Friday, March 20, 2015

Is your tax bill fair?

Is your tax bill fair?
We must pay taxes on ALL income but corporations don’t have to. Our taxes pay for Microsoft, Apple, Oracle, Citi to hide income overseas. Corporations are people, my friend” except when it comes to taxes. They are people for influencing voting and buying US Congress people. Total corporate income stashed overseas to avoid taxes = $1.1 Trillion. The taxes could pay for 10 departments and programs we must pay for. 

GOP to repeal estate tax—a $21 Billion gift to rich—by cutting food stamps. Only GOP’s top donors pay this tax since exemption from tax is $10.86 million per married couple. We collect $21.5 billion a year from the estate tax. Poor will make up the $21 B. Is the tax system fair—
we pay 32% tax and rich pay 15% or less.

How many mutual fund managers beat the market index in the last 6 years?
NOT ONE! All that money we gave to brokers/advisors has been wasted. In fact very few have actually beaten the market in any year. Based on the findings of a particular study, no mutual fund manager has. You could have 17.69% per year.

Is a “separate account designed just for you” right for you?
Marketing securities is hard—you must cut through the clutter of messages trying to push our buttons of emotion. This one is called the “vanity” button. Sure, some guy will design a portfolio just for you but you are no different than everyone else. Everyone wants the “largest nest egg with little or no risk.” As Warren Buffett says, Rule 1: Don’t lose money, Rule 2: Dido. Buffett’s formula for becoming wealthy is simple: Buy a low-cost market index fund and do nothing else. When you pay more … you lose.

Just published!
The Warren Buffett Millionaire: “We make more money when snoring.”
Mr Buffett's strategy of patience has proven to be the most successful. He earns 19.7% a year compounded over time. He does NOT trade or speculate. He holds companies for a long time. The average investor earned just 3.69% while the stock market earned 11.11% over the last 30 years. Dalbar. Most investors jump from one “popular” security to another just in time for them to go down. So they earn just 3.69%; paying more .... for less. Buffett has been patient for over 60 years: his $6,000 from paper routes has grown to $72 billions. You and I can become wealthy by following Buffett's advice. We don't need to trade or time our buys and sells. All we have to do is be patient. All we have to do is “snore”: do NOTHING

Tax preparer scams
Scam return preparers have told taxpayers to make the payment directly to them, even though they have health care plans. Preparers are targeting taxpayers with limited English proficiency. These preparers are asking for direct payment to them, but their reasons vary. Check the directory of tax preparers. Report bad behavior to the IRS on Form 14157, Complaint: Tax Return Preparer.

If you owe IRS and can’t pay

Is a car lease right for you?
The average monthly payment for a new car rose to a record-breaking $471 during the fourth quarter of 2013, according to Experian. That’s a huge sum of money to pour down the drain every single month. $471 per month could be worth $1,000,000 in 27 years when invested in a simple stock index fund. Car values fall 40% in the first 3 years so pick up your favorite ride for HALF price in a 2012 version. EG: A4 Quatt $23,000 on Rt 1 LawrencevilleNJ.

Are you paying too much for your 401k?
If your 401(k) plan has less than 50 participants, the fees you pay range from a low of 0.43% to 1.88%. The average is 1.44%. In terms of your final nest egg in retirement, that is $340,000 versus $500,000.

GOP crazies
Future President, NJ Gov Christie, made a quick settlement with ExxonMobil, taking $250 million instead of $9 billion. "Yes, Chris Christie, your amazing negotiating skills will get New Jersey a lot less money than almost everybody associated with this case, including Exxon, thought it would get," John Stewart said. Christie also diverted a lot of that money to balancing the state budget gap rather than paying for cleanup. Not surprisingly, Exxon made contributions to the Republican Governors Association that Christie chaired last year. Is Christie -- a potential 2016 Republican presidential candidate -- in bed with Exxon? "Christie said he was a great negotiator, he didn’t say which side he was working for," Stewart said. “The reported settlement is appalling and disturbing,” Mr. McKeon said. “The Christie administration appears more interested in rewarding Exxon Mobil — for whatever reason — than protecting taxpayers and our environment.”

GOP leader Cotton is an overnight STAR!
Sen. Tom Cotton wrote the controversial letter to Iranian leaders regarding ongoing nuclear negotiations. Like Trump, he has made a name by calling out the President of the United StatesA book is due. The Arkansas Statehouse introduced a bill that would let him run for the White House and Senate re-election at the same time! The letter signers probably broke the law--Logan Act of 1799 (fines and prison)—but the Supremes are GOP and will excuse them. Americans are signing petition to indict:

GOP leader Giuliani tells President he needs to “educate” blacks on crime
"It is the obligation of the President to explain ... that our police are the best in the world," Giuliani said, adding, "It all starts at the top. It's the tone that's set by the President." Rudi, please read the DOJ report —Your “best” police were ticketing ONLY blacks. The chief resigned

Future President Bush to Clinton: I deleted emails on my server too! HA HA
Jeb Bush has rebuked Hillary Clinton for her use of a private email account as secretary of state, holding up his own conduct as an example of transparency in government. But it took Mr. Bush seven years after leaving office to comply fully with a Florida statute requiring him to turn over his emails. Bush edited and deleted his too. He used his own server, too. C’Mon Man

Future President Rand Paul warns Jews and Blacks about US civil rights
Jews, Blacks Should Worry About Indefinite Detention—US could send minority groups to Guantánamo Bay detention camp without trial, Sen. Paul says. Is he making promise to the right?

