We pay insurers' $100 Billion taxes

Taxpayers help insurance corporations avoid $100 Billion in taxes

Each state has passed special laws to allow insurers to use the reserves they are required to keep to pay claims. With accounting tricks, they use the money to pay CEO bonuses, shareholder dividends, acquisitions and other projects, and thus escape federal taxation. WE pick up the tab. Insurers don’t have to move overseas; just across state lines. For instance, TransAmerica Life used a state law in Iowa last year to reap $1.8 billion from its reserves while also avoiding an estimated $640 million in federal taxes. Iowa, for the moment, appears to have "state-of-the-art statutes and regulations." That is what the Symetra Life said in explaining last January why it was moving its legal domicile from Bellevue, Wash., to Des Moines. Because they are an ordinary business expense, reserves are tax deductible — the higher the reserves, the bigger the federal deduction. The IRS does not understand the tricks so never prosecutes tax avoidance.

Avoid paying their $10 billion in taxes: http://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976

Big Banks back to old tricks … that cost US the integrity of America

After Citibank wrote and passed the rider on the new budget, banks will go back to gambling with our money. The 2008 bailout is now likely since banks can’t restrain themselves and Congress won’t. Banks have also gone back to using their analyst recommendations to help sell new stock offerings. The law says banks can’t have the research department pump up the new stocks they research. In 2003, 10 firms and two analysts struck a settlement with regulators over these practices, paying $1.4 billion. 

Big banks act as if breaking the law and paying fines are just cost of doing business. Since we taxpayers ultimately pay, bankers know they won’t go to jail. Laws ignored.

You can build Wealth Without Wall Street: http://www.amazon.com/Wealth-Without-Wall-Street-Commissions/dp/1442168137

Money scams take $40 billions of our retirement dollars

It is hard to spot fraud when it is happening. The Federal Trade Commission estimates that consumers lose more than $40 billion a year to telemarketing fraud alone. And, if you are over age 65, you are a special target for those offering bogus prizes or selling bogus products and services.

Avoid “Money Scams” by making YOUR plan and sticking to it: http://www.amazon.com/Money-Scams-2014-insurance-financial/dp/1505437962

Your vote counts even less with your ‘representative’ now

Congress just passed a law that lets the wealthy give a staggering $777,600—a couple could give $3.1 million to party committees. This ends any pretense to contribution limits enacted after Watergate. Corporations and people can now buy elections. Democracy only exists if there is some reason for elected leaders to listen to the voting public.

Now our “representatives” have more reason to do what contributors tell them to do. Despite the obvious damage bank gambling can do, our “reps” voted for to reinstate it. We will have to pay for banks’ mistakes like in 2008. Senator Warren explains how banks took over the process : https://www.youtube.com/watch?v=H20Dhc85OhM

Corporations’ share of US revenue has been driven down from 28% to 10%

We picked up the difference yet our incomes have gone down. Over the past 25 years, the economy has grown 83 percent, after adjusting for inflation — and the typical family’s income hasn’t budged. In that time, corporate profits doubled as a share of the economy. Total corporate federal taxes paid fell to 12.1% of profits earned from activities within the U.S. in fiscal 2011. Workers today produce nearly twice as many goods and services per hour on the job as they did in 1989, but as a group, they get less of the nation’s economic pie. In 81 percent of America’s counties, the median income is lower today than it was 15 years ago.

Unless you own a business, you are working harder for less. As heiress Helmsley said, "Only the little people pay taxes": http://www.amazon.com/Only-little-people-pay-taxes/dp/1478222441

More GOP winners—cut regulations and veterans treatments

The budget cuts the Environmental Protection Agency and allows the mountaintop mining industry to continue dumping toxic coal waste in the streams of Appalachia. It cuts $345.6 million at IRS so more big firms don’t get audited. It gives the gas and oil industry free use of the Western landscapes. The list of special industry giveaways is extensive. Big Banks can again gamble knowing our tax money will bail them out. Under the bill, trustees would be enabled to cut pension benefits to current retirees, reversing a 40-year bond with workers who earned their retirement packages. Trucking companies can make roads less safe by giving their employees 82-hour work weeks without sufficient rest breaks. Pell grants for college students will be cut.

The bill encourages more NSA spying on our private communications. It blocks the EPA from regulating certain water sources. It bans the ban on giving funds to Egypt’s military. It voted against giving veterans treatment for PTSD and suicide (22 veterans kill themselves every day). It voted against improved the energy efficiency of federal buildings. It reduces nutrition requirements of school lunches and WIC food aid program. It halts the listing of new endangered species. More.

DEM winners—ObamaCare gives poor hope for future!

More than 1 million people used the U.S. healthcare.gov system to sign up for Obamacare plans in the seven days ending Dec. 12. New York and Idaho — both state-run marketplaces — extended the deadlines to enroll with a 1/1 effective date by a few days.

Congress took the easy way and extended temporary tax benefits for ‘14: Teachers $250, mass-transit commuters, sales/income tax deduction, parents with kids in college, some homeowners and some retirees with IRAs. A new provision will benefit disabled adults. (IRS accepts returns later in January.) Free tax prep at AARP sites: http://www.aarp.org/applications/VMISLocator/searchTaxAideLocations.action

2008 Bank bailout by US over—stock sold for profit but jobs lost forever!

Our government sold its remaining shares in GM’s old lender, its last remaining major stake from the $426 billion bailout of banks and the U.S. auto industry. Governments like China and Russia own businesses too but it cost us many more jobs and our prestige as being the home of capitalism. During the 1929 Crash, JP Morgan and friends bailed out the failed banks and businesses by loaning them money or taking over their businesses. Capitalism is supposed to work like that not like the Bush-style government bailout/ownership of failed companies. AIG and the banks it insured should have gone to other wealthy people for the bailout. Capitalism is about risk and reward.

Congress last week reversed the Dodd-Frank reg against government bailouts so we will likely have to keep failed bankers alive again in 2016-20.

Build your own security: http://www.amazon.com/Forget-Social-Security-Medicare-Lifestyle/dp/1466394285

You knew hedge funds are only good for the promoters

Hedge funds are shutting at a rate not seen since the financial crisis, as many managers post disappointing returns that averaged 2%. John Bogle, founder, Vanguard, says: "Times of great market turbulence ... are just awful times to make investment decisions." Instead, investors should have a long-term investment strategy and stay the course, he said. Most wealthy people are long-term investors and don’t trade/gamble/hedge.

