Source: Most Americans Face Lower Tax Burden Than in the 80s – NYTimes.com.
But in fact, most Americans in 2010 paid far less in total taxes — federal, state and local — than they would have paid 30 years ago. According to an analysis by The New York Times, the combination of all income taxes, sales taxes and property taxes took a smaller share of their income than it took from households with the same inflation-adjusted income in 1980.
Households earning more than $200,000 benefited from the largest percentage declines in total taxation as a share of income. Middle-income households benefited, too.
Everything is relative. I learned that in college in a physics class way back in the 1960′s. Another lesson I learned is that everything is a shade of grey; nothing is totally black or white. So when I hear people complain about how all their hard More…
We can get mighty rich, but if we haven’t got any friends, we will find we are poorer than anybody. – June 1, 1930 Will Rogers
I am totally embarrassed that it has been so long since I used any of my hero Will Roger’s quotes on this blog. He is my inspiration for sitting down and doing this on a daily basis. When I lose track of Will my writing tends to drift over more to the dark side of life. Our lives are just too short to live over there for long. So here I am back to talking about a quote from Will. More…
Source: Billionaire gives $5 million to pro-Gingrich group – Local News – Indianapolis, IN – msnbc.com.
The Washington Post first reported the $5 million contribution. Politico reported last month that Adelson was prepared to spend $20 million to help Gingrich.
Here is another example of the consequences of the recent Supreme Court decision that “money talks”. But of course the court said that is just one person exercising his right to free speech. I, and most rational people, would think that the possible $20 million will offset almost a million other people who simply can’t contribute more than a few bucks.
The ruling that allowed this to happen is a gross misinterpretation of what the founding fathers intended. But this is not the first time the Supreme Court has overstepped its bounds. Look at the Dred Scott decision to see another of the many glaring examples.
The insanity of our current political processes is, as it has in the past, leaked into our judiciary and legislative processes jeopardizing our very existence as a democracy. When, or how will it end? I shutter to think of the possibilities….
Those who consider themselves religious and yet do not keep a tight rein on their tongues deceive themselves, and their religion is worthless.
Religion that God our Father accepts as pure and faultless is this:
- to look after orphans and widows in their distress
- and to keep oneself from being polluted by the world.
In regards to keeping a tight rein on your tongue this is a continuation of yesterday’s post.
To look after orphans and widows is to be your brother’s keeper.
The second lesson being polluted by the world is really about forgetting the first lesson.
I think most investment advisers are actually in the “anti” retirement business as they scare us out of it by insisting that the you need as much income in retirement as you did before! They actually seem to be discouraging us from thinking about actually retiring! But then again they make their living taking a “small” percentage of your money in the process of fixing your mistakes and getting you ready for your retirement years! I guess that needing as much money after retirement as before might be true to some who have maxed out a bunch of credit cards, failed to pay off their mortgage, or didn’t put saving aside before their leaving the work force. But I can say that after six years of semi-retirement and four of full retirement I have not spent nearly as much as I did before I retired.
- our homestead was paid off
- I no longer need two reliable vehicles. I now drive a twenty year old truck.
- buying clothes and other such things is almost a non-existent thing for me except for socks and such
- although gasoline has increase pretty dramatically during that time I use much less of it now.
- I have always paid off my credit cards on the due date
So I find myself living on about one-third less than I did before. and that even includes a substantial amount of traveling. One thing that has increased dramatically is health insurance. My retirement insurance keeps increasing the co-pays and out-of-pockets.
I know the advisers all say you need a well-rounded portfolio in your retirement years. To them that usually means letting them constantly shift you from one stock or fund to another, for a fee of course! I know a good friend who thought he had a “well-rounded” retirement fund in 1988 and ended up losing a big chunk of it in a drastically falling market that year. Then when he got most of the losses back he proceeded to lose them again in the markets of 2000! Given that the markets haven’t done much in the last ten years I suspect that he is still waiting for retirements. I don’t think we should count on making the big bucks in stock profits to finance our retirement years. I believe it needs to be done the old-fashioned way by saving it. That doesn’t mean that I am not in the market, I am but not to the degree that the investors would advise me to be. I guess I am a fairly conservative guy but it has paid off for me over the last twenty years. I’m not saying that all retirement advisers are of no value. You just have to watch them almost as carefully as you do your assets they are controlling.
And the journey goes on…