Athletes tax their bodies. The U.S. taxes athletes. As Yakov Smifnoff might say, "What a country!" To put it plainly the IRS defines income as 'everything unless we specifically say it's not.' There's a method to the madness. Imagine a scenario where a handful of specific items are classified as income. The result is we'd all scramble [...]
When did financial aid become so complicated? It's maddening. With formulas varying from college to college even Rube Goldberg would have a difficult time figuring it out. The latest headache is determining how home equity fits into the equation given decreased/depressed property values. Heck, should home equity even be part of the discussion? Read more about it here.
Effective July 29th Genworth Financial will no longer sell LTC policies offering lifetime benefits. Additionally the 40% spousal discount will be reduced to 20%. The move is the latest in what has become the gutting of the LTC market. In recent months large underwriters such as Prudential, MetLife and Unum abandoned this line of business. [...]
Much has been written about last week's Supreme Court ruling on Obamacare - specifically the compulsory portion known as the "individual mandate." Reactions have largely focused on the tax hikes coming in 2013 that will pay for it, speculation about how (un)affordable health care may be in the future and the headwind likely facing the [...]
Fundamentals be damned. Throw away that lucky rabbit's foot. No need to waste time with that nonsense since stocks are "guaranteed" to go up from their current level. How do we know? Take a look at the following table: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1944 low high 1948 low high 1952 low [...]
According to a recent survey by John Hancock investors trust their financial advisor more than any other institutional professional. Of the 1,005 investors surveyed 85% "strongly trust" their financial advisor. Primary doctors and accountants received 79% and 74% scores respectively. Further down the list are contractors (52%) and real estate agents (43%). It's interesting to [...]
Last week the FOMC released minutes from its most recent meeting. Members indicated they are ready to implement additionalQE should expected economic weakness come to fruition. Expectations for economic weakness are predicated upon expiration of the "Bush tax cuts" (due to expire 12/31/12) and the mandatory spending cuts set to kick in as a result of the "debt ceiling" [...]
Tired of high fuel prices? Lose weight! According to the U.S. Centers for Disease Control and Prevention the average American 20-74 yr old male weighs 194.7 lbs - an increase of 28.4 lbs since 1960. The average 20-74 yr old woman has packed on an extra 24.5 lbs since 1960. Since it takes more energy [...]
The Wall Street marketing machine is impressively efficient. Given enough time it can churn out a product for "trees grow to the sky" investors, "the sky is falling" investors and everyone in between. One of the latest fads is the absolute-return fund. As the name suggests the funds are designed to provide positive total returns [...]
According to recently released tax returns President Obama and his wife paid a 20.5% federal tax rate on $789,674 in Adjusted Gross Income ("AGI") for 2011. This level of income lands the Obama household in the top 1% of US households when compared to the median income of just under $50,000. And what will President [...]