Vanguard is owned by its shareholders so you can earn more—10-12% per year: http://www.amazon.com/Vanguards-Top-Ten-mutual-funds/dp/150073909X

Lockheed Settles Lawsuit—It Shortchanged 120,000 Workers, Retirees

Lockheed agreed to settle a $1.3 billion lawsuit over claims the defense contractor shortchanged the 120,000 workers and retirees who participate in its pension plans as a trial was set to begin this week. Workers accused the company of subjecting them to excessive fees and leaving those investing in its stock fund with returns that were worse than if they had bought shares by themselves.

You have a choice: Low fees always beat high fees—a larger pension: http://www.amazon.com/401k-IRA-Tax-FREE-Tax-Deferred-retirement/dp/1475057938

SCAM ALERT

Did you receive in the snail mail what resembles an invoice from a company to get a copy of your deed? Homeowners beware: It's a scam. Don’t send deed.

Avoid scams of insurance, mutual funds, and all financial services: Money Scams 2014:  http://www.amazon.com/Money-Scams-2014-insurance-financial/dp/1505437962

Are you ready? HALF of pre-retirees had to retire earlier than planned

Nearly half of survey respondents (45 percent) retired earlier than planned. The most frequently cited reasons for retiring early are changes at one’s company or place of work (44 percent) and being able to afford retirement (39 percent). Nearly 8 in 10 who retired early have no regrets about the decision to retire when they did.

Make sure you have the right strategy to have enough so when you must retire, you can: http://www.amazon.com/Will-You-Have-Enough-retirement/dp/1477594086

CR reports on best and worst value in cars

Make sure you are getting a value in new small cars. Avoid the worst: Fiat, Fiesta, Cruze and get value for as low as $15,000. Better deal: get 3-year-old safe midsize for same price. Don’t be fooled by marketing hype—expensive is not always safe and reliable.

Here's the BEST list by category:

•Subcompact: Hyundai Accent Sport

•Compact: Toyota Prius Four

•Luxury Compact Cars: Buick Regal Premium I

•Luxury Midsized/Large Cars: Lexus ES 300h

•Large Cars: Chevrolet Impala 2LTZ (3.6)

•Sports Cars/Convertibles: Mazda MX-5 Miata Grand Touring

•Midsized Cars: Toyota Camry Hybrid XLE

•Wagons (AWD): Subaru Outback 2.5i Premium

•Small SUVs: Subaru Forester 2.5i Premium

•Midsized SUVs: Toyota Highlander XLE (V-6)

•Large SUVs: Chevrolet Traverse LT

•Luxury Compact SUVs: BMW X3 xDrive28i (2.0T)

•Luxury Midsized/Large SUVs: Lexus RX 450h

•Pickup Trucks: Nissan Frontier SV (V6)

•Minivan: Mazda5

Save $500 on insurance by using all 15 discounts: http://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634

SCAMS           Why are we still paying $700 Billion a year for WWII deployments?

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.

Congress has changed the definition of America

Do we want to be moral or immoral?

Bush/Cheney and Congress seem to say Torture is OK if we do it in revenge and call it by another name—EIT. If we do what other societies do then we can’t keep telling the world we are better than them. Mrs Palin and Mr Giuliani seem to idolize the Russian dictator Putin and our Congress joins them in criticizing Obama. Do we really want America to invade other countries, shoot down civilian planes, and torture people like Putin? Congress did not condemn Bush/Cheney; let alone prosecute them for war crimes. Do we really want a bully like Putin to be President? Putin is putting Russia back 5 years economically. 

Advisor to athletes gets caught

Bill C. (Billy) Crafton, AKA, Martin Kelly Capital Management pleaded guilty to criminal charges for $1.5 million in kickbacks on investments for professional athletes in Major League Baseball, the National Football League, the National Hockey League and the National Basketball Association, according to the SEC.

Lawyers use our state Attorneys General to create income for themselves

Lawyer are using a new tactic to drum up business. They get our state AG to hire them to file suit against some corporation with deep pockets so they can make extra cash. Our taxes pay the AG to give business to private firms at ridiculous rates. Great work!?

Who owns your account now?

Fireman’s Fund to Ace Ltd. Ace wishes to expand insurance of luxury homes, yachts and art collections because of higher margins.

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts

Corporations get FREE land, roads, tax breaks--we pay the taxes

Today’s tax breaks will cost us many times over

Recently Tesla motors ‘shopped’ its new factory to CA, NV, TX, AZ, and NM. The winner, Nevada, had to give Tesla FREE taxes, land, roads, sales and payroll taxes. And the integrity of American honor. It cost NV $200,000 for each of the projected 6,500 jobs in the middle of the desert. Workers will have to use trailers to live in and buy groceries hours away. Each of our states must now give away the ‘ranch’ to get global capital to build in our state.

American corporations have gone to the ends of the earth to lower our standard of living so they could pay bosses 350 times what we earn. Extracting benefits from all taxpayers while they pay less tax will turn America into a 3^rd world country, like 19^th century Honduras. Bosses can live anywhere. It typically has stratified social classes, including no middle class, poor working class and a ruling plutocracy of business, political, and military elites.^[1] This ruling elite exploits the country's economy.^[2]  Corporations can now buy the elections too.

Most of the wealthy pay 15% of income in ALL taxes while we pay 34%. http://www.amazon.com/Only-little-people-pay-taxes/dp/1478222441

Is Identity Theft insurance right for you?

Many companies offer identity theft protection, but the industry is unregulated and is basically a scam. You and only you can clean up your record with credit agencies and government departments. The promoters can’t stop ID theft as it happens.

Best cure: use passwords that can’t be guessed from your Facebook identity.

About 16.6 million people suffered $24.7 billion in financial losses due to identity fraud—data breaches of businesses and a lack of adequate password protection. However, this does not include the time and money you spend repairing your credit after ID theft “insurance” (it is not insurance) did NOT pay off. In fact, the biggest seller of theft protection, banks’ credit cards, have been fined over $1 billion. Industry pioneer LifeLock has been cited for its bad behavior too but not shut down.

The ‘coverage’ is full of loopholes—things not covered include your monetary losses. Most losses are already covered by banking and credit laws that limit your liability to $50 per account (NEVER use debit card). Since about 80% of reported identity theft is actually the result of lost or stolen debit and credit cards, the threat you pay for is hardly ever realized. The service advertised is just BS—No one can know when or where data will be stolen and then it’s too late. Carry one credit card. Use passwords like T^U*($f.

