The President’s effective federal income tax rate is 18.4 percent. The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up. Under the President’s own tax proposals, including limitations on the value of tax preferences for high-income households, [...]
By Frank Bass, Bloomberg News
The U.S. government paid almost $80 million in unemployment benefits during the worst of the economic downturn to households that made more than $1 million, including a record $29.9 million in 2010, tax records show.
Almost 3,200 households — about 20 percent of them from New York — that reported adjusted gross income of more than $1 million received jobless-insurance payments averaging $12,600 in 2010, the latest [...]
from Fox Business, via Eduardo89rp:
Peter Schiff: The Real Fiscal Cliff Is Dollar Crisis! Buy Gold! Buy Silver! Own Real Things!!!
Obama Admin Looks To Control Americans’ $19.4 Trillion In Retirement Accounts
Remember that old phrase, “I’m from the government, and I’m here to help”?
Well, it looks like we are hearing it again, at least on the issue of keeping Americans’ retirement funds safe.
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a [...]
Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.
Earners in the latter group will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent [...]
Congress approved US President Barack Obama’s hallmark health care bill nearly three years ago, but only in the coming weeks will Americans finally start to see the real price of the program.
A whole new slew of taxes are expected to be imposed starting January 1 to help pay for the health care plan, and that isn’t sitting pretty with some high-income households, or even the medical industry.
There will be a [...]
A looming increase in the capital-gains tax rate next year is fueling sales of some privately-held businesses.
Many business owners—mostly founders who could gain a lot from a sale—are looking to close deals before next year, when the maximum tax on investment income is scheduled to rise from 15% currently to at least 23.8% on most capital gains, at least for higher-income households. Many sellers intend to convert their equity into [...]
Please mark your calendars accordingly as yesterday the Chairman just guaranteed that student loans will be cause for the next “financial stability issue.”
Here are the facts, courtesy of a just released expose on the WSJ:
Rising college costs and a sagging economy are taking the biggest toll on a surprising group: upper-middle-income families.
According to a Wall Street Journal analysis of recently released Federal Reserve data, households with annual incomes of $94,535 [...]
Young US households — those aged 35-to-44 — lost a stunning 59 percent of their wealth during the recession, a government report released yesterday revealed.
That’s the stiffest hit of any age group, said the report from the US Census Bureau.
The age group — typically struggling with mortgages, tuition bills and rising tax bills — makes up the backbone of America’s middle class.
The losses were mainly due to the drop in [...]
Malaysia has introduced a minimum wage for the first time in a move to support low income households and amid speculation that the government may call elections soon.
Private sector workers in peninsular Malaysia will receive a minimum salary of 900 ringgit ($297; £183) a month.
Workers in the states of Sabah and Sarawak will get 800 ringgit.
Malaysia, South East Asia’s third-largest economy, has set a target to achieve rich nation [...]
It’s an effort to curb under-the-counter payments in a country where dentists, masons and plumbers often offer discounts for bills settled in cash.
Tax evasion in Italy is worth an estimated €120 billion euro a year.
Italian banks are launching cheap current accounts for low-income households and pensioners as a government crackdown on tax evasion limits the amount of payments that can be made in cash.
An estimated 850,000 pensioners in Italy do not [...]
By Warren Beatty
While campaigning for president, Senator Barack Hussein Obama, in Ohio in October 2008, was approached by plumber Joe Wurzelbacher, who asked Obama about his tax plans. Senator Obama used very twisted logic to explain to Wurzelbacher that he was going to raise Wurzelbacher’s taxes in order to “spread the wealth around.”
“Spread the wealth around” has been Obama’s tax policy since day 1. Indeed, one example is the Supplemental [...]
NEW YORK (CNNMoney) — From 1979 to 2007, average household income for the nation’s top 1% nearly tripled, while middle-class incomes grew by less than 40%, according to a new report from a research arm of Congress.
While those at the top have seen their incomes soar over the past three decades, middle-class and lower incomes have stagnated, the report by the Congressional Budget Office (CBO) found.
“Over the past three decades, the distribution [...]
Last week I updated my commentary on household income distribution to include the Census Bureau’s release of the 2010 data. My focus was on arithmetic mean (average) household incomes by quintile (and the top 5%) over the 43-year history of this data series. The analysis offered some fascinating insights into U.S. household incomes.
But the classification misses the implications of age for income. Households are by no [...]
A HEALTH check of America’s housing market is bound to be sobering. The 2011 edition of the “State of the Nation’s Housing”, an annual report from Harvard University’s Joint Centre for Housing Studies (JCHS), serves up some suitably chilling statistics.
The number of completions of new single-family homes last year hit lows last seen in the second world war. Prices continue to fall, despite the lack [...]
The IMF yesterday gave broad support for the Chancellor’s plans to reduce the government deficit by cutting public spending and insisted that there was no need to change course at the moment.
The global economic watchdog said the economy remained on track for a “moderate” recovery where interest rates remain low and inflation finally starts to ease next year.
But after its experts [...]
NEW YORK (CNNMoney) — When it comes to taxes, do the rich pay their fair share?
The answer, of course, is subjective since “fair” is not an absolute concept and tax data, depending how it’s sliced, can tell different stories.
Those who say the rich pay their fair share point to the fact that the top 1% of taxpayers end up paying almost as much in federal income tax (and some years [...]
It’s one thing for bloggers and even various non-mainstream economists to charge the Fed with pandering exclusively to Wall Street’s interests, and accuse Ben Bernanke of hypocrisy when he says that the Fed’s ultimate goal is the strengthening of the economy through a decrease in unemployment (recall that one of the original two mandates of the Fed is “maximum employment”… that is until [...]
David Stockman concludes his two part series on Crony Capitalism (part one here) with this scathing take down of the Federal Reserve. Hopefully this is nothing new to anyone at this point…
First posted in Marketwatch.
The destructive result of the Federal Reserve’s earlier housing and consumer credit bubble became the excuse for embracing a destructive zero interest rate policy which is self-evidently fueling even more destruction.
This destruction [...]
By Jeanne Sahadi,
senior writer CNN
April 12, 2011: 3:09 PM ET
NEW YORK (CNNMoney) — For years, President Obama has been clear about his preferred tax policy: Tax the rich more and protect households that make less than $250,000 from higher taxes.
It’s not clear what he’ll say about taxes on Wednesday when he lays out his ideas for how to tackle the country’s long-term debt. If history holds, [...]
The latest jobless data: http://www.marketwatch.com/story/initial-jobless-claims-drop-to-473000-us-says-2010-08-26
For one thing it doesn’t make sense, and the govt revises the data so often it is not reliable.
That said there are still some enormous problems that are being ignored;
1. The amount of initial jobless claims is staggering, even if it is 31,000 less than expected. The current number of claims would be a problem even IF a significant number of new jobs were being created, [...]