Retirees will need to un-retire and go back to work

 

These money managers have “best” investments safeguards

These managers promise to safeguard your money for the next 10 years using Treasuries or high-yield bonds or gold or real estate. But what if equities regain their glow next year like they have in the past? Buffett’s strategy of buy and hold a low-cost S&P 500 index fund has proved his genius. This index is down 15% this year but in 2009 it was up 27.11% after being down in 2008 -37.22%; it was up in 2003 28.72% after down in 2002 -22.27%; it was up in 1991 30.95% after down in 1990 -3.42% and up in 1989 by 32%. This index provides over 11% over time and reflects every sector of the market. Recently it was dominated by the tech firms since it is structured along the current market capitalizations. But also recently, the Energy index soared. The index fund you pick must be a low-cost one so that you don’t give up HALF your gains to the seller over time.

No safeguards; just hype: https://www.amazon.com/Fact-based-Investing-first-million-hardest/dp/1977574270

 

Retirees will need to un-retire and go back to work

The National Institute on Retirement Security reports that almost 40 million households have no retirement savings. An October 2020 study by the Center for Retirement Research calculated median retirement account (401(k)/IRA) balances by age from Federal Reserve survey data. The average worker will receive about $412 a month by age 66. The average SS benefit is $1,544. Instead of investing in a ‘safe’ 5% investment option, you could use the low-cost S&P 500 index fund and receive $3,491 a month based on the historical average return of 10% a year. Starting late at age 35, you can easily cover your average expenses of $2,479 monthly. Here are the current numbers:

• 35 to 44: $51,000
• 45 to 54: $90,000
• 55 to 64: $120,000

The median retirement account balances will leave the average worker in need of another job during retirement. You could also use a special tax-FREE retirement account.

https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976

 

Options for your 401k, 403b retirement money if change jobs

To avoid ruining your retirement fund, there are several ways to preserve your tax advantaged accounts. You may be paying taxes and fees you don’t need to and thus canceling the Miracle of Compound. Buffett regards compounding as the key to his unparalleled asset accumulation of $109 Billion. Compounding is earning money on your money without doing a thing. You give up this strategy if you do not keep your nest egg growing AFTER you leave your job. Leaving your 401(k) account behind in a former-employer plan after changing jobs can cause participants to lose up to $7,000 in fees over the long term. If you keep your account’s tax-favored status by moving your funds from your old employer to a rollover IRA directly, you keep the Miracle working for you. Directly moving money from your old account to your new account by having your IRA trustee handle it, you avoid paying tax and fees on the balance. If you cash out or take possession of the lump sum, you will lose cash and also the Miracle. Example: your 401k is worth $150,000. You lose your job and take the money or you miss the deadline for a personal rollover. First your employer must deduct 10% and send it to the IRS. There may be a fee to close out your account and send you a check.

Use the Miracle: https://www.amazon.com/Miracle-Compounding-Turn-day-into/dp/1470176513/

 

Another way Congress lets billionaires avoid taxes we pay

Ray Dalio money manager and the industrialist Koch family have pioneered philanthropy through the 501(c)(4). More than just a charity, it can avoid punishing taxes so they can become multi-billionaires. They don’t pay their fair share as we must. Congress allows them to retain business control even though giving to charity is supposed to the opposite. When we give to a charity, we don’t get to control the assets we gave. Because the wealthy retain control of the assets they got a tax deduction for, they can use the asset values to influence politics. Corporations can now give unlimited money to candidates and Congressional lobbyists. This means they can control how and where they spread influence. This is the most effective “dark money” political giving tool. We are limited to $2,900 gifts and so don’t even get an audience from out representatives. The C4 structure allows Patagonia’s Chouinard, 84, donated his company to create a new $3 billion environmental nonprofit that will exert influence long after his lifetime. Senator Sheldon Whitehouse, a Rhode Island Democrat calls 501c4 an “increasingly powerful tool for mischief by the mega-rich.” We have one way to avoid paying their taxes.

https://www.amazon.com/New-American-Retirement-System-TaxFREE-ReserveTM/dp/1461030072

 

Is a Health Savings Account (HSA) right for you?

Many working people will enroll in a high-deductible health plan. That means that you are also eligible to contribute to a Health Savings Account (HSA), which has triple-tax-free benefits: tax-deductible contributions, tax-free earnings growth, and tax-free withdrawals when used for qualified medical expenses. This makes them better than even Traditional and Roth IRAs. You don’t give up your contributions each year (Flexible Spending Accounts) and you can use the funds in retirement to supplement your other retirement funds. There may be more health related expenses in retirement than when you were working. This makes this account very desirable. Find out more here.