Swiss Refuse To Give Up Millionaires’ Tax Breaks

Swiss voters refused to give up a 152-year-old tax break for rich foreigners in Geneva and other wealthy areas that the government says helps the economy. Fifty-nine percent voted against an initiative that would have abolished a system allowing foreigners to duck income and wealth taxes by negotiating lump-sum payments with Swiss cantons, the government said yesterday. The Swiss government has said abolishing the regime known as the “forfait” would have cut tax receipts and led to job losses as wealthy exiles left Geneva and other French-speaking cantons that are home to most beneficiaries. Geneva has 74,300 millionaires, the greatest concentration of any city.

Forget Geneva—Avoid future income taxes on your earnings here in US: http://www.amazon.com/How-Retire-Tax-FREE-Income-increases/dp/1484156951

Can you contribute to an IRA after age 70?

No. However, there is a better way to save and/or leave a legacy. If you don’t need your income now from working but you want to keep building assets, the best way is to contribute up to $6,500 to a Roth IRA. You don’t get the tax deduction like an IRA, but you also don’t get the tax bill later on. Yes. The contributions and earnings are all Tax-FREE when you take them out or when you leave them for family. You only need earned income. Gail took her required distributions from her reg. IRA starting at age 70, paid tax and sent the $6,500 back to her Vanguard Roth account. She is buying Wellesley Income (stocks and bonds) for $18 per $10,000. By age 85, she could have $225,000 tax-FREE for unexpected medical needs. Her legacy could be $ 1/2 million income-tax-FREE to her adult child like life insurance, except the Roth is cheaper than insurance and better than an annuity: http://www.amazon.com/Your-Retirement-Spending-Plan-enough/dp/1461084016

Best way to get grandchild investing—use the Buffett strategy

Forget a 60” HD or Iphone 6 or even EE bonds for the holiday. Give them a TAX-FREE future nest egg by getting them started with a Roth IRA. Even if they only earn an allowance, you can make the contributions for them up to $5,500 a year. Put them in a low-cost stock fund like Vanguard’s 500 Index. It costs only 0.05% (not broker’s 1-2%). $3000 a year will grow to $1.2 million at 11% a year by the time they need it. http://www.amazon.com/Where-can-your-child-invest/dp/1492164240

Women earn less but save more than men

Even though men make $1 to a woman's 77 cents, women were the bigger savers over the past 12 months. For men and women with similar salaries, up to the $150,000 mark, the women have more money in their 401(k) on average, according to new data from Fidelity Investments. Women earning between $20,000 and $40,000, for example, have saved an average of $17,300 in their 401(k), as of the year ended Sept. 30, 2014. Men in that income range have an average of $15,200 in their account. Fidelity's data are based on 13 million accounts. Women are better investors too: http://www.amazon.com/Ensure-Your-Financial-Health-Wealth/dp/1466388293

PA will cover 600,000 UN-insured—No more bankruptcy from med bills

Effective Jan. 1, Pennsylvania will expand its Medicaid guidelines to make an additional 600,000 people eligible for taxpayer-provided health care, while an overhaul of its existing Medicaid program will affect benefits for an estimated 900,000 adults already on Medicaid. Named Healthy Pennsylvania, there is little difference between Healthy Pennsylvania and a Medicaid expansion, as it was envisioned by the 2010 federal law. The expansion will make health care available to childless working adults under 65 with incomes up to $15,500 this year. Until now, they were largely ineligible for Medicaid.

www.compass.state.pa.us 866-550-4355. Finally, PA people let Gov Corbett go!

Sam’s Club offers health insurance to business

The big-box members-only warehouse decided to offer health insurance to its customers through a private health care exchange because those small business owner-members were asking for it. In October, the retail chain said it was partnering with Aetna to offer health insurance to members through a private exchange to small businesses. From their surveys, the two things small business owners requested was getting the right products and second was help with their insurance. “We are in the small group business already, we have a small group exchange and we thought we could private solutions right off the top that would help make a difference.” Sam’s Club is not getting paid in the process and is not the agent. Sam’s insurance is in 21 states so far.

Employers need to buy only what they need: http://www.amazon.com/Health-Insurance-ONLY-right-policy/dp/1480125083

Penalty for NO insurance costs more than premiums

Obamacare requires that most everyone have health insurance or pay a penalty - which is set for a steep increase. In 2014, under Obamacare or the Affordable Care Act, the maximum penalty for not registering for health insurance coverage is $975. Obamacare does allow Americans to go up to a maximum of 3 months without coverage, but fines will be issued from the IRS for not registering. The penalty will be withheld from federal income tax returns and the amount will be deducted from future refunds. There are exemptions for certain groups including premiums exceed 8% of one's annual household income. The majority of people uninsured today can find a policy for $30 - $100 per month, taking into account subsidies and Medicaid eligibility. Some will carry higher deductibles and co-pays. Costs will also vary from one state to another.

https://www.healthcare.gov/

GOP crazies

Progress has been reversed by 21^st century business leaders

Fortune, of all places, highlights our social progress BACKWARD. Proof: Open-plan office space=factory floor of Dickens’ time, wages flat since 1970, reduced work ‘benefits’, no pensions, more hours—always ‘on call’ with cell, no union protections, return of robber-baron bosses, job security for only one day at a time, “systematic” unemployment, etc  

GOP looking for new ways to DISrespect the president: Ted Cruz wants to hold up Obama’s nominees, others consider shutting the government down, and keep Obama from giving his State of the Union address. Some want to ‘censure’ the president, others to sue him. Many in congressional leadership think these ideas are nonsensical, since it will not serve any practical purpose.

Never stopped them before!!

David Brooks, conservative, says Ferguson shows the class not race divide

“There has been a migration away from prejudice based on genetics to prejudice based on class.” “This class prejudice is applied to both the white and black poor, whose demographic traits are converging.” http://www.nytimes.com/2014/12/02/opinion/david-brooks-class-prejudice-resurgent.html

SCAMS           Why are we still paying $700 Billion a year for WWII deployments?

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.

Keeping 10,000 in Afghanistan for what?

The United States is preparing to increase the number of troops it keeps in Afghanistan in 2015 to fill a gap left in the NATO mission by other “contributing” nations, according to three sources with direct knowledge of the situation.

