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Keyword: income

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  • Minnesota's wealthy caught in a tight tax net over residency

    04/19/2014 9:19:32 AM PDT · by TurboZamboni · 44 replies
    MPLS Star & Sickle ^ | 4-16-14 | ADAM BELZ
    It’s getting tougher for Minnesotans to avoid the state’s taxes by spending part of the year somewhere else. Snowbirds and high earners are discovering that they must do more than buy a condo in the Sun Belt and register a vehicle there, after a court decision last year reinforced the state’s ability to use any of more than two dozen criteria to determine who is a Minnesota resident. “People refer to it as Hotel Minnesota,” said Matt Shea, a lawyer at Gray Plant Mooty. “You can come any time you like, but you can never leave.” To determine tax residency,...
  • Why Are The Poor, Poor?

    04/19/2014 4:08:38 AM PDT · by Kaslin · 68 replies ^ | April 19, 2014 | John C. Goodman
    Have you ever wondered why poor people are poor? It's not as though there aren't plenty of role models around. Millions of people live highly successful, productive lives in this country. So why don't people at the bottom of the income ladder copy the behavior of those several rungs above them and better their lot in life? As I wrote previously, the federal government's own pilot programs established conclusively from the very early days of the War on Poverty that the welfare state encourages people not to be married, not to work and not to invest in human capital. This...
  • Income Inequality for Thee, But Not for Me: The Hypocrisy of Nobel Prize Winner, Paul Krugman

    04/17/2014 7:06:29 AM PDT · by SeekAndFind · 5 replies
    American Thinker ^ | 04/17/2014 | Brian C Joondeph, MD
    Paul Krugman is a distinguished economist, Professor of Economics and International Affairs at Princeton University, a NY Times columnist, and a Nobel Laureate. As a frequent commentator on cable news shows, he speaks passionately about income inequality and politics. From his book, The Conscience of a Liberal, he notes that, “Impersonal forces such as technological change and globalization caused America’s income distribution to become increasingly unequal, with an elite minority pulling away from the rest of the population.”How ironic that Dr. Krugman will provide a first hand as a member of this “elite minority” benefiting from income inequality. The City...
  • Income Inequality: Biblical and Earthly Perspectives

    04/15/2014 10:56:11 AM PDT · by Starman417 · 5 replies
    Flopping Aces ^ | 04-14-14 | Warren Beatty
    Elizabeth Warren (D-MA) views income inequality as a moral issue that governments should address. Warren also says that a minimum wage increase is needed to stop income inequality. She equated the minimum wage to income inequality. Warren said that concentrated wealth as the result of a rigged system that funnels the gains from workers' productivity to their bosses, who suppress minimum wages. Isabel Sawhill, co-director of the Center on Children and Families at the Brookings Institution, about a minimum wage increase: "It will reduce inequality." Dear Leader Barack Hussein Obama loves the idea of income inequality. Obama says "I...
  • ALERT: H.J.RES.104 will not end taxes calculated from incomes!

    04/15/2014 10:49:15 AM PDT · by JOHN W K · 25 replies
    4-15-14 | johnwk
     I am very disappointed to learn that some Tea Party Activists are now promoting Representative Jim Bridenstine’s H.J.RES. 104 as a way to “repeal the 16th Amendment and abolish the income tax”.  Additionally, donations are being asked to support this movement.  The problem is, if H.J.RES. 104 was adopted and its proposed wording added to our Constitution, the 16th Amendment would indeed be repealed, but Congress would continue to have power to lay and collect taxes calculated from profits, gains, and other “incomes”. The important wording in Representative Jim Bridenstine’s proposed amendment declares:`Effective 2 years after the ratification of this article...
  • Tax Freedom Day’ falls three days later this year

    04/07/2014 8:41:24 PM PDT · by Errant · 6 replies
    The Daily Caller ^ | 7 April 2014 | Caroline May
    The day when the nation collectively has made enough money to pay its total tax burden for the year is three days later this year, according to a new report. According to a report released Monday by the Tax Foundation, this year Tax Freedom Day falls 111 days into 2014, on April 21. By April 21, to group says, Americans will have made enough to pay the $3 trillion in federal taxes and $1.5 trillion in state taxes — more than they will spend on food clothing and housing combined. Tax Freedom Day is later than it was last year,...
  • 19 Signs That The U.S. Consumer Is Tapped Out: Years of declining incomes and rising debts