Max out all your benefits: https://www.amazon.com/Maximize-Social-Security-Benefits-Retirement/dp/1495439224

 

How much should you invest for a decent retirement fund?

Most people have no idea how much and in which investment option they should be putting their hard-earned money into. Even though we never had a class about this important subject in high school, it becomes a critical and easily answered question. As a 30 year old in my first good job earning less than $10,000, I saved nothing. By 1988, I made about $15,000 and saved about 6% in Fidelity’s popular Magellan Fund because my boss showed me his statement’s gains. From then on I invested in stock growth funds inside my tax-advantaged 401k. Some employers matched my contributions and some did not. For those who did not, I put my now 8% into a tax-deferred IRA, taking the tax deduction which lowered my overall annual income tax. The stock market tumbled a few years but I did not know of any other alternative. Actually I tried to sell all my company fund shares during the beginning of the Gulf War but my broker did not follow my instructions. He tried to sell me a deferred annuity. This would have been a bad choice since the mutual funds soared 31% in 1991. I never used a broker after that. I moved everything to Vanguard since the fees were lower than all the other funds I owned. I stayed in growth stock funds for the rest of my working life. I owned about 10 different broad stock funds and really did well in 2021. I moved 50% of the total retirement funds to a balanced fund in 2000 and 2001 with no commissions. During my once-a-year review, I estimated my retirement income using Vanguard’s Retirement Income Calculator. Years before retirement, I used the Vanguard Nest Egg Calculator to make sure I would have enough to live on. If I started investing today, I would use the tax-FREE Roth IRA account instead. This would reduce my income taxes from other sources like Social Security benefits, which are taxable at my current income level.

 

Make sure you use all your credits and deductions

Certain credits may give you a refund even if you owe no taxes. Because the IRS does not tell you if you missed a credit or deduction and your preparer only looks for a refund of any size, you may be missing $hundreds in refunds. You need a basic knowledge to make sure you don’t overpay. In fact, you may avoid the tax prep fees if you can follow the basic pattern of your tax return from last year. Most people have the same income sources and expenses as previous years. So most income tax filings can be done by you for free with one of the sites authorized by the IRS: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free or volunteers at https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers.   Saves you $323 or more.

https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO/dp/1539462382/

 

 

 

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

 

 

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

 

 

The Path to Dictatorship: 2010-2030

 

Parallels of this era in the past may hint at our future: democracy breaks apart legally

 

 

Jan 21 2010 Corpor­a­tions’ election-spending unlim­ited

Billionaires paid $881 million for votes in 2022 midterm elections

 

Nov 2020 Wealthy discredit election process

 

Nov 21 2020 Trump’s Plans for a Coup: criminal

 

Nov 21 2020: Trump plan: US Marshals seize voting machines

 

Jan 6 2021 Direct assault failed: guns & bombs ready

 

Trump engaged in a "criminal conspiracy" to stop Biden

 

“I don’t f—ing care that they have weapons”

 

Trump was “detached from reality”

 

Trump used mafia-style intimidation on the defenseless

 

Parscale: “a sitting president asking for civil war.”

 

Trump: “Just say the election was corrupt and leave the rest to me” 

 

GOP fascism: “RINO hunt armed; no bagging limit” J6 comm threat

 

Trump’s Supremes END personal rights & state laws except for weapons WMDs

 

Fascism: GOP to stop women leaving state for abortion

 

It’s not a court. It’s a junta: Two Americas

 

Trump: President Biden is 'enemy of the state'

 

Christian Nationalist Party (CNP) replaces GOP

 

Nov 8 2022 Trump’s “national revolution” failed

 

Nov 15 2022 Trump announces for 2024 to avoid lawsuits

 

Jan 2025 Dictator pardons himself: his Supremes agree

 

 

How Govt wastes our money:

606 people killed by neighbors: can America’s reps stand up to war gun fantasy

 

 

SCAMS/SPINS:

Trump going with anti-Semitism this time: he and Nazis plan to take over US in ‘24

Terrorist guilty: Oath Keepers leader found guilty of trying to overthrow our gov

So far, 912 terrorist charged with crimes, 492 convicted of trying to overthrow gov

 

RECALL Lead: Sippy cups sold at Whole Foods, Amazon recalled due to lead poisoning 

Baby formula in short supply until Spring 2023

 

Tesla on autopilot repeatedly hits a child mannequin in stroller

Musk wants to put chip in our brains: what could go wrong?