NIZAR OTHMAN, the former principal of NAOK Financial, was sentenced today to five years in prison for a fraudulent investment scheme in which OTHMAN lied to victims and tricked them into paying him over $2 million for purported investments with supposed guaranteed rates of return. In reality, OTHMAN did not invest the funds as promised, and instead, used the funds largely for his own benefit.

Paul Greenwood, former money manager who once co-owned the N.Y. Islanders was sentenced to 10 years for participating in a fraud valued at roughly $554 million that lasted more than a decade. To hide the misappropriation and lack of profitability, Greenwood and his partner issued $554 million in promissory notes to investors. The receiver has recovered about $900 million, close to 90 percent of investor claims.

"I've lied, I've cheated and I've stolen.”

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts 

Lower your taxes with these tricks

Can you use these tricks to lower your taxes to $0?

While you are trying to figure out why you are paying income, SS, Medicare, UC, DI, etc taxes, you might find some of the techniques that companies use to pay NOTHING: http://www.usatoday.com/story/money/business/2013/10/23/big-companies-pay-no-taxes/2480281/ If you can’t, perhaps you should send your Congress persons $123,000 so you can get access to discuss how they can help you avoid paying taxes like the big guys. It worked for these companies, why not you?

And the nice thing is that now you don’t have to worry about breaking the law for bribing an official. The Supremes have just decided that when fat cats give legislators money, they don’t expect anything in return. WOW! Roberts, the chief justice, said:

“Spending large sums of money in connection with elections, but not in connection with an effort to control the exercise of an officeholder’s official duties, does not give rise to quid pro quo corruption. Nor does the possibility that an individual who spends large sums may garner “influence over or access to” elected officials or political parties.”

http://www.supremecourt.gov/opinions/13pdf/12-536_e1pf.pdf   RIGHT and what does Roberts smoke??

South FL insurer cuts homeowners as soon as the check clears

People’s Trust is canceling thousands of policies, abruptly cutting ties with many customers in Palm Beach County and other parts of South Florida less than 90 days after they signed up. People's Trust Insurance Co. is calling it "prudent exposure management," though it is infuriating customers who are losing coverage so close to hurricane season. One Palm Beach Gardens customer said," I smell a rat." Fewer than 5 percent of its more than 115,000 policies are affected, said a spokeswoman. Use your discounts: http://www.amazon.com/Homeowners-Insurance-Beware-Coverage-Policy/dp/1480100870/

Insurers raise prices on non shoppers

Consumer groups called upon regulators to stop insurance companies from using so-called “price optimization” techniques when setting rates and premiums. Price optimization is a data mining tool used by insurers to charge higher premiums to those consumers least likely to shop for a new policy in the face of a rate increase. The groups noted, in a letter sent to commissioners on March 28, 2014, that insurance companies appear to be using these techniques without disclosing that fact to state regulators.

“Price optimization is a new strategy to overcharge Americans who have to buy auto and home insurance policies,” said Bob Hunter, CFA’s Director of Insurance and former Texas Insurance Commissioner. Smart shoppers use discounts every two years: http://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634/

CA regulators fighting health policy increases

Leading companies have poured $13.4 million into defeating a ballot initiative that would give California regulators the power to reject increases in health policy premiums. Health insurers stand to lose control over raising rates in the most populous state at a time of dramatic growth in the customer base. More than 1.2 million people have enrolled in private health insurance plans under Obamacare through the end of March, according to Covered California, the state’s health- insurance exchange. Buy only what you need:  http://www.amazon.com/Health-Insurance-ONLY-right-policy/dp/1480125083/

Koch brothers take ObamaCare subsidies while paying for repeal!?/

Several big corporations have reaped millions of dollars from "Obamacare" even as they support GOP candidates who vow to repeal the law. Among the corporations is a familiar Democratic nemesis, Koch Industries, the giant conglomerate headed by the billionaire brothers Charles and David Koch. They and some conservative allies are spending millions of dollars to hammer Democratic senators in North Carolina, Alaska, Colorado,  Iowa and elsewhere, chiefly for backing President Barack Obama's health care overhaul. Records show that Koch Industries received $1.4 million in early retiree subsidies. United Parcel Service received $37 million Union Pacific Railroad received $9.7 million in subsidies. Altria (Marlboro) received nearly $11 million in the early retiree subsidies. One of the biggest subsidy recipients was AT&T, at $213 million. They spent $54 million of it supporting opposition to ObamaCare. Hypocrites or what?

IRA contributions stop at age 70.5—Roth IRA contributions can become legacy

You must be under age 70½ at the end of the tax year to contribute to a traditional IRA. You, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment. Taxable alimony and separate maintenance payments received by an individual are treated as compensation for IRA purposes.

You do not have to be under age 70½ to contribute to a Roth IRA however. This means that you may continue to build a tax-FREE legacy for your family when you no longer need your IRA income for expenses. Just pay the tax due on the IRA and move it to your Roth. Heirs will receive the accumulations with no income taxes due—just like life insurance.

Question your broker about ‘disclosure events’ in their record

Meyers Associates, a small New York broker-dealer with five times the industry average of registered reps with marks, or 'disclosure events' on their record. These are red flags of lack of candor. Check NOW: http://brokercheck.finra.org/Search/Search.aspx

Believe it or not, Bernie Madoff’s phony monthly trading reports listed trades on days the market was closed, or at prices that were far off the market, or in volumes that simply never existed. Yet Madoff’s scam continued for 36 years, from 1972 until 2008, as the SEC was incapable of discovering the truth, and Madoff’s clients never read their phoney monthly statements, since through bull and bear markets Madoff always turned in profits that were not real: http://www.amazon.com/Nothing-Way-Seems-Wall-Street/dp/1492752916

Employers still shifting health benefit costs to workers

The number of health plans with out-of-pocket limits of more than $5,000 increased to 32% last year, up from 20% in 2012, as more employers continued to shift costs to employees, according to a report by Zywave. Buy only what you need: http://www.amazon.com/Health-Insurance-ONLY-right-policy/dp/1480125083/

States Challenging Wealthy Taxpayers Who Claim FL Residency

In many cases, these states are going after residents they think should still be paying their taxes. And the states are winning. One snow bird kept travel logs but they showed that he was not in Florida for the requisite six months and a day, his home state court found. The fact that he held on to a 10,600-square-foot home he'd built in Afton, Minn., used a Minnesota bank account, and kept three out of his four cars in the state, were among the signs the court pointed to when it said he didn't prove he really became a Florida resident.

