MONEY: Tax deferred maybe a trap!

Tuesday, April 16, 2013

http://online.wsj.com/article/SB10001424127887324050304578412932073225110.html?mod=WSJ_hp_mostpop_read

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That’s the message in President Obama’s budget for fiscal 2014, which for the first time proposes to cap the amount Americans can save in these tax-sheltered investment vehicles. The White House explanation is that some people have accumulated “substantially more than is needed to fund reasonable levels of retirement saving.” So Mr. Obama proposes to “limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013.” 

*** end quote ***

Interesting. 

When the big IRA / 401k accounts are thought about logically, are they not converting “capital gains” into “ordinary income”?

Would they be better off making investments in taxable accounts?

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MONEY: TAX ON YOUR BANK

Sunday, March 24, 2013

http://www.theblaze.com/stories/2013/03/16/eurozone-country-surprise-were-putting-at-least-a-6-75-tax-on-your-bank-account/

BUSINESS
EUROZONE COUNTRY: SURPRISE! WE’RE PUTTING AT LEAST A 6.75% TAX ON YOUR BANK DEPOSITS
Mar. 16, 2013 10:12pm Erica Ritz

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Congratulations Cyprus savers – you were just betrayed by both your politicians, and by Europe – sorry, but you are the “creeping impairments” in the game known as European bankruptcy. And so is anywhere between 6.75% and 9.9% of your money, which you were foolish enough to keep with your banks (where at least you were compensated with a savings yield of… 0%).

More importantly, as of this morning Europe has finally grasped that there is a 6.75% to 9.9% premium to holding physical cash in your mattress rather than having it stored with your local friendly insolvent bank.

Luckily Cyrpus is so “small” what just happened there will never happen anywhere else: after all in Europe nobody has ever heard of “setting an example“. Or so the thinking among Europe’s unthinking political elite goes…

*** end quote ***

So, how do you, the average Sheeple, protect yourself?

Don’t think that this will go unnoticed around the world!

My concern is not so much a tax on “savings”; my concern is a seizure of IRA/401ks.

Figure there are only about 3k financial institutions that are “custodians”. All regulated up the wazoo by the District of Corruption. 

Every so often, “trial balloons” get floated about the Gooferment taking those in exchange for an “enhanced Social Security benefit”.

So my gold and silver bullion or nickels strategy don’t look so bad now!

Sometimes capital preservation is more important than investment gain lost!

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MONEY: ROTH IRA’s tax-free status may NOT be dependible

Saturday, April 24, 2010

http://www.ricedelman.com/cs/pressroom/pressroom_detail?pressrelease.id=1122

Roth IRA Conversion Question
For Immediate Release
April 22, 2010

*** begin quote ***

Question: Regarding Roth IRA conversions, what is there to prevent the government 10, 20 or 30 years from now taking these Roth IRAs and changing rules and making them taxable, either all or in part, or making them subject to the AMT?

Ric: There is nothing preventing Congress from doing that. That is one of our objections to the Roth IRA and specifically to the Roth IRA Conversion.

Congress says Roth IRA withdrawals are tax-free, but we get a new Congress every two years. Planning to retire in 20 years? That’s 10 Congresses from now.

If the government needs more revenue, a future Congress might decide to tax the money held in Roth accounts. You can even argue that this is why Congress allows Roth conversions in the first place: The conversion does not necessarily lower your taxes, but it does accelerate your payment of them. By getting you to convert, Congress gets the tax revenue now. Clever, huh?

Do you trust Congress to honor its promises? The more you do, the more confident you can be about putting money in the Roth IRA. Personally, I am not terribly confident.

*** end quote ***

The out of control congress doesn’t inspire confidence.

As they cast around for “revenue”, the 401ks and IRAs must certainly be attractive.

Watch your wealth it’s hunting season for money in DC!

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POLITICAL: We can’t afford gooferment skrools!

Tuesday, April 20, 2010

http://channel-surfing.blogspot.com/2010/04/dangers-of-governing-with-mandate-you.html

Tuesday, April 13, 2010

The dangers of governing with a mandate you haven’t earned

*** begin quote ***

To be fair, the governor had a disastrous fiscal situation to deal with. The state has been spending more than it has been taking in for years, and it has been clear since the day Jon Corzine took office in 2006 that something had to be done. To his credit, Gov. Christie is attempting to put the state on sounder fiscal footing; his approach, however, ignores public priorities and has little to do with fairness.

*** end quote ***

Unfortunately, “we” are at the time where the earth is shifting under our “collective feet”.

We, as a society, can no longer afford gooferment supplied “education”.

Sorry, but that is a “facts of life”. There’s just too many “facts”. Too much “overhead”. Too many chiefs. Too many “mandates”. Too many “union rules”. Too little innovation. Too much “entrenched fiefdoms”.

Christie is just one in a long line of politicians who are trying to adjust. Like a soon to be dead fish, flopping around on the dock. A lot of activity without much chance of success.

Dewey and Mann were socialists who brought the Prussian model of education to the USA. It was right for what they wanted to accomplish — socialism. It was, and is, wrong because it’s not what the American people want or need.

As an IT/BPR practitioner, we need to recognize the basics. Parents need to be in charge. Education is just one more aspect of the things a parent needs to provide. We need a plan to migrate from where we are to where we want to be. It took almost 100 years to get into this mess; it will take decades to get out.

