"No Sweat Investing" is here

Introducing Law Steeple author of "No Sweat Investing"
Law has been one of our Insiders who helped create the Insider’s Guides to Financial Services. He has put together his experience with clients investing in No Sweat Investing: amazon.com/No-Sweat-Investing-your-money

Managed mutual funds can’t justify the high fees anymore
Index mutual funds took in a record $76 billion last year, and exchange-traded funds, which are predominantly passive, scored another $121 billion. Actively managed funds, meanwhile, lost about $9.4 billion, according to Morningstar Inc. The outflows create “hidden” costs, such as tax consequences from forced selling or extra transaction costs. You may be paying for the shift from managed to index funds during this period of low market returns. If your advisor made $0 or lost money, you still had to pay for their salary and bonus plus the taxes created when they sold assets to reimburse clients who left. Members have decided to seek Wealth Without Wall Street. amazon.com/Wealth-Without-Wall-Street-Commissions/


Half of American households receive some government benefits
Some 48.6% of the population lived in a household receiving some type of government benefit in the second quarter of 2010, up a notch from 48.5% in the first quarter, according to Census data. In the second quarter, 34.4% lived in a household benefiting from food stamps, subsidized housing or Medicaid, among others.
This does not include House members like Bachmann’s farm subsidy and six Democrats and 17 Republicans who receive over $6 million in addition to salary and expenses. http://www.ewg.org/agmag/2011/03/farm-subsidies-paid-to-the-members-of-the-112th-congress/
This does not include Congresspeople who receive other direct subsidies (oil, gas, etc).
This does not include corporations like GE that received tax benefits of $3.2 Billions.
This does not include 66% of US corporations that pay NO tax at all. http://www.forbes.com/sites/timworstall/2011/08/16/two-thirds-of-us-corporations-dont-pay-federal-income-tax-true-but-horribly-misleading/
America’s tax system is complicated and slanted.


Obama’s State of Union gets voter’s OK
Polls show that even GOP voters favor Obama proposals. http://www.whitehouse.gov/photos-and-video/video/2012/01/25/2012-state-union-address-enhanced-version#transcript


Women short changing themselves on retirement
Only 8% of female workers believe that they’re building a large enough retirement fund for themselves, according to the Transamerica Center for Retirement Studies. Yet women live longer and thus need income for more years. Women who invest are more confident in meeting future needs. Members use our Guide to plan future: amazon.com/Leahs-Money-Book-control-money/


Romney as 1 percenter pays only 13.9%—Newt at 32%
Romney’s 2010 return shows he received $22 million—much of it is so-called carried interest, which is taxed at the preferential rate of 15% and is reported as a capital gain.
Carried interest is compensation paid to general partners at private equity firms -- such as Bain Capital, which Romney left in 1999. Venture capitalists like Romney put up a little capital and use OPM (other people’s money) to buy a company, reorganize and sell it, taking 20% of the sale price. Partners usually defer as much of their compensation as possible. They invest the rest offshore so they can control taxes. Romney gives over 10% of his income to charity so his tax rate may be less than 14%. Some analysts say his returns have been reworked since he has been running for Pres since 2004. Warren Buffett said, “He makes his money the same way I make my money.” “He makes money by moving around big bucks, not by straining his back or going to work and cleaning toilets or whatever it may be. He makes it shoving around money.”
By contrast, Newt earned $3.1 million in 2010 and paid an effective federal tax rate of about 32 percent, returns released by the candidate on Jan. 19 show. Newt sells books and steers Congress about companies he “advises.” Romney pays tax of $3 mil on $250 million in assets—about 1.2%. Most people pay over 5% of their assets in tax. Median US income is $33,048. The 2011 tax table says this person would pay 15%, just like Romney. Taxing global assets, not earned income, might be the fairest way to tax.


Romney gives lady money after she says God told her to follow Romney bus
And pray for him. SC treasury official pays her light bill.
"God didn't tell me to go to nobody else, He told me to pray for Romney," said Williams, when asked why she has decided to support Romney. "I listened to the Lord."


IRS on smartphones ????
The IRS offers multiple avenues for you to get tax information. If you have a smartphone, we have an app! If you like to watch videos from your phone or computer, we have dozens of helpful YouTube videos…and, of course, follow us on Twitter.
Check out how the IRS delivers the latest tax information, initiatives, products and services through social media.
1. IRS2Go The IRS recently launched a smartphone application that allows you interact with the IRS using your mobile device. Our app can help you get your refund status and tax updates. IRS2Go is available for the iPhone or iTouch and the Android.
2. YouTube The IRS offers short, informative videos on an assortment of tax-related topics through our YouTube Video channel. The videos are offered in English, American Sign Language and a variety of foreign languages.
3. Twitter IRS tweets include tax-related announcements, news for tax professionals and updates for job seekers. Follow us @IRSnews.
4. Audio files for podcasts These short audio recordings provide useful information on one tax-related topic per podcast. They are available on iTunes or through the MultimediaCenter on IRS.gov.

Tax filing FREE if income (AGI) under $57,000 and $10 if over $57,000
The internet has provided the means to efile taxes to IRS and state government for $10 or free. Using IRS list, pick a provider or search the web for software that has no income limit and files the state return too for $10. Using last year’s return most people can figure out what goes where and beat the cost of an accountant. Some of the storefront vendors charge over $50 for a simple return. Avoid online vendors who charge more than this since you are doing the work not them. Members know how to save on expenses so doing taxes can be learned too.


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