This snow bird said it has cost him thousands in back taxes, interest and legal fees. "It's been horrible for my wife and me," he said. "I wouldn't wish this on anyone." Florida ranks first in the nation for individual income tax; sixth for unemployment insurance tax, 13th for corporate tax; 16th for property tax and 18th for sales tax. Overall, it ranks fifth as the best state to live and do business from a tax standpoint, the foundation found, after Wyoming, South Dakota, Nevada and Alaska. The heaviest tax burdens are generally in northern states, including New York, New Jersey, Rhode Island, Vermont and Connecticut, and Maryland, as well as some Midwestern ones like Minnesota and Wisconsin. A better alternative is the Roth IRA—Tax-FREE of fed and state income tax. This can lower your overall tax burden since SS benefits are also taxed for higher income couples. Use the tax code benefits to live tax-FREE:  http://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976/

You only get one IRA rollover a year—not one per account

Tax court decided a taxpayer can perform only one tax-free "rollover" of an individual retirement account each year — regardless of how many IRAs they may have. This differs greatly from the widespread perception that a taxpayer can roll over as many IRAs as they want, and that the one-year cooling-off period applied to each individual fund. You may be better asking Vanguard licensed staff to help you keep track of your pensions, brokerage, ETFs, regular IRAs and Roth IRAs. Buffett suggested Vanguard for his trustee: http://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

More market manipulations

Joseph Dondero, a co-owner of Visionary Trading LLC, repeatedly used a fake order strategy to induce other market participants to trade in a stock, the SEC says. Lightspeed Trading LLC is charged with aiding and abetting the registration violations and its former chief operating officer, Andrew Actman, is charged with failing to supervise one of the Visionary owners. Fake orders create illusion of demand for a stock. Trading only helps the sellers. Invest without commissions: http://www.amazon.com/your-Wall-Street-Stock-traders/dp/1490533273/

GM SUVs got the highest rating in crash tests

The Chevrolet Equinox and GMC Terrain, both made by General Motors, received the highest "good" rating from the Insurance Institute for Highway Safety. The Toyota Highlander got the second-best "acceptable" rating in tests of 2014 models.

But the Jeep Grand Cherokee, Toyota 4Runner and Ford Explorer got "marginal" ratings, while the Kia Sorento, Mazda CX-9 and Honda Pilot all were rated "poor."

SCAMS           Why are we still paying $700 Billion a year for WWII deployments?

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 just can’t afford to pay for everyone else’s defenses anymore.

DoD head Hagel proposes budget cut but still pay for Lockheed F35 plane failures.

Lobbyists using Washington trick to deceive us

Obama ex-staff hired to lobby for Canada pipeline are claiming they are not lobbyists but “policy advisors.” “The influence industry is moving underground,” says Sarah Bryner, research director of the Center for Responsive Politics. The group counts 46 former Obama officials who have registered with the federal government as lobbyists. An additional 86 are what it calls “unlobbyists,” who use their connections in Congress and the White House to press for changes in laws and federal policy but who aren’t registered. “We still have many people leaving government and taking jobs that in the past would have resulted in them registering,” Bryner says. Now they are “skirting the disclosure requirements.”

We (Medicare) paid one eye doctor $21 million in 2012

Medicare paid a tiny group of doctors $3 million or more apiece in 2012. One got nearly $21 million. Topping Medicare's list was Florida ophthalmologist Salomon Melgen, whose relationship with Sen. Robert Menendez, D-N.J., made headlines last year after news broke that the lawmaker used the doctor's personal jet for trips to the Dominican Republic. Medicare paid Melgen $20.8 million. About 1 in 4 of the top-paid doctors — 87 of them — practice in Florida, a state known both for high Medicare spending and widespread fraud. Menendez has received more than $700,000 in direct and indirect campaign help from Melgen. Agents from the FBI and federal Department of Health and Human Services raided his West Palm Beach office in 2013 and hauled away dozens of boxes of materials.

Buyout firms cheating investors

More than half of about 400 private-equity firms that SEC staff has examined have charged unjustified fees and expenses without notifying investors, according to a person with knowledge of the SEC’s findings who asked not to be named because the results aren’t public. While some of the problems appear to have resulted from error, some may have been deliberate, the person said. Find out how they do it: http://people.hofstra.edu/daniel_j_greenwood/pdf/Looting.pdf

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts

IRS pays you to save!

Tax refund for your savings—IRS pays you to save!

You may be able to take a tax credit for making eligible contributions to your IRA or employer-sponsored retirement plan. The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA contributions up to $2,000 ($4,000 if married filing jointly), depending on your adjusted gross income. See the instructions for Form 8880.  

NFL pays no tax but has income—is it fair to you?

Here is another lobbyist’s dream. A business that has income but pays no taxes and yet has spent more than $5 million on federal lobbying since Jan. 1, 2010, federal records show. Its CEO gets $30 million a year!!. Create a tax-FREE income for yourself:  http://www.amazon.com/Only-little-people-pay-taxes/dp/1478222441

First time in history, workers are the majority on food stamps—poverty wages

In a first, working-age people now make up the majority in U.S. households that rely on food stamps — a switch from a few years ago, when children and the elderly were the main recipients. Some of the change is due to demographics, such as the trend toward having fewer children. But a slow economic recovery with high unemployment, stagnant wages and an increasing gulf between low-wage and high-skill jobs also plays a big role. It suggests that government spending on the $80 billion-a-year food stamp program — twice what it cost five years ago — may not subside significantly anytime soon.

Congress cuts food stamps; keeps subsidies to rich donors and own members

The farm subsidies bill passed. It would cut food stamps by around $800 million a year and continue generous farm subsidies to Congressmen, crop insurers and Agribusiness firms. Half of Congress are millionaires already. House members happy to cut food for poor and help their donors and large corporations keep profits high. Insurers put an end to any limit on the crop insurance premium subsidy. Farm corps guaranteed a profit even if they fail. Read it with shock and awe: http://ccagw.org/media/press-releases/ccagw-farm-bill-it%E2%80%99s-dung-deal Socialism for rich!

