬Â¦………………….Ã¢â‚¬Â¦Average Tax
Ã¢â‚¬Â¦Ã¢â‚¬Â¦Ã¢â‚¬Â¦Income (collective)Ã¢â‚¬Â¦Ã¢â‚¬Â¦.Income (Average)Ã¢â‚¬Â¦Ã¢â‚¬Â¦……………………Ã¢â‚¬Â¦.Rate(1)
(1) Total Federal Income Tax Paid as a percentage of Adjusted Gross Income
Between 1992 and 2007, the average adjusted gross income for the top 400 earners in the United States grew from $46,790,000 to [...]