Recognizing the problem is the first step!

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GOVEROTRAGEOUS: When you file your return … …

Thursday, April 15, 2010

http://www.wnd.com/index.php?fa=PAGE.view&pageId=137225

INVASION USA
Illegals bilk taxpayers in $13 million fraud ring ‘This is an extraordinarily serious, large case’
Posted: April 06, 2010 9:24 pm Eastern
By Chelsea Schilling
© 2010 WorldNetDaily

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McDonald told the newspaper that two tax preparation companies, Seguros Internacionales, in Spartanburg and Forest City, N.C., and Poz Servicios Para Hispanos, in Boiling Springs, and associated individuals filed at least 10,000 federal income tax returns and claimed more than $22 million in refunds. The two firms are said to have been shut down.

*** and ***

“The fraud can go undetected for years – until the child looks for a job as a teenager,” he explained.

Rubenstein adds that the ACTC is even available to illegals without Social Security numbers. They simply use an Income Taxpayer Identification Number, or ITIN, which he says the “IRS is only too happy to provide.”

According to the report, the General Accounting Office has reported that the IRS estimates between 27 and 32 percent of EITC dollars are collected fraudulently.

*** end quote ***

Yeah, when you file your return, think about the EITC and get mad.

The whole income tax fiasco should make you mad anyway, but this should just send you off the deep end!

It does me.

Argh!

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POLITICAL: Why are charities running shopping centers?

Friday, April 9, 2010

http://www.lifenews.com/nat6213.html

Komen for the Cure Deepens Ties With Planned Parenthood Abortion Business
by Steven Ertelt LifeNews.com Editor
April 1, 2010

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Washington, DC (LifeNews.com) — The Komen for the Cure breast cancer foundation has been under fire from pro-life advocates for years for its ties to the Planned Parenthood abortion business. In a new column, pro-life writer Jill Stanek uncovers new information showing the link between the two groups is deepening.

Komen’s ties to Planned Parenthood are well documented and figures from STOPP International show Komen chapters giving $711,485 from April 1, 2005 to March 31, 2006 to Planned Parenthood affiliates.

And in numbers provided to the Associated Press, Susan G. Komen for the Cure spokeswoman Rebecca Gibson confirmed 19 of the 122 Komen affiliates made grants totaling $374,253 to Planned Parenthood during the 2005-2006 fiscal year.

Figures show Komen affiliates have given Planned Parenthood $3 million between 2003 and 2008 and $805,000 in the 2008 fiscal year.

Those donations and links have continued as Komen affiliates in California, Idaho, Colorado, Iowa, Texas, and other states have either made donations or worked with Planned Parenthood abortion centers.

*** and ***

Stanek says the response leaves open more questions about the Planned Parenthood-Komen relationship.

“Why didn’t PPGNW cash in its inheritance? Why didn’t Eric buy? If the share was willed, it was worth something. The real-estate market was thriving in 2006. It appears both partners are OK with this now four-year-old business partnership,” she responded.

Brinker also attempted to defend the donations to Planned Parenthood in his contact with Stanek, saying “only “20 of Komen’s 122 U.S. Affiliates fund breast-health services through local Planned Parenthood clinics” and adding the total money given represents “less than one percent of the total granted by affiliates.”

*** end quote ***

Related web sites:

Susan G. Komen Breast Cancer Foundation – http://www.komen.org

National Coalition on Abortion/Breast Cancer – http://www.abortionbreastcancer.com

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Interesting question is why are charities running shopping centers?

Could it be because they are tax-deductible?

Argh!

More stuff that makes no sense.

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RANT: ONLY REAL PEOPLE PAY TAXES

Monday, February 22, 2010

http://channel-surfing.blogspot.com/2010/02/driving-rich-away.html

Thursday, February 04, 2010

Driving the rich away

Hank Kalet

FROM THE COMMENTS

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Dear Anonymous:

>we should reduce taxes on businesses and corporations because it will create jobs.

Help me understand something: A business sells “stuff”. It adds up all its costs, tacks on some profit, and people but that “stuff”. A corporate tax is just ANOTHER cost. The business actually EITHER passes it along to the consumer OR goes out of business.

Right?

(Ignore for the moment that if it reduces its obscene profit to cover the tax so as not to pass it along. It still is passing that tax along by accepting a lower profit.)

So, we should have a ZERO corporate tax for NO OTHER REASON than it conceals exactly how much we are paying in taxes.

ONLY REAL PEOPLE PAY TAXES.

Jobs has nothing to do with it! Honesty does.

If I buy a can of beans, I have NO way of knowing how much “tax” I am paying in the price of that can of beans.

On April 15th, the tax I paid on that can of beans isn’t in what I pay as “my taxes”. It’s hidden.

I think if people knew what they were paying, really and truly, bottom line number, there would be a GIANT revolt. Make the Tea Parites of last summer look like a gardent tea party.

It’s actually much worse than we can intuit. When a company makes a capital good that other companies use to make “stuff” we have taxes on top of taxes being hidden. Buried hip deep in obfuscation.

And the congresscritters like it just that way. Keep the rubes dumb about what they are actually paying for this class of a “new priesthood” in the District of Corruption and other “capitols”!

Argh!

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