Monthly Archives: April 2014

Wealthy paid 13% more tax in 2013 on same income as 2012

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“How is it possible that an increase of 4.5% in the top tax bracket can result in a 13% to 15% increase in income tax liability in 2013 compared to 2012 with identical income and deductions? The answer lies in the fact that the increase in the top tax bracket was just one of several changes, the cumulative effect of which wreaked havoc on high income households.  In addition to the increase in the Social Security tax rate from 4.2% to 6.2%, there were six changes in the tax law that were responsible for a decline in spendable income for high income filers in 2013.  The common theme of the six changes is that they’re all income-driven. Their impact is felt as you exceed defined income thresholds.”

http://www.marketwatch.com/story/wealthy-paid-13-more-tax-on-same-income-2014-04-25

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Bill Bonner: A New Manifesto for Building Wealth

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“The serious long-term wealth builder has to anticipate the end of the trend – and make sure he is not destroyed by it.  That means being on the right side of the magic of compounding – which involves making profits on your profits. You want your gains to compound, but not your costs.  Finally, the serious long-term wealth builder can wait for the ‘perfect pitch.’ He is not afraid of volatility. He knows that prices go up and down. He knows, too, that he can wait for prices to get to bargain levels before he buys.  He is a ‘patient opportunist,’ in other words. Buying at epochal lows, he has a much better chance of compounding gains over a long time.”

http://www.bonnerandpartners.com/a-new-manifesto-for-building-wealth/

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Retirement Myth Reveals the Possibility of Great Socioeconomic Change

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“So now we know: Even a million dollars isn’t enough to retire on. Sounds reasonable, given all the obstacles to retirement in the West and especially in the US. But there is a problem with this article that is much bigger than the retirement issues it explores. The problem is – and we can see from the article’s feedback – that the readership is a good deal more sophisticated than the article itself. As we’ve often pointed out, when people cease to believe in the narrative provided to them by their own elites, then inevitably society begins to change in fundamental ways. As we can see, this article glosses over the REASONS for increasing retirement problems.”

http://www.thedailybell.com/news-analysis/35245/Analysis-of-Retirement-Reveals-the-Possibility-of-Great-Socioeconomic-Change/

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Will Facebook Bring Down the Government?

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“This sharp decline in trust has not been triggered by a particular event. In other words, the federal government cannot reverse this decline by changing its position on any particular piece of objectionable legislation or enforcement. The government now has to hope that this decline in trust will be reversed by nothing in particular. If it cannot be reversed, then the government’s ability to use coercion to gain specific public responses is going to decline. Too many people will not cooperate.  We do not see any major change in policy in Congress. We do not see any particular branch of government encountering anything resembling organized resistance. But trust is rapidly disappearing.”

http://www.garynorth.com/public/12381.cfm

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Rasmussen Poll: 37% of Voters Fear the Federal Government

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“Thirty-seven percent (37%) of Likely U.S. Voters now fear the federal government, according to a new Rasmussen Reports national telephone survey.  Perhaps in part that’s because 54% consider the federal government today a threat to individual liberty rather than a protector. Just 22% see the government as a protector of individual rights, and that’s down from 30% last November. Two-out-of-three voters (67%) view the federal government today as a special interest group that looks out primarily for its own interests. Just 17% disagree, while 15% are undecided.  Only 19% now trust the federal government to do the right thing most or nearly all the time, down from 24% in June.”

http://www.rasmussenreports.com/public_content/politics/general_politics/april_2014/37_of_voters_fear_the_federal_government

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Obama: We Will Go To War For Other Nations’ Petty Territorial Disputes

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“President Obama, who is in Japan today, has announced that the U.S. defense treaty with Japan applies to the Senkaku/Diaoyu Islands. Japan and China are in dispute over who has sovereignty over the largely uninhabited island chain in the East China Sea, but Obama’s statement, simultaneously meant to reassure Tokyo and threaten Beijing, made clear that the U.S. will go to war against China if the territorial dispute erupts into conflict.  The Senkaku/Diaoyu Islands are not a vital U.S. interest. The dispute over them between Japan and China has nothing to do with Americans. But Obama just promised the world he’ll go to war over a bunch of rocks in the East China Sea, if he has to.”

http://antiwar.com/blog/2014/04/24/obama-we-will-go-to-war-for-other-nations-petty-territorial-disputes/

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Exactly Like 7 Years Ago? 2014 Is Turning Out Eerily Similar To 2007

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“Just like seven years ago, the stock market has soared to all-time high after all-time high.  Just like seven years ago, the authorities are telling us that there is nothing to worry about.  Unfortunately, just like seven years ago, a housing bubble is imploding and another great economic crisis is rapidly approaching.  Back in 2007, we saw margin debt on Wall Street spike dramatically and help fuel a remarkable run in the stock market.  And just like 2007, consumer credit is totally out of control.  It is only 7 years later, and the same things that happened just prior to the last great financial crisis are happening again.  Only this time we are in much worse shape to handle an economic meltdown.”

http://theeconomiccollapseblog.com/archives/exactly-like-7-years-ago-2014-is-turning-out-to-be-eerily-similar-to-2007

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Quora: What is a job that exists only in your country?

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“Tehran traffic authorities have introduced restrictions on the amount of cars on its roads in attempt to reduce congestion and pollution in Tehran downtown.  They did this by adopting odd-even traffic restriction on alternative days. Cars with number plates ending with odd numbers were restricted one day and the next day cars with number plates ending with even numbers were restricted.  Since they have started using traffic cameras to check the car plate numbers, a new strange job has formed. They get money from you before you approach the traffic camera and just walk behind your car while you drive slowly.”

http://www.quora.com/Jobs-1/What-is-a-job-that-exists-only-in-your-country

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Meet the Rugged Prospectors Still Panning for Gold in California

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“One surprising ripple effect of the Great Recession is the resurgence of independent gold prospecting. In California, evaporated savings, layoffs, and foreclosures sent some running to the hills. Sarina Finkelstein’s series The New Forty-Niners chronicles these modern prospectors with anachronistic images, some of which look like they could have been made 150 years ago.  Gold panning in the creeks of the Sierra Nevada mountains has been a mainstay since the Gold Rush of the mid-1800s, but for decades it tended to draw only hobbyists and small-scale speculators. Now, gamblers, romantics, and crusty entrepreneurs are joining the old-timers down by the river.”

http://www.wired.com/2014/04/sarina-finkelstein-new-forty-niners/

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Millennials Mired in Wealth Gap as Older Americans Recoup Wealth

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“The damage inflicted on U.S. households by the collapse of the housing market and recession wasn’t evenly distributed.  For households headed by someone 40 years old or younger, wealth adjusted for inflation remains 30 percent below 2007 levels on average.  Net worth for older Americans has already recouped the losses.  With fewer young people owning homes, not as many are benefiting from the rebound in home prices.  What’s more, heads of households under age 40 aren’t benefiting as much from a boom in equity prices, which have hit record highs this year. About 27 percent of 18 to 29 year olds owned stocks as of April 2013, compared to 61 percent of 50 to 64 year olds.”

http://www.bloomberg.com/news/2014-03-31/millenials-mired-in-worth-gap-as-elder-americans-recoup-wealth.html

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