    03/15/2014 11:53:43 AM PDT · by SeekAndFind · 33 replies
    TEC ^ | 03/15/2014 | Michael Snyder
    You can't get blood out of a rock. Traditionally the United States has had a consumer-driven economy, but now years of declining incomes and rising debts are really starting to catch up with us. In order to have an economy that is dependent on consumer spending, you need to have a large middle class. Unfortunately, the U.S. middle class is steadily shrinking, and unless that trend is reversed we are going to see massive economic changes in this country. For example, in poor neighborhoods all over America we are seeing bank branches, car dealerships and retail stores close down at...
  • Reforming Federal Corporate Tax and Individual Income Tax: A Step in the Right Direction

    02/26/2014 1:38:30 PM PST · by ThethoughtsofGreg · 9 replies
    ALEC ^ | 2-26-14 | Will Freeland
    Earlier today U.S. Representative Dave Camp, Chairman of the House Ways and Means Committee, released a bill designed to fundamentally reform both the federal corporate and individual income tax (press conference video here and executive summary here). America is far overdue for such reform. As Camp points out in the Wall Street Journal: “According to Nina Olsen, the National Taxpayer Advocate at the IRS, Americans overall spend over six billion hours and $168 billion every year to file their returns. This is stark testimony to the complexity of the tax code. Meanwhile, owners of small businesses face tax rates as...
  • G.O.P. Tax Plan Seeks Lower Rates and Fewer Brackets, Aides Say

    02/25/2014 2:51:02 PM PST · by Theoria · 23 replies
    The New York Times ^ | 25 Feb 2014 | ASHLEY PARKER
    The Republican plan to overhaul and simplify the nation’s tax code is expected to call for a cut in the top corporate income rate to 25 percent from 35 percent, and a reduction of the seven individual tax brackets to two — at 10 percent and 25 percent — according to aides familiar with the proposal. The proposal, which is set to be released Wednesday after nearly three years of behind-the-scenes work, is the brainchild of Representative Dave Camp of Michigan, the chairman of the Ways and Means Committee, and it reflects the long-held tax overhaul goals of the Republican-passed...
  • Here's How Much You Have To Make To Buy A House In 25 Major Cities

    02/20/2014 8:52:58 AM PST · by SeekAndFind · 34 replies
    Business Insider ^ | 02/20/2014 | ANDY KIERSZ
    Online mortgage company recently estimated the salaries needed to afford a house in 25 metropolitan areas across the United States. Because, the cost of real estate varies across cities and regions — you need to be making about four times as much money in San Diego as in Cincinnati to afford a house. The map illustrates these differences. The wider the circle over a city, the more you need to make to afford a house there: CLICK ABOVE LINK FOR THE MAP AND TABLE
  • Here's How Much Money You Must Earn To Buy A Home In 25 Big US Cities

    02/18/2014 4:38:42 PM PST · by SeekAndFind · 34 replies
    Business Insider ^ | 02/18/2014 | MEGAN WILLETT
    The cost of living in America varies wildly. In Cleveland, people need a base salary of at least $19,435 a year to afford the average home, while San Franciscans must make upward of $115,000, an online mortgage and consumer loan information website, figured out how much a person would have to earn to afford a home in 25 of the country's largest metropolitan areas.To do so, HSH looked at the National Association of Realtors’ fourth-quarter data for median home prices and’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money homebuyers would need to...
  • President Obama Doesn’t Know How to Create Jobs, and a Minimum Wage Increase Won’t Help

    02/18/2014 2:21:51 PM PST · by ThethoughtsofGreg · 9 replies
    American Legislator ^ | 2-15-14 | Cara Sullivan
    President Obama’s big government philosophy has created an economic environment hostile to job growth and economic prosperity. He says he is committed to “shovel ready jobs,” yet onerous regulations from his agencies delay projects from moving forward and shackle businesses with costs that prevent them from expanding. His signature legislation—The Affordable Care Act—has led some employers to slash hours and freeze hiring, and may lead employees to voluntarily reduce their own hours or leave the workforce altogether. Now it appears that the President is doubling down. His newest plan to help Americans is to raise the minimum wage, a proposal...
  • How Giving $1,000 to Every Baby in America Could Reduce Income Inequality

    02/13/2014 6:59:44 PM PST · by SeekAndFind · 46 replies
    National Journal ^ | February 12, 2014 | Norm Ornstein
    Like it or not, the sharp inequality in the country is a fundamental issue. The gap between the richest and the rest of us is greater than it has been since 1929—a notable year. The gap between the pay of CEOs and top executives and the average pay of their companies' workers has grown into a yawning chasm compared with the ratio just a couple of decades ago. One can believe, along with deluded oligarchs such as Tom Perkins, that any criticism of the rich is like Kristallnacht—or, more reasonably, that without the drivers of wealth, the entire society would...
  • Minimum Wages: Few Benefits, Many Consequences

