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The Cryptocurrency Misnomer

It’s time to don the professorial robe for another lesson in econ 101.  Today we deal with something we all know and love – money. In both a literal and figurative sense here’s the CliffsNotes version of the three basic functions of money: See a problem?  For a currency to serve as money it [...]

Summary of Tax Changes

This chart does a nice job showing the prior laws, the competing Senate/House proposals for change and how things were resolved during the reconciliation process to create the new laws to go into effect beginning in 2018. Missing from the chart is discussion of the changes to §529s.  Previously distributions in order to qualify for [...]

Stock Market Records Mean Little to Most Americans

Takeaways from the above: more than half of American households own no stock roughly 1/3 maintain indirect ownership and with the rise in passive strategies (i.e. indexing) have endowed giants like Vanguard with enormous voting power over corporations Now consider the following:   60% of American families combined own less than 2% of stock wealth [...]

Denial Isn’t Just a River in Egypt

It’s a poor joke but it seems appropriate given data released yesterday by the Hartford Funds. A decade after the deep financial crisis the majority of survey respondents said there was no impact upon their lives.  Really?  Wow! And yet... 42% of respondents reported that they avoid investing in financial markets 46% have altered their [...]

Highlights of House Tax Proposal

Yesterday members of the House of Representatives announced their version of income tax reform.  The Senate is expected to offer its own version as early as next week. Assuming each passes without changes (and that’s a big assumption) there will still likely be changes as the legislation moves through the reconciliation process before being presented [...]

An Apolitical View of the Tax Reform Debate

Much is being made of the Administration’s tax reform proposals.  It’s the usual politicized rhetoric.  Democrats argue it’s a tax cut for the rich.  Republicans argue a small percentage of taxpayers pay a large percentage of taxes so, logically, the largest portion of a tax cut will benefit those paying the most taxes. Been there, [...]