 

Overcharges on your internet/cable: tricks get us to pay more

Internet tax preparers sending data to Facebook:

European Central Bank: Bitcoin is being artificially propped up: not legit

 

Loan Doctor caught promised guaranteed interest rates between 5% and 6.25%: refunds

 

 

How to stop corrupt Supreme Court: Supremes get perks from rich; give advance notice

“Grandparent scam”: You get a call from someone pretending to be your child/grandchild

 

Jobs

the-fastest-growing-jobs-for-2022

 

Who owns your account now?

Car models retiring: you might consider another brand

Elon Musk’s losses for 2022 topped $100 billion: I feel better about my account

Smoking among young adults fell from 35 percent to 12 percent during the past 20 years

 

Miracles:

Most boring game: World Cup: U.S. 0-0 England play to a scoreless draw

Hemgenix new Hemophilia B one-time gene therapy product producing Factor IX  

Toledo City OH will use American Rescue Plan to buy out medical debt for residents. 

 

Lung Cancer Screening Can Catch Tumors When They're Curable

Dallas to ban gas mowers to cut noise, co2 pollution

Same Sex supported by 19 Republicans. Thirty-six GOP do not believe in equality

 

Robot removes a 2.3-inch cancerous tumor from a 61-year-old's throat

 

 

 

 

 

Our Universe is Mind-Blowing

Light is both a particle and a wave depending on how we look at the light.

I don’t think that there is any such thing as a position or a velocity of a particle.

Everything (galaxies to stones) in universe made of subatomic energy ‘vibrations’

A subatomic ‘particle’ is the smallest possible vibration (quantum) of a quantum field.

 

Mass–energy equivalence: E=mc^2.  At the smallest level; Everything is moving a little

Energy into matter: scientists converted light energy directly into matter in one step

Physics Nobel Prize: “entanglement” 2 particles share info instantly at a distance

“It may be that gravity and quantum mechanics are exactly the same thing,” Leonard Susskind

Gravity might induce the collapse of quantum vibrations into 1 quantum state—our world

 

There is no TIME at this level because of force fields come and go in all directions. 

Universe expanding: events may not come together like they did before.

Inside protons, neutrons, it is the fields of the virtual particles that creates its mass.

“Empty space is a boiling, bubbling brew of virtual particles that pop in and out of existence in a time scale so short that you can’t even measure them.” Space expanding.

The electricity we use comes from the field around the wire not from election itself.

Scientists build 'baby' wormhole as sci-fi moves closer to fact: inside quantum computer

 

 

 

@

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

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

IRS stops chasing tax evaders

IRS stops chasing tax evaders

Fed report on IRS says they don’t use every means to collect $ BILLIONS. Most uncollected taxes are owed by small business. Liens are placed on property but little is recovered. IRS wrote off $6.7 billions from 483,000 tax returns — because it couldn't find the taxpayers. IRS says: "It may be difficult for the IRS to collect on these outstanding liabilities considering that these taxpayers have already proven to be difficult to contact or locate." The big tax evaders—Apple, Google, Top Ten actually got REFUNDS. That’s right, your taxes went to GE, Boeing, Verizon, etc with $Bs profits.  In fact, 18,857 US companies keep a post office box in the Cayman Islands. 80 percent of the largest US corporations use offshore tax havens. Little wonder 57 percent of these companies paid no federal income taxes for at least one year from 1998 to 2005.

Pay your fair share: http://www.amazon.com/The-Tax-Shelter-Young-Americans/dp/1500426520

Is your advisor/broker trying to time the market? And wasting your money?

"Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves." Peter Lynch

Charles Schwab conducted a study using S&P data that showed that between 1994-2013, "missing the top ten up days by trying to time the market would have resulted in a reduction of 9.2% annualized return to 5.5%."

Investors lose more money trying to time the market ups and downs than if they had stayed invested. Your salesperson CANNOT foretell the future. Use the Best Predictor of Success method: http://www.amazon.com/Best-Predictor-Investment-Success-Cost/dp/1502524082

Corp execs make a killing with INVERSIONS
Medronic and other ‘deserters’ are using tricks to avoid their fair share of our taxes by claiming to move. This firm is giving its execs an extra $63 million from stockholders (our pensions) to ‘invert.’ Of course, Wall Street makes fees on the ‘inversion’ trick. Hedge funds get insider information and then make a bundle. Meanwhile, we pay their taxes to keep the system running and they continue to use it tax-FREE. They never moved!! You can go tax-FREE too: http://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976

Is a Worry-Free car right for you?