Collect up to $6,000 even if you owe NOTHING in federal income tax

Did you work and earn less than $51,567 last year? You could receive EITC as a tax refund if you qualify. Families with qualifying children may be eligible for up to $6,044. Use the EITC Assistant tool on IRS.gov to find out if you qualify. If you do, file a tax return and claim it. If you don’t qualify, earn tax-FREE gains on your retirement nest egg: http://www.amazon.com/Tune-your-401k-EARN-Tax-FREE/dp/1490591028/

How much does your advisor/wealth manager earn?

See if you are getting your money’s worth by comparing average income—commissions, bonus, salary, perks, etc. http://data.investmentnews.com/comp-staff/

You can probably do better on your own since your net is after their expenses. John Bogle has estimated that your nest egg could be reduced by 63% with all the costs taken out of your money over time. If you know what your goals are, you can reach them without Wall Street: http://www.amazon.com/Wealth-Without-Wall-Street-Commissions/dp/1442168137

Three-quarters of Americans nearing retirement have less than $27,000 in their retirement accounts and one-third do not have any sort of retirement account at all.

Obama starts new savings plan for workers

In 1/28 speech, he asked “Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in.” Savings bonds will be purchased through payroll deduction and considered like an IRA but at low cost. Once a MyRA account hits $15,000 — or after 30 years — it has to be rolled over into a private sector Roth IRA. Unfortunately, savings bonds earn 1.38%—stocks are better long-term investments. You can have tax-FREE retirement income with the low-cost Roth IRA NOW:http://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976/

How much are the gamblers at your bank paid?

The head of the NYS pension is petitioning the largest banks to ID their gamblers. How much do these people at the banks who could sink the banking system again make on commission for betting with our savings? Stockholders need to know. Banks object. The regulator SEC must decide if stockholders can ask for this info. “I think generally Wells [Fargo] and other financial institutions still need a change in the mind-set and change in the culture,” according to the pension comptroller. http://www.nytimes.com/2014/01/26/business/asking-banks-to-reveal-where-their-high-rollers-are.html?ref=fairgame&_r=0

Queen put on a budget—can’t make it on $51 mil a year—pays only min wage

The queen receives 31 million pounds ($51 million) a year from taxpayers. Commoners ask her to sell more tickets to the Palace to pay her fair share. But she is hiring. Needs someone to run the royal baths, dress her and arrange her tea. The successful applicant $27,490 a year post will also be responsible for "high quality cleaning, presentation and guest care" at Queen Elizabeth II's official London residence.

Commoners don’t understand why she can’t bath and dress herself if she can’t make it on $51 million.

What are your investment options when you leave employers?

What can you do with your 401k or other retirement money when you leave your employer? Consider all the options: big tax bill or free transfer or big fees for lucky advisor? You need to know the facts first.

http://www.finra.org/Investors/ProtectYourself/InvestorAlerts/RetirementAccounts/P436001

Homeowners overcharged again

Louisiana Citizens Property Insurance may have to return $16 million to homeowner customers who, for years, were charged a $65 application fee without their knowledge.

Shop for insurance every two years. Rates and insurer marketing change.http://www.amazon.com/Homeowners-Insurance-Beware-Coverage-Policy/dp/1480100870/

GOP 2016 health plan would return to previous “bogus” health plans

Repeal of mandate means only wealthy can afford real comprehensive coverage. You could buy cheap insurance again but coverage not complete—no coverage for screening tests, wellness checkups, etc. Existing condition plans would allow insurer to charge whatever the market would bear. States would have the option NOT to cover some people.

http://www.foxnews.com/opinion/2014/01/27/republican-plan-to-replace-obamacare-cover-pre-existing-conditions-lower-costs/

Obama supports voting in ½ hour not 7 hours

Obama said his “bipartisan committee offered reforms so that no one has to wait more than a half hour to vote. Let’s support these efforts. It should be the power of our vote, not the size of our bank account, that drives our democracy.” GOP-run states have reduced our chance to vote. They use a number of methods to keep Dems from the polls. In OH and FL lines were very long—10 hours for some. Why would GOP do this except to limit Dems voting.  Only 26 voter fraud cases in US in years.

SCAMS           Why are we still paying $700 Billion a year for WWII deployments?

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] personnel in the United States. Our taxes pay for about HALF of the WORLD’s military expenditures every year.

Your public employee pension may be less than promised

Moody’s bond analysts rank New Jersey’s seven public employee retirement plans as having the fourth highestunfunded liability total in America (behind Illinois, Connecticut and Kentucky. A state Treasury Department report (June 30, 2012) said the state’s pension plans covering 780,000 employees and retirees were pledged to pay out, over the long term, $41.7 billion in pension checks which the state lacks revenue to cover.

By the state’s own calculations, the pension plans are only 67.5 percent funded for the long term. The ideal level of funding, many pension actuaries say, is around 80 percent.

Christie claims he fixed the fund without taxes but Detroit said that too years ago.

20 kids EACH day are hospitalized for gun injuries—Wild West is back!

A study by Yale School of Medicine researchers shows that there are about 20 children hospitalized for gun injuries every day. 

Who owns your account now?

Wells Fargo agreed to sell more than 40 percent of its insurance brokerage locations to focus its bricks-and-mortar operations on higher-growth regions and bigger clients. The closings include six locations in West Virginia and offices in Dayton, Ohio; Boise, Idaho; and Anchorage, Alaska. USI, the buyer, is focusing on clients in middle markets. Wells Fargo Insurance, which brokers and consults on property-casualty coverage and employee benefits, will focus on cities including San Francisco, Dallas, Minneapolis and Charlotte, North Carolina. 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts

New Year savings plan

New Year savings plan

If you received a tax refund last year—the average was about $3,000—start this year by taking the refund early. Instead of overpaying your income taxes in 2014, invest the refund during the full year. Set up an auto contribution at work if your employer offers 401k, 403b or other retirement plan. Use a W-4 http://www.irs.gov/pub/irs-pdf/fw4.pdf to INCREASE your allowances on line 5 and submit to your employer. This will reduce the amount of tax withheld each paycheck and increase your take-home pay. If you had a refund of $3,000 last year, your monthly investment could be $250. Or set up your own IRA with a low-cost mutual fund firm and have them deduct $250 from your checking account. You could grow your $250 a month into $250,000 in 20 years, $800,000 in 30 years, $1 million in 32 years. The best plan is the simple plan: http://www.amazon.com/Keep-Simple-Essential-Financial-Life/dp/1492258849/

 

If you already have your W-2, file early for quicker refund

Many people don’t have complicated tax situations and don’t need to pay someone to file. If you have wage income and don’t own property, it is a matter of filling in the forms online. You may qualify for FREE tax prep and FREE efile. Check the companies that offer this: At IRS.gov/freefile, select the “Free File Software” button. Each of the 14 Free File companies sets specific offers – generally based on income, state residency and age – to use their software. If your income is $58,000 or less, you will find at least one, if not more, offers available to you. The fastest way to get your refund is with direct deposit. Once the IRS begins processing returns Jan 31, it expects to issue more than 90 percent of refunds in fewer than 21 days: Most in 10 days.

