These Two Eastern States Are Open for Business
There were only two states on the East Coast that ranked in the Top 10 of the Tax Foundation's 2020 State Business Tax Climate Index. Those states were Florida at number 4, and New Hampshire at number 6. In the ranking, states were graded on corporate taxes, individual taxes, sales taxes, property taxes, and unemployment insurance taxes. Florida led the nation with the best ranking for individual income taxes and also secured the second-best ranking for unemployment insurance taxes. Florida placed in the top half of states in all categories. This year New Hampshire moved to 6th … [Read more...]
Tax Planning: Don’t Buy Mutual Funds’ Cap Gain Distributions
When you invest in your retirement life, it’s paramount you harness the advantages of a tax-efficient investment strategy. One strategy is to avoid surprise year-end capital gains distributions from mutual funds. Year-end distributions are why I prefer having individual, dividend-paying stocks in a brokerage account rather than the uncertainty that comes with mutual funds around this time of year. Take caution. Be prudent. Do not buy a fund around this time of year to immediately be on the hook for a tax gain. It’s like showing up for dinner, after it’s been eaten, and being stuck … [Read more...]
California’s Tax Increases Spur 40% More Wealthy Residents to Leave
Just how long will wealthy Californians accept being used as an ATM machine by the state's legislators? For years Democrats have said their ever-increasing taxes don't drive wealthy people away from the state. A new study says that theory is false. In fact, the study suggests higher taxes in California increased the number of wealthy residents fleeing by 40%. Americans do, in fact, want to leave their high tax states. The Editors at The Wall Street Journal write: Democrats in California have raised taxes on the rich again and again, and liberals claim it has no effect on taxpayer … [Read more...]
Fidelity Ends its $500M Relationship with Ken Fisher
Darla Mercado reports at CNBC: Fidelity has terminated a $500 million relationship with Fisher Investments, bringing the total yanked from the money manager to almost $1.8 billion. Officials at the giant Boston-based asset manager confirmed it would end its relationship with Fisher on Monday, in light of inappropriate comments founder Ken Fisher made at an investment conference on Oct. 8. Fisher managed $500 million in assets for Fidelity’s Strategic Advisers Small-Mid Cap Fund. “Fisher Investments does not provide investment advisory services for any portion of the assets of … [Read more...]
Here’s Why Warren’s Wealth Tax Won’t Work
Elizabeth Warren has a plan to pay for all her plans; take wealthy Americans' money. The problem is, other countries have tried just that, and it didn't work. The rich and ultra-rich can move anywhere in the world and hide their wealth there. That's exactly what they have done in other countries that tried to pin them down and take their wealth. Not to mention how difficult wealth taxes are for family farmers, whose wealth is tied up in their land. They are forced to sell parcels each year in order to fund the taxation. Pretty soon, there's no farm left! And certainly no wealth. At … [Read more...]
Your Retirement Life: Thank You EJ from Kodiak, Alaska (Part II)
You may have read about my client Dr. Lee earlier this week, how we’ve been working together for 16 years, and the story behind the homemade “Thank You EJ” sign in the picture. I want you to read his response to my post and share it with everyone whose financial security you care about. Part of my effort on your behalf is to help you avoid inertia, get into the compounding game, and always be prepared for the worst. Always think about your risks first and realize the success you and your family deserve. It’s that simple. Here's what he wrote: Well said. Hope people listen. It’s not … [Read more...]
Boston Pulls $248 Million from Fisher Investments
The city of Boston's pension board will join Philadelphia and the state of Michigan in divesting from Fisher Investments reports Bloomberg's Janet Lorin, writing: “Boston will not invest in companies led by people who treat women like commodities,” Mayor Martin Walsh said in a statement Wednesday. “Reports of Ken Fisher’s comments and poor judgment are incredibly disturbing.” The city’s pension board will pull $248 million. Fisher Investments is seeing a growing backlash since the firm’s founder made offensive comments about women, spoke of genitalia and then failed to immediately … [Read more...]
Doing Business with Fidelity (Not Schwab)
Yesterday Schwab reported third-quarter earnings. During the three months ending Sep. 30, the e-broker made 70 cents a share up from 64 cents a year earlier while revenue increased $132 million to $2.71 billion. Guess where the money was made? “For Schwab, net interest revenue made up 60% of overall revenue during the September quarter,” reports the WSJ. Do you know what net interest revenue is? It’s when Schwab lends your cash out, keeping the profit for itself. “Schwab and other e-brokers make a significant portion of their profits by sweeping cash daily from customers’ brokerage … [Read more...]
Your Retirement Life: Our Cabin on Kodiak, Alaska
I’ve been working with Dr. Lee for 16-years. He was only 53 when he became a client. Even back then he was the millionaire next door. But for about two weeks of every month, he doesn’t have any neighbors. That is unless you happen to have a cabin on Kodiak Island, Alaska. Even then you probably won’t see each other. Overlooking the water, his cabin is a fly cast away from world-class King Salmon fishing. He loves to fish. He also loves to share his knowledge and to keep learning. Before he retired he would sharpen his professional axe teaching university students about oral … [Read more...]
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