    02/10/2014 2:25:41 PM PST · by ThethoughtsofGreg · 4 replies
    American Legislator ^ | 2-10-14 | Will Freeland
    President Obama’s recent State of the Union address was the culmination of months of advocacy from Democrats and activists for a higher minimum wage. The President proposed a raise to the minimum wage for federal contractors by executive order to $10.10 per hour and called on Congress to raise the national minimum wage for all workers to the same mark, along with indexing it to inflation. A raise of the national minimum wage was framed as giving low income workers the “living wage” they deserve and fighting perceived growth in income inequality in America. Though the President’s proposal is well...
  • Senator Cruz: keep income tax, lower top rates

    02/10/2014 3:36:57 AM PST · by JOHN W K · 28 replies
    2/10/14 | johnwk
    SEE: TheBlaze, Feb. 4, 2014 ‘A Pattern of Lawlessness’: Ted Cruz Outlines Why Even Democrats Should Be Concerned About Obama Administration’s Actions "Texas Sen. Ted Cruz (R) said there is a “pattern of lawlessness” underway by the Obama administration that is truly “breathtaking,” and it should not only concern Republicans. “Suppose the next president says, ‘I’m instructing the Treasury Department [to] no longer collect taxes at a higher rate than 25%,” Cruz remarked on Glenn Beck’s radio program Tuesday. “That happens to be policy I agree with. I would love to see moving towards tax reform and lowering the top...
  • MORE GOOD NEWS!… CBO Director Says O-Care Will Reduce Workers’ Wages (Video)

    02/05/2014 3:04:04 PM PST · by 2ndDivisionVet · 13 replies
    Gateway Pundit ^ | February 5, 2014 | Jim Hoft
    What a wonderful law. Thank you, Democrats. Thank you, Barack Obama. Not only will Obamacare kill off over 2.3 million jobs but it will reduce wages, too! Congressional Budget Office (CBO) Director Douglas Elmendorf told a Congressional committee today that Obamacare will reduce workers wages. “We expect as other analysts believe that over time costs that employers bare for their employees end up being borne by the employee in the form of lower wages.” Terrific. (VIDEO-AT-LINK) It’s not as if Americans weren’t already suffering. Since Obama entered the White House US households have lost $4,019 in real income, a little...
  • The Poor Aren't Poor Because the Rich Are Rich

    02/03/2014 5:12:40 AM PST · by SeekAndFind · 42 replies
    RCM ^ | 02/03/2014 | Robert Samuelson
    Unless you are exceptionally coldblooded, it's hard not to be disturbed by today's huge economic inequality. The gap between the rich and the poor is enormous, wider than most Americans would (almost certainly) wish. But this incontestable reality has made economic inequality a misleading intellectual fad, blamed for many of our problems. Actually, the reverse is true: Economic inequality is usually a consequence of our problems and not a cause. For starters, the poor are not poor because the rich are rich. The two conditions are generally unrelated. Mostly, the rich got rich by running profitable small businesses (car dealerships,...
  • New ethics complaint against Wendy Davis, hid income and ties to lobbyists

    01/31/2014 4:15:47 PM PST · by Libloather · 23 replies
    Examiner ^ | 1/31/14
    Democrat nominee for the Governor's Mansion in the Lone Star State is finding herself at the receiving end of a new ethics violation complaint filed with the Texas government, as reported by Fox News on Jan. 30, 2014 via on Jan. 29, 2014 State Senator and darling of the left since her recent pro-abortion filibuster in the Texas State Legislature, Wendy Davis has just been figuratively slapped with accusations that she failed to disclose income as well as ties to lobbyists as required by state law for those seeking elected office. The editor of the citizens rights/journalism activists group...
  • Debunking the top three myths about income inequality

    01/30/2014 7:21:03 AM PST · by SeekAndFind · 24 replies
    CNBC ^ | Published: Tuesday, 28 Jan 2014 | 12:11 PM ET | By: Robert Frank
    In his State of the Union Address on Tuesday night, President Barack Obama is expected to take sharp aim at wealth inequality. He'll propose a hike in the minimum wage, extended unemployment benefits, and more funding for education and skills improvement. He is also likely to contribute to several persistent myths about the increasing gap between the rich and everyone else. There is no question that income inequality in America is high compared with other countries as well as with the three decades in the U.S. after World War II. And a consensus is growing among business leaders, politicians and...
  • The Pivotal Role of Marriage in Income Inequality

    01/20/2014 1:02:17 PM PST · by xzins · 56 replies
    ChristianHeadlines ^ | January 17, 2014 | Stan Guthrie
    A Leftist is someone who advocates marriage for homosexuals but opposes it for heterosexuals. Recently, Ari Fleischer, a press spokesman for George W. Bush, responded to the current administration’s newfound desire to fight the plague of “income inequality”—which has spread more under Barack Obama than under any other recent president—by stating the obvious: that marriage is good economic medicine. “`Marriage inequality’ should be at the center of any discussion of why some Americans prosper and others don’t,” Fleischer said. “According to Census Bureau information analyzed by the Beverly LaHaye Institute, among families headed by two married parents in 2012, just...
  • 'How can we redistribute if there's no wealth?'