GOP wants to gut food stamps and Medicaid for poor
“We have seen the overall unemployment rate fall, yet the number of long-term unemployed remains high.” Senate Republicans agree with this assessment, and hope to embed an overhaul of the vital nutrition program in the upcoming budget document. Translation: GOP will let states make the cuts after funding is slashed. Privatize Medicare and end ObamaCare. Increase tax breaks and defense industry for rich to “invest” overseas.

TX GOP wants women to prove gender to use bathroom
Law allows women to receive $2,000 if they find person in the "wrong" restroom.

DEM crazies
Sen. Bernie Sanders introduced legislation to strengthen Social Security. “The most effective way to strengthen Social Security for the future is to eliminate the cap on the payroll tax on all income above $250,000 so millionaires and billionaires pay the same share as everyone else.” So the wealthy have not been paying for Social Security for the last 70 years? What the ….  Congress cannot even fund Homeland, Coast Guard, Airports, and Secret Service. C’Mon Bernie.
DEMs don’t have a chance to ask wealthy to pay fair share now!

DEMs crazies
ObamaCare works despite negatives. Of those who purchased a plan through, 7.7 million, or 87%, qualified for an average tax credit of $263 per month. With that financial assistance, more than half (55%) paid $100 or less per month for health insurance. Insurers made providing reasonably priced plans possible, Kevin Counihan said. “We’ve made great progress making these plans more affordable,” he said. 90,000 Sears employees are finding it easier to shop for health care, are savvier about their coverage choices and finally understand the meaning of value since the 129-year-old retailer switched to a private health insurance exchange. Starwood Hotels & Resorts Worldwide is the latest big-name company to move its active employee base to a private exchange, joining other brand-name companies such as Time, Sears, Darden and Walgreens.

Did you pay a ACA health penalty on your taxes?
Avoid penalty by enrolling at The Special Enrollment Period begins today, March 15 and ends on April 30. During this time, you'll have the opportunity to enroll in health coverage for 2015 if you owe the fee.

Is “impact investing” right for you?
Since 2007, wealthy people have tried to organize their assets to cause positive society change. Impact investors expect organic food producers and renewable energy generators to do good as well as make financial returns. These investors expect public benefit and financial performance to be aligned. Socially responsible mutual funds are available too. Many not for profits and pension funds adopt this goal too. As long as the investment fees do not overwhelm the returns, you can accomplish both goals together. Compare Vanguard’s Top Ten to TIAA-CREF Social Choice Equity, which charges a mere 0.41% and beat the S&P by an average of 0.3 percentage point a year over the past five years and Domini Social Equity which costs 1.2%.

Is a pension advance program right for you?
Pension advances are when companies offer you money now in exchange for pension payments you receive later. Some companies also require you to buy expensive life insurance. Many people are looking for a pension loan in order to repair damaged credit and pay off existing debts. Loans don’t improve credit scores. NY Gov Cuomo accused some companies of "preying" on retirees and veterans by advancing sums that may actually be disguised, high-cost loans. Some states have outlawed programs to public-sector employees citing costs. Options counselor:

Is a hedge fund right for you?
Just say NO. Everest Capital, a hedge fund firm that counted George Soros and Nelson Peltz as early backers, is closing six of its seven remaining hedge funds. Many Hedge funds have lost money. Investments in plain stock market index fund doubled since 2006. See proof:

SCAMS           Why are we still paying $700 Billion a year for WWII deployments? That is 27 cents of each dollar in taxes—the largest part of our money—and we aren’t even at war. We could pay off our debts and fix our schools, roads and bridges!
We are paying for 164,253 of our active-duty armed personnel to be in 150 countries around the world. We have about 50,000 in Japan and 50,000 in Germany.
Are we preparing for WWII again? There are 1,208,083[1] armed personnel in the United States. Our taxes pay for about HALF of the WORLD’s military expenditures every year. We have wasted $398.6 billion so far on the F-35 program—they can’t fly safely.
We just can’t afford to pay for everyone else’s defenses anymore.
Japan, Germany and S. Korea can pay for their own defenses.
The War on Terror requires SEALS’ attacks on top terrorists at their homes. Iraq proved converting a nation to Western-style republic doesn’t work. Our trained troops ran away.

SS says they destroyed tape of 2 drunk agents hitting WH
Congress watched two inconclusive surveillance videos of two possibly drunk Secret Service agents crashing into a White House barricade earlier this month, but Secret Service Director Joseph Clancy said there's no other footage because it's their policy to destroy the tapes after 72 hours. "That doesn't make any sense to us," Congress said. Tape costs pennies a day.

New place to complain about financials.

CA to run out of water in 1 year—cost doubles
Why don’t they stop watering their lawns? Farmers get $700 per acrefoot selling water to rich Southerners INSTEAD of growing food for us.

Who owns your account now?
Everest Capital, a hedge fund firm that counted George Soros and Nelson Peltz as early backers, is closing six of its seven remaining hedge funds. Hedge funds have lost money.

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