Taxes

Taxes Over? How Does Your Income Stack Up Against Your Fellow Americans?

April 18, 2012

Occasionally my wife will comment on how our house is smaller than our friends’, we drive older cars or whatever. As corny as it starts to sound to her, I always remind her that we’re actually better off than most Americans. And most Americans are better off than the rest of the world. So in […]

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Senate Rejects Buffett Rule – Fighting Stupidity with Logic

April 16, 2012

Politicians do a lot of stupid things, but this “Buffett Rule” proposed by the administration practically takes the cake.  The measure, named after Warren Buffett for his observation that his effective tax rate was lower than that of his secretary, went to the Senate for vote today and flopped with a 51-45 tally, which shows […]

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Why I’m Prioritizing a Roth IRA Over a 401(k)

March 27, 2012

Presented with the choice between maximizing contributions to either a 401(k) or a Roth IRA, many people opt for the 401(k). The prospect of “pre-tax” deductions from the paycheck is appealing since those contributions effectively reduce your tax bill each year. Additionally, the 401(k) deductions are totally on auto-drive. The money comes right out of […]

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The Tax Lie Politicians Love

March 18, 2012

Taxes are good for us, they say. Taxes help pay for the roads, the bridges, and the fire departments across the nation. More recently, taxes have become a way to protect us from ourselves. Higher taxes push us away from all those horrible behaviors that society simply should not have to deal with. Taxes are […]

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Romney’s Corporate Raider Job Gives Him a 13.9% Tax Rate

January 29, 2012

In any other year, Mitt Romney’s financial experience might be a selling point for his political campaign. Anyone in finance knows the private equity business, and many more know the firm Romney led – Bain Capital. But now Wall Street has a marketing problem. Given America’s love-hate relationship with the wealthy, his experience in private […]

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Social Security Tax Deal for 2012 Explained

December 25, 2011

Social Security Tax changes for 2012 were recently enacted but will likely change again later in the year since the latest deal only carries over for the first two months of 2012 and will likely need to be extended yet again.  Aside from extending the existing payroll tax cut by 2% (payroll tax reduced from […]

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