Congress allows wealthy to avoid paying any taxes

 

Great gift idea: tax-free ‘Wealth Reserve’

Help you child or grandchild get off to a great start in life: open a tax-FREE account for a secure future. You can open an account with them for $1000 and as they make contributions from earnings and holiday gifts, you can show them how their money compounds at over 11% a year. There are no broker fees, charges, or commissions so every $1 works for their future benefit. They never have to pay Uncle Sam either. This is a legal IRS tax shelter. It is the ultimate wealth management system for their whole life. A ‘Wealth Reserve’ is the New American Retirement System: all earnings are tax FREE.

Get them started right: https://www.amazon.com/Give-your-child-leg-manage/dp/1096505355

 

Another way the wealthy avoid paying their fair share

Tax avoidance is the avocation of the wealthy and their ‘team.’ More popular now is the “Split the Masterpiece in Two.” With this trick, they “give away” a short time use of their collection ownership. They get a tax benefit tied to surging art values without donating a painting outright. In a typical arrangement, the piece goes back and forth between the donor and a museum. The owner gets an income-tax deduction based on the fair market value, potentially giving away more slices over time, for as long as 10 years. They can take $1,000,000 deduction every year on a $20 million piece while still viewing it at home. The IRS doesn’t release data on how often taxpayers claim deductions for these types of donations, so it’s impossible to track how much tax is being avoided with the strategy. Wealthy investors don’t typically tout it with the same publicity they might for donating an entire piece of work to a museum. Soaring prices for fine works are also helping to popularize yet another tactic that comes with tax advantages: art financing. Borrowing against the value of artwork allows people to get ample cash without having to sell, which means no capital gains taxes due. They have income they never have to pay income tax on. The rich have their cake [art] and eat [cash] it too. NO taxes ever.

American Socialism for the Rich: https://www.amazon.com/Americas-Socialism-Rich-little-people-pay/dp/1535218584/

 

Can you always “only pay for what you need”?

Liberty Mutual says: “You could save $947. Only pay for what you need with customized insurance from Liberty Mutual. Get my customized quote.”

Yes you can! Every insurance company offers to customize your coverage. Why would you pay extra for roadside assistance if you have a credit card with customer service? Why pay extra for accident forgiveness, low deductible, uninsured motorist (states that don’t require it), medical payments (if you have health care already), lost income (if you have other income), comprehensive (if your car is over 8 years old), theft (if your car type is not stolen often), bundling (if multi-policy cover is more expensive), monthly and paper billing, full year mileage, etc. Most people overpay for years: save $22,000. Discounts are not always explained—you must ask since fewer premiums means less commission to the agent. You should compare at least 3 carriers since they change their rates all the time. I have been quoted $500 to $900 for the same coverage.

Ask and save: https://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634

 

Congress helping insurers sell annuities

Many bills are being considered this year so that insurers can sell their high-cost products directly to retirees. Fee structures for annuities make it seem like you pay nothing. However, an agent may earn 10% or more on your 401k transfer--$20,000 on $200,000 for example. The insurer makes so much on your money that they pay the agent with an up front advance. Then each year you pay 2-3% of the total usually by deducting it from your account before you see the bill. The costs of an annuity are hidden in 5 or more fees and expenses charged each year. Of course there are benefits to a guaranteed income for life. However, most agents don’t mention that you are giving up the purchasing power of your money when you hand it over to an insurer. Insurers will be earning an average of 11% a year on your cash so they, NOT you, offset rising prices. Your guaranteed income may lose HALF the buying power in 20 years because of inflation. Since your family does not receive your money, they may lose a legacy if you die early. If you need your money for medical or living expenses, the insurer takes surrender charges of up to 7% of the value out of your check.

Consider alternatives: https://www.amazon.com/Retirement-Income-Annuity-Guaranteed-Life/dp/1497337313

 

Congress allows wealthy to avoid paying any taxes

Example: Stephen Ross, who developed the Time Warner Center and Hudson Yards in Manhattan, paid no federal taxes for years. He doubled his net worth from 2008 to, according to Forbes Magazine’s annual list, by adding $3 billion to his fortune. Though the developer brought in some $1.5 billion in income from 2008 to 2017, he reported even more — nearly $2 billion — in losses. And because he reported negative income, he didn’t pay a nickel in federal income taxes over those 10 years. While ProPublica has shown that some of the country’s absolute wealthiest people, including Jeff Bezos, Elon Musk and Michael Bloomberg, occasionally sidestep federal income tax entirely, this group does it year in and year out. Take Silicon Valley real estate mogul Jay Paul, who hauled in $354 million between 2007 and 2018. According to Forbes, he vaulted into the ranks of the multibillionaires in those years. Yet Paul paid taxes in only one of those years, thanks to losses of over $700 million. And we pay Congress to legally help these people pay nothing for their subsidized life in America.