Cars that you don’t have to fix are in demand. CR and JDPower ratings combined to give you a list to consider. Even 3 year old models may be the best value—quality at the right price. http://blogs.cars.com/kickingtires/2014/09/whats-the-most-worry-free-car-you-can-buy.html. Trucks and cars that make 200,000 miles are listed here http://www.businessinsider.com/cars-most-likely-to-get-to-200000-miles-2014-10

Congress votes in its own interest—“representative democracy" focuses on millionaires

For the first time in history, more than half the members of the House and Senate are now millionaires, according to a new analysis of financial disclosure reports filed last year. The median net worth for lawmakers in the House and Senate was $1,008,767 — up 4.4 percent, according to the analysis, conducted by the nonprofit Center for Responsive Politics, which examines the influence of money on politics in Washington. None were laid off, unemployed, need food stamps, lack health care coverage, lack retirement plan, need a home, have college loans outstanding, or have trouble getting mortgages.

The world looks different to them. They get paid even if they do nothing. Perfect job!!

GOP crazies

U.S. Representative Michele Bachmann thinks President Barack Obama's strategy to defeat Islamic State extremists is piecemeal and we should hit them hard early. Bachmann says US knew last year. Congress should declare war on ISIS like WWII.

Supremes re-write Constitution—cut voter access in OH

“Thousands of Ohioans rely on early voting,” said Dale Ho, director of the Voting Rights Project. “For many, it is their only chance to cast a ballot during an election. While today’s order is not a final ruling on the merits, it will deprive many Ohioans of the opportunity to vote in the upcoming election as this case continues to make its way through the courts.” Supremes assist GOP to end of democracy as we know it. American Constitution never required voters have 3 IDs. Only Russia has that law.  

GOP hopes to win elections by changing American Constitution.

Secret Service looking to future with Koch Bros?

The Secret Service Ignored 8 Assault Rifle Shots Fired Into the White House Residence When Obama Family Was Home. Secret Service supervisor issued a stand down order, saying there were no shots fired without looking. A housekeeper found the bullets for the SS 4 days later. Is the SS incompetent? With the Obama hate that has been stirred by political rhetoric, it would seem the SS would be more likely to be on guard. Yet they let a knife-wielding gate-crasher in daylight roam around the Obama home. Hey, GOP has the money/will. They didn’t like Kennedy either. What else can we think?

Is a small company mutual fund right for you?

Smaller companies grow faster than large companies. For anyone who invested in smaller companies over any given 15 year period, the benefits were outstanding. For each $1,000 invested in the 1950s, $3,000,000 was the total return by the 1990’s. For investors who chose Biogen, Qualcomm, EMC, and Kansas City Southern RR when they were small firms, the rewards have been great. They earned price increases of 6,000% to19,000% because they held the stock for years. Vanguard’s Small Cap Index fund provides you with some of these gains over time at cost. It is one of the Vanguard Top 10: http://www.amazon.com/Vanguards-Top-Ten-mutual-funds/dp/150073909X

Are index funds in 401k, IRA, regular accounts good for you?
Index funds, matching market gains (no stock pickers), have managed to garner more assets during this recession/recovery cycle. During the last 5 years, each market segment index—small, large, global, real estate—has outpaced stock pickers. Not only do managers have to beat the markets; they have to overcome fees and transaction costs of 1-3%. Some managers do that but we will never know which ones they are till the year is over—too late to invest. Thus many large institutions and pensions are switching from costly “professional” managers to index funds. Index funds are what Buffett recommends: http://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

Are you losing your future nest egg to fees?

Our 401(k)s and Individual Retirement Accounts (IRAs) are being eroded by fees, “leakage” and low participation rates, according to a new analysis of the Federal Reserve’s Survey of Consumer Finances. We are better off doing our own low-cost tax-FREE retirement account: http://www.amazon.com/Best-Predictor-Investment-Success-Cost/dp/1502524082

Deadline for tax extension filers is near

More than a quarter of the nearly 13 million taxpayers who requested an automatic six-month  extension this year have yet to file. Oct. 15 is the last day for most people to file. Members of the military and others serving in Afghanistan or other combat zones have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due. Pay NO tax when you retire: http://www.amazon.com/How-Retire-Tax-FREE-Income-increases/dp/1484156951

Employment up—wages down—profits soar as corps pay LESS tax

The bounce in employment provided good news for the workforce in terms of total jobs, but wages remained stagnant. The average hourly wage actually fell one cent to $24.53, while the average work week edged higher to 34.6 hours. Wage growth is at just 2 percent on an annualized basis.

