With the American economy firing on all cylinders after President Trump cut taxes two years ago, Democrats have come along with a plan to raise taxes. The plan is to raise the payroll tax from 12.4% to 14.8%. The plan would increase the share of GDP of Social Security taxes from 4.5% to 6.5%. Investor's Business Daily reports: Amid all the hoopla about Democrats wanting to raise taxes on the rich, they are quietly working on a bill that would increase taxes on every working family in America. Why? To fund expanded benefits for baby boomers hitting retirement. The Social Security 2100 Act … [Read more...]
Do You Have What it Takes to be a Great One?
My son’s high school hockey team won their game the other night 7-1. In what can often be a tense ride home (dad’s you know what I mean) I was more relaxed talking about his play. One of his comments was “If we beat them 7-1 what are the other teams winning by that beat us 7-1?” I’ve been thinking about that comment. Becky responded that both teams looked evenly matched at the beginning and then at one point it shifted one way. It’s hard to see that shift live and in person. It’s easier to see it after the game. Take baseball, for example. If you go to a Red Sox game and see … [Read more...]
Is Your State Winning or Losing the Tax Game?
There are winners and losers in the race for more federal tax dollars. Some states pay out large amounts of tax dollars but don't get much back. Others reap the rewards of federal largess. The New York State Comptroller's office has studied the phenomenon and laid out the facts. New York is a big loser when it comes to tax dollar allotment, ranked at 47th in net tax flows. Worse off though is nearby New Jersey, which ranks dead last in the ratio of dollars out to dollars in. If you live in New Mexico, your state is receiving the highest net tax dollar flow, with a positive per capita … [Read more...]
Your Retirement Life: What States Did Americans Flee in 2018? Where Did They Go?
Every year the United Van Lines moving study sheds some light on which states are watching citizens leave, and which are receiving them. Last year, like many years, saw Americans fleeing the high tax states of New York, Illinois, New Jersey and Connecticut, the top four states for outbound traffic. After leaving those high tax states, Americans are heading for places they can retire with low taxes, or get a job. The top five states for inbound traffic were Vermont, Oregon, Idaho, Nevada, and Arizona. The map below from United Van Lines details Americans' movements in 2018. I've … [Read more...]
Americans Most Optimistic in 16 Years About Their Finances
A recent Gallup Poll found that 69% of Americans believe their financial situation will improve over the next year, that's a 16 year high and only two percentage points off the all-time high of 71%. This is no surprise as measures of economic success have improved almost universally in the last two years. Major contributions to the economic improvement have been deregulation and tax cuts, which have allowed American corporations to increase earnings, hiring, pay, and investment. Gallup's Jim Norman reports: The 69% saying they expect to be better off is only two percentage points below … [Read more...]
Browns: One of the Biggest Improvements in NFL History
In the past I've written about the usefulness of applying some math and statistics to sports. The best explanation for such benefits was Michael Lewis' book, Moneyball. The book details the methods employed by Oakland A's general manager Billy Beane to improve the team's performance. Now, Jon Hartley reports on the use of behavioral economics by the Cleveland Browns to improve from 2017's sad 0-16 losing record to 2018's 7-8-1 record, one of the biggest single-season improvements in NFL history. No surprise here, there's a big time Billy Beane connection. Hartley writes: The turnaround was … [Read more...]
Can America Afford the Green New Deal?
The short answer is, no. The Green New Deal is a pie in the sky statement of Utopian dreams. The resolution calls for rebuilding every American building, ending all traditional forms of energy production within ten years, building trains across the oceans with capacity great enough to replace all air travel, and other similarly unachievable measures. The renewable energy generation measures alone would cost around $5.7 trillion. The 14 page resolution's other demands would cost many trillions of dollars more, and would impose hardship on every American family by forcing them to renovate … [Read more...]
Canadian Crypto-currency Debacle
“A Canadian cryptocurrency exchange says about $140 million worth of customers’ holdings are stuck in an electronic vault because the company’s founder, and sole employee, died without sharing the password,” reports Paul Vigna at the WSJ. On Jan. 15, the company announced on its website that Mr. Cotten had died on Dec. 9 from complications related to Crohn’s disease while building an orphanage in India. He was 30 years old. Two weeks later, the exchange filed for bankruptcy protection in a Nova Scotia court. Quadriga said its customers have accounts with a total balance of about C$250 … [Read more...]
Did Crypto-currency or Bad Governance Beat These Investors?
Buyers using the QuadrigaCX exchange to invest in crypto-currencies are waking up to the possibility that their money may be gone forever. What happened, you ask? The system, like all crypto-currency systems presumably, was encrypted, but in the case of QuadrigaCX, only one man knew the password, and he's dead. Gerry Cotten, founder of QuadrigaCX took the password used to access customers' $145 million in digital assets with him to the grave. Without the password, it appears there is little the company can do to access customers' assets. Coin Telegraph reports: The exchange only has … [Read more...]
Underfunded Pensions and a Devil’s Bargain
In Pontiac, Michigan, pensions for public employees have been underfunded for years, and the city is going to raise taxes to help fund pension payments. This same predicament is playing out across America, with pensions in many states and cities woefully underfunded, and with pension boards who overestimate returns to paper over the problem. Like many pensions, those in Pontiac are restricted on the proportion of assets that may be invested in equities compared to fixed income and other securities. The current limit is 40% of assets may be invested in equities. These limits are in place … [Read more...]
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