Use your tax shelter: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

 

Saving $9 a day makes big difference

Those who save early don’t need to save a lot to reach all their goals. Time is money because when money is compounded in large businesses, it multiplies like rabbits. Many readers started investing late and so tell me over and over how they wish they had started when they were younger. They help their grandchildren get started with the new tax-FREE account. Saving $9 a day, $250 a month, $3,000 a year, compounds to $2,060,000. You actually deposit $120,000 over 40 years in a low-cost stock index fund (no advisor fees necessary) and your money compounds because you reinvest the profits and dividends from the Apples, Google and Amazons of this world. You pay 0.04% not 1-2% to an advisor-managed fund, so you earn the market rate of 11% a year on average. If you pay 2% per year for “advice” about securities you lose up to 63% of what you could have earned over time, according to Vanguard’s founder John Bogle.

Try compounding: https://www.amazon.com/Miracle-Compounding-Turn-day-into/dp/1470176513

 

 

 

?**********ACCOUNTABILITY**************?

 

 

Like 1776, this period is a test of democracy—We rejected an "American fascist" once

 

 

The Path to Dictatorship: 2010S-2030

 

 

“The Coup is ongoing”

 

Rule of law demoted

 

Coup enabler takes Fifth

 

Foreign donors paid for Coup

 

Special interests undermine our votes

 

 

How Govt wastes our money:

Supremes: taxpayers must pay for religious education (creationism) in some states?

Manchin holding up debate on Biden’s social-spending package: delay is GOP way

 

SCAMS/SPINS:

MI 15 year old school killer’s parents: “You have to learn not to get caught." Xmas gift

GOP to control women’s choice not control of gun choice: guns for Christ’s birth?

KY Massie shows future Christmas morning: it is scary compared with Christ’s message

 

Supremes are supreme liars: confirmation session promises on Roe by conservatives

Supremes confirm TX ban on abortions: no exceptions rape incest: pills not available

GOP crying about running up deficit again: 2017 tax break for rich cost us $4 Trillions

 

GA judge stops Biden vac mandate for fed contractors everywhere: GOP going for million dead

NYC private company vaccine mandate: more delayed openings

Athletes lie about vac: Rogers White fined $14,650; Brown, Edwards suspended 3 games

 

Easy to create fake vaccine news: we are persuaded so easily and 800,000 dead so far

Trump blames Biden for Covid deaths: irony of ironies: Trump: “just like the flue”

Covid-19 hospitalizations have increased 40% compared to a month ago

 

Study: People in states voted for Trump are at 50% higher risk of dying from COVID

People in states voting Trump forming their own national propaganda network: fake news

Trump’s GOP working to upset GA gov voting process thru fear of Blacks

 

RECALL: Veklury Remdesivir because of the “presence of glass particulates”

Drug companies pay to change Congress rules re: lowering drug prices: we lose

 

Scammers favorite ways to take your money: fake warnings, holiday jobs, fake charity

GOP dismisses pro-consumer bank regulator: fake label kills nomination

Phillip W. Conley FL caught stealing $ millions; fake ventures statements 7 yrs prison

Matthew Clason caught stealing $600,000 did errands got confidence: 30 mo prison

 

Life insurance rates to climb after 800,000 Covid premature deaths: make up lost profits 

 

CA bans gas leaf-blowers mowers in ‘24:

Gov will no longer buy your utility, phone, cable info from credit cos. Hackers get it free

Amazon’s ads have been deceiving us since beginning: gov not trace every complaint

 

Jobs

Toyota Battery Manufacturing plant Liberty NC create 1,750 new U.S. jobs.

3,000 open positions for Kris Kringle lookalikes at malls, homes and corporate events

500 LA school employees out of work: declined Covid protection

 

Shortage snowplow drivers: state agencies have to get legislative approval to up salaries.

 

Who owns your account now?

Drivers Give These 5 Car Insurers the Highest Marks: Auto Clubs, USAA need ID

Routers: best brands: Linksys and Netgear considered below average.

Google catches 2 Russkies stealing your data, bitcoins: can gov prosecute?

 

Miracles:

One-arm gymnast: “…when you practice hard and try even harder, it becomes easy”

230 skiing Santas come down the mountain

Warming may take the school house: coastal housing in jeopardy since 1950

 

Heat takes Christmas tree seedlings: years with fewer trees

Which experiences make you happy?