SCAMS           Why are we still paying $700 Billion a year for WWII deployments?

We are paying for 164,253 of our active-duty armed personnel to be in 150 countries around the world. We have about 50,000 in Japan and 50,000 in Germany.

Are we preparing for WWII again? There are 1,208,083^[1] armed personnel in the United States. Our taxes pay for about HALF of the WORLD’s military expenditures every year. We have wasted $398.6 billion so far on the F-35 program—they can’t fly safely.

We just can’t afford to pay for everyone else’s defenses anymore.

Japan, Germany and S. Korea can pay for their own defenses.

Afghanistan—another Japan, Germany and S. Korea?

We thought we were getting out. A U.S. official says U.S. troops will stay in Afghanistan beyond the end of the year, in a deal to be signed on Tuesday under the country's newly inaugurated president. Policing never ends.

Why our govt hid the real bank bailout behind AIG bailout

Fed refused to let A.I.G. identify the betting banks that received full payment on their mortgage bets (insured by A.I.G.) After an outcry over the secrecy, the company identified the bailout recipients in March 2009; they included Société Générale (France), Goldman Sachs, Deutsche Bank and Merrill Lynch. Taxpayers were forced by Bush to pay off 100% of their gambling losses. Banks bet on mortgages going higher. The gamblers should have lost their money. Instead they collected 100% and our children will have to pay for the losses for generations. Bush’s bankers to testify at trial.

Agents target elderly with ‘low risk’ securities

Four insurance agents were charged with unlawfully selling securities in what turned out to be a multi-million dollar offering fraud targeting elderly investors. The scheme raised approximately $4.3 million during a nearly 18-month period. Agents in TX, PA, MI, CO sold securities that were supposed to be invested in government-backed agency bonds at a discount.

John Hancock Life agreed to refund senior citizens in Massachusetts more than $550,000 to settle allegations that it failed to supervise one if its representatives, James E. Moniz, permitting him to sell unsuitable variable life insurance policies, variable annuities, and other insurance and financial products.

  

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

Is timing our Social Security benefits important?

Is timing our Social Security benefits important?

When planning retirement benefits, know the rules:

1. Starting benefits at age 62, cuts benefits for life. Women live longer and are more likely to end up with SS benefits alone. Women who wait to age 70 receive ¼ more than at age 62 or 65, so waiting may be best for her.

2. Coordinating benefits and working may help both of you. This recession’s structural unemployment affects men more than woman. Men can take benefits at age 62 if they cannot find meaningful work. Women can continue working to age 70 to maximize their benefits and take ½ the man’s benefits if they have attained their full retirement age. http://www.ssa.gov/retire2/retirechart.htm The total benefits may equal what the man would have received if he started later. This preserves the woman’s increase in benefits for the rest of her life. She loses nothing of her own work credits by taking his too.

3. Medicare can be engaged at age 65 but may not be needed if the woman’s coverage is better or cheaper through her employer. Medicare does not cover all expenses. Medicare supplements and Part B are usually necessary. http://www.medicare.gov/sign-up-change-plans/decide-how-to-get-medicare/original-medicare/how-original-medicare-works.html

It may be helpful to meet with a SS official when one of you reaches age 62 to find out what works for you. Call your local office for an appointment and free analysis.

 

CAUTION: Advisors giving poor advice to clients on SS, survey says

The newly released findings from the Wharton School's Pension Research Council concluded that “many advisers still approach Social Security claiming as an individual decision rather than a household decision (even though) clients would be better served if a household- approach was utilized.”

 

Financial Power in the 21st Century: $1,000,000 Tax-FREE

Accumulate $200,000, $500,000, $1,000,000 with NO taxes …  EVER.

