"You know, I didn't just heed what I was taught, men and women should be together, it's the natural way, that kind of thing. I'm not with you because of what family, society, life tried to instill in me from day one. The way the world is - how seldom it is that you meet [...]
The Obama administration's proposed budget includes myriad items that, if enacted, would impact individual taxpayers. Some of the key proposals include: a 3 yr AMT "patch" a limit on the rate at which "high income" earners could itemize deductions such as mortgage interest and real estate taxes an increase in the dependent-care tax credit Additional details of [...]
Microsoft? Google? Facebook? Forget about it. If you want to break the bank forget about pre-IPO investing. Instead nationalize an entire company. Today AIG is expected to report earnings. The focus will be on performance at SunAmerica and Chartis - the life/annuity and P&L operations being counted on for future growth. What will likely be [...]
No Income Tax: In a bill that has a snowball's chance in hell of becoming law the Fair Tax Act of 2011 introduced by Rep. Rob Woodall (R-Georgia) seeks to abolish the IRS and the Federal income tax. The proposed replacement is a national sales tax that would be administered by the states. The bill [...]
During the 3rd and 4th quarters of 2010 TD Ameritrade surveyed 1,088 individuals to find out what, if anything, they would have done differently in the time prior to the recession of 2008-2009. In retrospect 65% said they would have lived within their means. Implicitly 35% said, "What the heck? It's a terrible idea to [...]
The rate on the benchmark 10 yr Treasury has increased roughly 100 bps over the past 2 months - peaking at around 3.5% before settling in at today's 3.33% yield. Some would argue higher rates will snuff out economic recovery. They would be wrong. Rates have been low for quite awhile and have done little [...]
On Friday President Obama signed into law The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. Known as the law that extends the "Bush tax cuts" there are some lesser known included provisions impacting individual income tax payers: AMT "PATCH": The AMT exemption for 2010 increases to $47,450 for single filers and [...]
TAX CREDIT FOR CHARITABLE DONATIONS: A bill that would provide tax credits for charitable contributions has been stalled in the House since its introduction earlier this year. HR 4702 would let taxpayers take a credit of up to $1,000 for charitable contributions or opt for an itemized deduction. The bill has remained idle in the [...]
Yesterday Uncle Sam liquidated his stake in Citigroup at $4.35/shr. The average sale price across this and all prior sales was $4.14/shr - well in excess of the $3.25/shr "purchase price." Treasury estimates a cumulative $12 billion profit from the $45 billion bailout - not a bad ROR at all. That's 27% but who's counting? [...]
Lots of rhetoric has been wasted frightening the public about the impending tax "increases" scheduled for Jan 1st if Congress does not take action. A fair, plain language summary of the issues and challenges is available here along with estimates of lost revenue to Treasury if the "Bush cuts" are extended.