New Zealand makes it illegal for anyone 14 or under to smoke ever in their lifetime

 

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

 

IAN

41 Watchung Plaza, B242

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/

 

 

Is your emergency fund ready when the US stops payments in December?

 

Is your emergency fund ready when the US stops payments in December?

GOP against raising taxes on the rich and insists on keeping its big tax breaks for the wealthy from 2017 so they are talking about America not paying what it owes. If gov lays off workers, delays SS payments, or stages other malfunctions in the American system of government, Congress people still get paid. We can’t use their salaries as leverage to make a deal. Some reps are not even at work to make a deal. They still get paid. We may not get our benefits so it is important to plan where your funding will come from. If you can borrow from your bank or credit card lender, be prepared to pay it back quickly since rates are still over 25%. You don’t have to settle for 0.005% earnings in a bank savings for your emergency fund. There are many options including a low-cost balanced fund like those at Vanguard. Wellesley Income, with 60% bonds, provides over 7% return and direct deposit withdrawal capability. 

https://www.amazon.com/dont-have-money-Financial-Emergencies/dp/1537636707

 

Time can be your friend or your enemy

Most of us are not going to marry rich, own a business, inherit wealth, get really lucky, or find talent. Time is available to all of us and we can become rich by using time to our advantage. Using just your average tax refund of $3,000 a year—$250 a month—you can become a millionaire over time. With time as your fiend, you don’t need to pick the right stocks, waste your money on advisors or trade ETF at the right time. Fidelity analyzed its accounts that produced the highest returns. They found that account holders that did NOT 'manage' their accounts were the most successful. Mutual fund analyst Morningstar found that in every period low-cost funds beat high-cost funds. Buy stocks like you buy groceries not perfume, Buffett’s teacher said. Recently, Warren Buffett has proved this strategy: buy and keep buying the Vanguard 500 index fund. Time is your enemy when you try to time the market: buy low and sell high. Inevitably money managers and TV gurus, who are paid well to time the market, either sell too early or buy too late. There are many get-rich stories but few are true.

Go with Buffett: https://www.amazon.com/Just-Takes-Time-money-fashioned/dp/1979380945

 

 

Beat Wall Street money managers

Another study shows how you can beat Wall Street money managers. So called ‘professionals’ make more mistakes in trading than you do. Even if they make wise decisions about which stocks to buy they must make wise decisions about when to sell. Usually they fail. They just don’t realize that the market is not driven by rationality. Professional investors demonstrate skill when buying stocks, but their selling decisions cause them to underperform benchmarks. That’s the conclusion of a recent working paper, “Selling Fast and Buying Slow,” by four researchers who examined the trading activity of more than 700 professionally managed portfolios. “They appear to focus primarily on finding the next great idea to add to their portfolio and view selling largely as a way to raise cash for purchases,” the study’s authors wrote. Keeping your money in an index fund gives you the advantage of NOT making bad trading decisions AND not overpaying for advice. Remember the Fidelity study results. Wall Street managers need to create great buying stories so they can attract more investors’ dollars. They are not concerned about providing you with better long-term returns that beat the market. They are paid to attract new dollars not provide you with the best returns over the long term. https://www.amazon.com/You-Beat-Wall-Street-professionals/dp/1986031373

 

Vanguard pushes industry to lower fee schedule

Vanguard leads the industry to lower fees for its Target Date funds again. With an anticipated expense ratio of 0.08%, investors will have access to a sophisticated, diversified asset allocation solution at just one-fifth of the average industry costs. These funds provide expert management at low cost. You don’t have to pick the asset allocation, adjusting as you age, or remember to buy/sell different ETFs every month, or enter limit orders, or rebalance on schedule, or decide when to invest. You just set up your automatic contribution amount and Vanguard does the rest. With the option to use the new Digital Advisor, you have the best of both worlds:

Low fees and advice when needed: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

 

New auto insurance discounts that may save you $500-800

Most folks are now driving less—fewer commute and fewer trips to the mall—so you can ask for your discount. Most insurers also offer discounts for safe drivers and driving review courses like AARP’s online course. Most folks can save by raising their deductible. Put the equivalent amount into your emergency fund as you save on premium each year. You may also save by dropping your collision on an older car. I have cancelled my roadside assistance since my credit card provides it free. Pay premiums annually or semi-annually instead of monthly. I always ask the phone rep if there are any other discounts I could qualify for. Most agents don’t tell explain them since they get paid by commission—a percentage of the premium.