Check “Where’s My Refund?” for personalized refund information based on the processing of your 2013 tax return. You can start checking on the status of your return within 24 hours after the IRS accepts your e-filed return.

 

Beware: Advisor/broker examiners budget cut—We are at their mercy!

Fewer financial advisors will be checked by regulators this year due to budget cuts at the SEC. This means that your advisor may be able to move money around unawares again. No one is checking on how they manage your money except you. Madoff was able to avoid discovery because no one asked about the clients’ accounts.

Congress is also asking regulators to tone down the rules about doing-what-is-best-for-your-client standard. The broker lobby is concerned that the pending rule that would raise investment advice standards for retirement-plan advisers could hurt investors with modest assets. Raising the standard of client care would seem to help not hurt investors.

 

Long-term care insurance price hike

A 60-year old couple each purchasing $164,000 of current protection that will grow to $730,000 combined when both reach age 80, will pay an average of $3,840 yearly, a three percent increase over the prior year's average. "Adding an inflation growth option builds your benefits over time but it can double the base cost of coverage," an analyst said. Couple discounts reduce the cost of coverage because usually only one of them makes a claim. Without inflation protection, the benefits can be half the expected amount. So the cost is closer to $6,000 per year. Since you may not need coverage for 25 years (average claim date), you are paying $150,000 for $730,000 that you may never use. Consider more flexible options: http://www.amazon.com/Long-term-Care-Insurance-Updated-2013/dp/148274001X/

 

Lobbyists start to derail ObamaCare one wheel at a time

U.S. Chamber of Commerce will no longer seek the repeal of the Affordable Care Act, working instead to correct what it sees as its flaws. For instance, the Chamber wants a change to the law’s definition of full-time employees from those working 30 hours a week to those working 40 hours or more. Thus all employers would limit hours to 39 per week to avoid the mandate. The Chamber would also like to see the ACA's health insurance tax and medical device tax repealed and will explore how the law's transitional reinsurance fee might be financed in a different way. Business lobbyists will start modifying each part of the health care coverage so it reduces the law’s effectiveness. You can join in: Future Lobbyists begin their 2014 classes Jan 27 with PAC’s and Campaign Financing, Lobbying 101, Online Advocacy, etc.

 

GOP plans further attacks on ObamaCare despite industry acceptance

President Obama's health care law may have gotten off to a rocky start, but executives of major private health insurance companies are informing investors that they're still betting on the program in the long run. On the other hand, U.S. House Republicans plan to introduce a bill to swap President Obama's healthcare law for a lower-cost, "patient-centered" system, Speaker John Boehner said. GOP also promises to reform taxes. "We believe in tax reform. Closing loopholes, getting rid of unnecessary deductions, lowering rates will be good for our economy and help create more jobs," Boehner said. Oil and gas and agribusiness subsidies were not mentioned.

 

SCAMS           Why are we still paying $700 Billion a year for WWII deployments?

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] personnel in the  United States . Our taxes pay for about HALF of the WORLD’s military expenditures every year. It is no wonder we're in debt.

 

Bailout of mutual funds too?

Banks are not the only institutions that we may have to bailout. There are mutual funds that use high leverage to try to gain an edge in investment returns, especially the “hedge” funds that the wealthy own. There $53 Trillion in these funds and some are buying and selling derivatives in secret and outside regulators view. This makes tax payers vulnerable again because if a large one collapses, its contracts could put our financial system at risk. Wall Street execs in the government will want to save their friends paychecks like GoldmanSachs’ Paulson did as US Treasurer in 2008’s global meltdown. The wealthy will expect us to save them from their gambling debts … again. http://www.nytimes.com/2014/01/12/business/bailout-risk-far-beyond-the-banks.html

 

Billionaire Baby Beanie mogul faces jail to avoid paying tax of 4%

The federal charge alleges that the inventor Warner earned more than $3.1 million that he failed to report on his 2002 tax form. He failed to pay $885,300 in taxes owed for 2002. That is under 4% of his assets.

Beanie Babies, sold for $5 to $7. At their peak of popularity in the 1990s, some collectors would pay hundreds of dollars for a rare character on the resale market, according to press accounts. Warner's net worth was listed as $2.6 billion in 2013, according to Forbes. 

 

Who owns your account now?

Jim Beam and Maker’s Mark bourbons to  Japan ’s Suntory.

Budweiser to Brazil's InBev

 

IAN

41 Watchung Plaza, B242

Montclair ,  NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts

When will you become a millionaire?

When will you become a millionaire?

>Double your money every 7-9 years over time.

>Grow your wealth with NO taxes or commissions.

>Use 10 low-cost mutual funds earning over 10%.

>Use an IRS-approved tax-FREE account to protect gains.

“My wealth has come from a combination of living in America, some lucky genes, and compound interest.” Warren Buffett

The wealthy become wealthy by buying assets that grow quickly. As Buffett says, they compound. Compounding is money earning money on its earnings next period. The wealthy stay wealthy by paying lower fees, charges, commissions and taxes.  http://www.amazon.com/When-will-you-become-millionaire/dp/1490373241/

Can you help the next generation?

The average retirement fund of pre-retirees is about $60,000, excluding car and home. That might pay for 5 years as a supplement to Social Security which currently averages $15,000. If parents or grandparents invested just $50 a month for their newborns for 21 years, and just left it in a market index fund, the kid would not have to worry about retirement. The miracle of compounding over TIME is what can be your greatest gift to your family. Works just like Social Security. http://www.amazon.com/Give-your-Grandchild-000-Lifetime/dp/1456433105/

How long does it take to get benefits from long-term care insurance?