Financial power in the 21st century is tax-FREE income

• Use a special tax haven to protect all your dividends, interest and capital gains
• Contribute $9 a day to your tax-free account
• Earn 9% a year on your wealth with no income taxes
• Spend 9% of your wealth with no income taxes

Isn't it time you started using the tax laws to your benefit like the people in the top 1% ! How does Warren Buffett pay only 17% total tax?  http://www.youtube.com/watch?v=Cu5B-2LoC4s

How does Mitt Romney pay less than 13.9%? You may not receive $21 million a year like Romney does but you can use a tax haven he can't use to compound $9 a day into $1,000,000. Compounding high investment earnings is “the most powerful force in the universe.” Compounding is money earning money on its earnings over time. Simple but powerful and ... no tax … ever.

Show More

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Two Americas—states providing health insurance to uninsureds

California, Connecticut, Hawaii, Iowa, Maryland, Nevada, New York, and Vermont have received new grants to help support the establishment of Affordable Insurance Exchanges. GOP states have said no to Exchanges for us.

 

TX voters will NOT need special ID to vote—GOP lost voter supression tactic

A federal appeals court in Washington Thursday struck down the Texas voter ID law requiring photos for voters at the polls, calling it racially discriminatory.

The decision is a major victory for the Obama administration and its Democratic allies, which had challenged the law.

 

Is critical illness insurance right for you?
This insurance is being pushed as a group plan in small companies. However, it only covers the unusual illness-- such as cancer, heart attack or stroke. If you have to go the hospital for other reasons, you may be faced with a large bill you can’t pay. This kind of policy is popular in Canada because everyone is covered already by national health and it is the only product insurers can sell. If you cannot afford a comprehensive policy which covers all the expenses of these illnesses, compare a high-deductible comprehensive plan. You will have a limit on your expenses but large bills will be covered. You do not need critical ill policy if you have the more comprehensive one. http://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712/

 

 

SCAMS           “Only the little people pay taxes.” Leona Helmsley

 

Romney/Ryan claim to cut taxes AND not increase the deficit—except for workers!

Romney is still committed to making his tax cuts "revenue neutral"--in other words, not leading to an increase in the deficit.

When asked how this was possible, given the magnitude of the cuts (20% across the board on personal income taxes, along with a 10-point cut to corporate income taxes), Hubbard, his spokesman, explained that the cuts would be offset by:

• Stronger economic growth, and
• "Broadening the base" of taxpayers (in other words, having poor and lower-middle-income Americans pay income tax)

In the past, Romney has also promised to increase revenue by eliminating some loopholes and deductions. Romney has never been specific about which loopholes he would eliminate, and Hubbard did not provide any specifics.

Earlier this year, the Tax Policy Center concluded that it would be impossible for Romney to cut income taxes across the board and make the cuts "revenue neutral" without also effectively increasing taxes on the lowest-income Americans (and that was when the Romney plan called for merely maintaining current tax rates, not cutting them). The Romney campaign dismissed this conclusion as factually wrong and "partisan."

But stronger growth means LESS revenue for government when rates are cut and taxing low-income working people means LESS demand for products in US.

 

We saw this movie before. The job ‘creators’ moved their Bush tax cuts to Bermuda and left us with the debt. http://finance.yahoo.com/news/u-firms-move-abroad-024200566.html. Reagan and Bush started the deficit climb; Bush II added to it. See chart at http://www.ritholtz.com/blog/2010/05/national-debt-by-president/

 

 

 

Why my IRA has not grown to $10l.6 million like Romney’s has.

Mitt Romney made use of arcane techniques in several of its Cayman Islands-based funds to avoid U.S. taxes, according to a trove of Bain Capital's private audit and finance records made public on the website Gawker today.

The audited financial statements of one of the Cayman Islands funds make note of the use of "blocker" entities, which are used to help retirement accounts and nonprofit entities avoid some taxes. Financial statements for another fund note that it "intends to conduct its operations so it will … not be subject to United States federal income or withholding tax ..."

http://www.newyorker.com/online/blogs/johncassidy/2012/08/the-gawker-romney-files-seven-takeaways.html

 

Congress allows hedge funds to rip off the gullible

New rules allow any manager to sell “private placements” to those who wish to become “instant millionaires.” One commentator wrote: ‘The “JOBS Act” has authorized virtually any company to offer securities to the public without review or registration. This event is as catastrophic as the repeal of the Glass Steagall Act. Within the year, there will be horrendous stories of fraud by companies using this act and of the powerlessness of securities agencies to take any action because of the act.’

 

Who owns your account now?

TD Insurance, a subsidiary of TD Bank to USI Insurance Services

 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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