Shop and save: https://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712

 

Wealthy Pay a Lower Rate Than Everybody Else

New study confirms what everyone already knew: there are 2 tax systems in America. There is the one that Congress wrote for those who pay for their elections and one for the rest of us who do not pay for their elections. If you are taxing those who give you money so you can go to Washington, you give them every break possible—some really wealthy people pay nothing—as Trump said in 2016. Congress is serving those who feed them, as we would expect. How do they pay nothing? Congress only taxes some “income.” The wealthy can borrow against the value of their considerable holdings and live comfortably without selling stock or receiving any income from dividends, which new companies like Tesla and Amazon don’t pay. Congress does NOT tax wealth assets or the loan proceeds from it. Buffett’s company does not pay dividends so he pays nothing as his stock holdings increase in value. Buffett admitted that his staff pays over double what he pays in taxes: 17.7% vs 32.9%. He pays only the minimum into the SS and Medicare fund even though his net worth is $99 Billion. As one of the wealthy said: "We don't pay taxes. Only the little people pay taxes." This is Socialism for the Rich. https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584

 

 

 

**********ACCOUNTABILITY**************

 

 

Like 1776, this period is a test of democracy—We rejected an "American fascist" once

 

Our Jan 6 ‘Truth and Reconciliation Commission’

 

Terrorists knew exactly which windows were NOT reinforced

 

Domestic terrorists funded in crypto

 

Trump: “Nobody’s done more for Christianity than me” ?

 

 

How Govt wastes our money:

All these companies made $ billions but paid no Fed taxes: no wonder we owe high debt

World wealthy hide their corrupt proceeds: Pandora: how to avoid taxes: SD, NV

Our legal reps wrote the rules that let the rich hide their dough in some states: we pay bill

 

Congress on paid vacation again: can your biz operate if closed for 2 weeks?

Post office considers cashing checks for those without bank: payday lenders not happy

US fighter plane makers helped China copy F-22: US now complain J-20 fly over Taiwan

 

One guy, Mitch McConnell, decided America will not go bankrupt until December

 

SCAMS/SPINS:

Ban on ‘surprise’ medical bills due Jan: med providers will find another way to charge

Will  right-wing conspiracy theorist Jones ever have to make amends for family grief?

Trumpist confessed: Fox ‘News’ was propaganda agency of government: not journalism

ATT funds far-right fake news One America News: Trump conspiracy theories

 

Naseem Mohammed Salamah caught fraud $970,000: promised diversify accounts

Rich Already Have A Plan To Escape Biden's Tax Increase: we end up paying the rich

131 judges failed to recuse themselves from cases in which they had financial interest

 

Papal thieves complain Vatican justice not fair: lawyers never worry about abused kids

Pope ashamed of his guys but Church never called police about 200,000 abuse crimes

 

Fake misleading info is so easy to make: Facebook profits from hurting especially teens

Recall: 3.5 million Covid home test kits by Ellume: too many fake positives

Why didn’t auto-braking stop crashes involving Tesla vehicles? Computers get confused.

 

TCFG Investment CA caught overcharging 360% and kickbacks with no notice

Doctors/druggists are drug pushers: 400 opioids per resident of Trumbull County OH.

Simple Health caught selling worthless policy said complied with Affordable Care Act.

Home builders caught adding $30K to contract to finish house: suit means more delay

Car dealers caught adding $10K to sticker price bec they can even for good customers

 

Your emergency surgery delay may kill you: preventable Covid victims take ER spots

Covid vax: many would rather lose job and die than take gov cure: 712,000 dead so far

 

First ‘abortion vigilante’ to earn $10,000 by reporting abortion crime under new TX law

GOP Supremes set to repudiate abortion “settled law” despite former promises: liars!

19 states passed this year laws to restrict voting  Constitution says voting is a right!

 

Jobs

Hospital staff to replace those afraid of vax

NYS's largest healthcare provider, Northwell Health, has fired 1,400 employees  no shots

Vax mandate in many business creates openings for millions

 

Who owns your account now?

National Flood Insurance rates up for storms rise: $20 Billion in debt too

Condos you don’t want to buy/invest: 432 Park: need helicopter when elevator out

Make old-fashion toys for the kids this holiday: holiday goods sitting on Pacific & docks

 

Best Medicare Advantage plans: JD Power ratings of services, info, costs, etc

Average portfolio retirees near retirees: 35% stocks, 26% cash, 15% bonds, 9% real estate

 

Miracles:

woman-coma-covid-delivers-miracle-baby-after-postponing-vaccination-1634927

Climate change killed 14% of the world’s coral reefs in a decade: we are next?

Priceless friendship

 

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

 

Wisdom comes only thru suffering Aeschylus

 

IAN

41 Watchung Plaza, B242

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/