Your family members will need to work long hours getting your care bills paid, according to some who have gone through the process for months.

http://www.bostonglobe.com/business/2013/06/11/beware-fine-print-and-red-tape-long-term-care-insurance-policies/hCDUORONy9BXbriyX2p28I/story.html

It is important to consider alternatives before spending $3000 a year for 20 years. http://www.amazon.com/Long-term-Care-Insurance-better-alternatives/dp/147006877X

Are you happy with your discount broker?

JD Power customer satisfaction scores are in. Scottrade Inc. edged out Charles Schwab & Co. Inc. as the highest-ranked firm, scoring 810 this year versus 798 last year. Schwab scored 797, down from 801. The Vanguard Group Inc. was right behind Schwab at 795. Scottrade did better on its fees-and-commissions ranking as well as the interaction it offers on its website and through mobile devices. Some banks have online offering but are not supporting them as well. Members find better values online: http://www.amazon.com/Insiders-Guides-Discount-Financial-Services/dp/143480593X

Are you required to take money from your pension, 401k, IRA?

Yes, according to the IRS: ‘You must take your first required minimum distribution for the year in which you turn age 70½. However, the first payment can be delayed until April 1 of the year following the year in which you turn 70½. For all subsequent years, including the year in which you were paid the first RMD by April 1, you must take the RMD by December 31 of the year.’ You must pay tax on the earnings part of your RMD. If you won’t need the money, you can convert any part of an IRA to a Roth IRA, pay tax, and use it as a tax-FREE legacy to your heirs if you don’t need the money for long-term care or other medical costs. http://www.amazon.com/Your-Retirement-Spending-Plan-enough/dp/1461084016

Aetna health leaving CA

Aetna said it would stop selling individual health insurance policies in California next month, and nearly 50,000 existing policyholders will have to find new coverage by January. Buy only what you need: http://www.amazon.com/Health-Insurance-ONLY-right-policy/dp/1480125083

MS uninsured stuck by GOP

Many Mississippians may have no options when the new federal health insurance marketplace starts enrolling customers in October. Areas that won't have coverage offered through the online marketplace include swaths of the Delta region and southwest Mississippi, plus scattered areas elsewhere. Among those areas are Hancock and Pearl River counties. Republican Gov. Phil Bryant opposed the state-run plan proposed by the insurance department. http://www.sunherald.com/2013/06/20/4749315/insurers-may-skip-health-plans.html

NC OH health policyholders get refund due to Obamacare
Nearly 193,000 North Carolina customers will get rebates averaging $87 this summer because their health insurance company could not keep overhead costs down. Obamacare requires that at least 80 percent of each premium dollar go toward medical services. The benchmark was established to control the amount used by the companies to pay for overhead and bonuses. Ohioans will receive $486,681 this year in rebates. The rebates, issued for the first time last year, will be divvied up among 6,333 Ohio residents and come out to an average of $133 per family. This year, $500 million in rebates will affect 8.5 million consumers nationally, according to HHS, with an average rebate of about $100 per family.

CA patients receive settlement after denial of health care

Anthem-WellPoint has agreed to pay $6 million to resolve allegations that the company improperly dropped policyholders after they got sick and needed treatment. Anthem had been dropping patients since 2006 after they got sick. Anthem claimed their already-accepted applications had errors. Obamacare made this practice illegal.

CA pension fund switches to index funds

Lower cost and higher acceptance by participants were cited by trustees. The plans' custom target date funds also will be switched to passive management. Fees for the funds will drop to 6 basis points (.06), from 52, because of the change. Public employees will have up to 40% more cash in retirement because of the change. You can too: http://www.amazon.com/The-New-American-Retirement-System/dp/1461030072

CA auto rates down

Californians spent less per year on auto insurance in 2010 than they did in 1989, a rate reduction that no other state in the nation achieved. California drivers paid an average of $746 per year for auto insurance coverage in 2010, which is $2.00 less per year than they spent in 1989. Americans nationwide spent an average $791 in 2010, which is $240 more than the average price in 1989. "Name another product whose price is less today than twenty-five years ago," said Harvey Rosenfield, author of Proposition 103. It required insurance companies to open their books and publicly prove they need rate increases. Until your state gets tough, shop and save: http://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634

MetLife caught avoiding tax

Metropolitan Life is on the hook for a $2.2 million tax penalty imposed by a 2003 amnesty program. A court ruled that the phrase "all taxes due" in the amnesty act means just that: taxes due. It has only taken 13 years and $ millions to catch them.

SCAMS           "Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws." - Plato (427-347 B.C.)

Can justice be done in the mortgage scam that banks profited from?

Investors in mortgages packaged by banks were scammed by deceit. Who should pay if the investors were part of the scam or should have known better? Will there ever be justice for all Americans who were innocent victims? Can regulators ever regulate?

http://www.nytimes.com/2013/06/16/business/in-countrywide-case-watchdogs-without-any-bark.html

GOP repeals Obamacare again 37^th time

We are paying these people (half are millionaires) to meet and vote on the only chance we non-millionaires have of receiving health care we can afford in the future. Do any of them consider what other countries do for their people? Is it really so bad in Sweden or Switzerland? Not as bad as GOP says it is. Perhaps because Congress is covered already.  http://www.nytimes.com/2013/06/16/business/what-sweden-can-tell-us-about-obamacare.html

Fed pays $½ million to avoid probe

Fed regulators paid $580,000 (tax dollars) to settle claims by a former employee who says he was fired in an effort to quash his investigations. Employee Weber reported allegations of unethical conduct by recently departed Inspector General H. David Kotz. David Williams, the inspector general of the U.S. Postal Service, concluded that Kotz violated ethics rules by overseeing probes that involved people with whom he had personal relationships. Kotz had quit in January 2012 amid questions about his conduct. Smoke or Fire? $½ million sounds like a big fire.

Crop Ins: “Fraud is everywhere.”

Wealthy Congressmen want to cut benefits to the poor and give them to conglomerates

While Congress debates cuts in the federal food stamp program, it has been reluctant to make changes in the crop insurance program, despite several recent fraud cases. Ins agents OK fake crop losses so big farms can reap $millions. “Fraud is everywhere.” http://www.nytimes.com/2013/06/18/us/politics/fraud-used-to-frame-farm-bill-debate.html?

Who owns your account now?

GMAC Insurance changes name to National General Insurance. Coverage or claims of existing policyholders will not be affected in any way.

American Fellowship Mutual Insurance has been declared insolvent. 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com