    01/16/2014 6:56:08 AM PST · by SeekAndFind · 19 replies
    American Thinker ^ | 01/16/2014 | Ethel C. Fenig
    Maybe France's President François Hollande's publicly revealed, private personal indiscretions (ok, maybe in France they're not considered indiscretions but standard operating domestic procedures) also prompted him to publicly question the standard operating procedures of France's socialist economy.  With French unemployment officially at over 10.5%, unofficially probably higher, Hollande put on his clothes, slunk out of his latest female friend's apartment and stood before the national enquiring minds of not only the French press but the international media as well, plaintively asking: "How can we run a country if entrepreneurs don't hire?" he said. "And how can we redistribute if there's...
  • Davos Forum Warns Over Global Income Inequality [These People are worth MILLION$]

    01/16/2014 5:03:50 AM PST · by SoFloFreeper · 6 replies
    ABC ^ | 1/16/14
    The World Economic Forum says the gap between the rich and the poor is the most likely risk to the global economy in coming years. In its annual risk assessment ahead of next week's gathering of political and business leaders in Davos, Switzerland, the World Economic Forum says income disparity in the wake of the global financial crisis is the "most likely risk to cause an impact on a global scale in the next decade." It warns of a "lost generation" of young people coming of age in the current decade that could hamper the global economic recovery and stoke...
  • Why Economic Growth Is Exponentially More Important Than Income Inequality

    01/15/2014 9:51:20 AM PST · by SeekAndFind · 9 replies
    Forbes ^ | 01/15/2014 | Peter Ferrara
    In 1900, we had no airplanes, no computers, no cellphones, no internet. We had only rudimentary versions of cars, trucks, telephones, even cameras.But in the last century, 1900 to 2000, as Stephen Moore and Julian L. Simon report in their underappreciated work, It’s Getting Better All the Time: 100 Greatest Trends of the Last 100 Years, real per capita GDP in the U.S. grew by nearly 7 times, meaning the American standard of living grew by that much as well. The authors explain,“It is hard for us to imagine, for example, that in 1900 less than one in five homes...
  • More questions for redistributionists

    01/08/2014 6:00:54 AM PST · by Cincinatus' Wife · 19 replies
    Pittsburgh Tribune-Review ^ | January 7, 2014 | Donald J. Boudrequx
    President Obama considers income inequality a “defining challenge of our time.” Continuing from my previous column ( “Questions for redistribution's proponents” ), I have some additional questions for Mr. Obama and others who want government to redistribute more income from “the rich” to “the poor.” • When you describe growing income inequality in the United States, you typically look only at the incomes of the rich before they pay taxes and at the incomes of the poor before they receive noncash transfers from government such as food stamps, Medicare and Medicaid. You also ignore noncash transfers that the poor receive...
  • Washington & Wall Street: Income Inequality and Financial Repression

    01/06/2014 9:28:06 AM PST · by george76 · 5 replies
    Breitbart ^ | 4 Jan 2014 | Christopher Whalen
    You don't get something for nothing, You can't have freedom for free, You won't get wise, With the sleep still in your eyes, No matter what your dreams might be, “Something for Nothing” ... The biggest obstacle to economic recovery is ignorance, among the public and in Congress. Even reasonable proposals like those advanced by DeLong are basically frozen out by the strange logic that currently holds sway inside the White House and within the FOMC. In both cases, the idea of real debt restructuring and economic revival is shunned in favor of policy stasis and financial repression. The current...
  • About Those Income Inequality Statistics. An answer to Paul Krugman.

    01/04/2014 7:06:28 AM PST · by TurboZamboni · 2 replies
    WSJ ^ | 1-3-14 | Bret Stephens
    Let me do something New York Times NYT -0.13% New York Times Co. Cl A U.S.: NYSE $15.60 -0.02 -0.13% Jan. 3, 2014 4:04 pm Volume (Delayed 15m) : 1.23M AFTER HOURS $15.60 0.00 0.00% Jan. 3, 2014 4:21 pm Volume (Delayed 15m): 1,136 P/E Ratio 5662.71 Market Cap $2.34 Billion Dividend Yield 1.03% Rev. per Employee $352,201 12/19/13 New York Times to Introduce 'P... 12/13/13 What Your CEO Is Reading: Goog... 12/06/13 U.S. Media Firms Stymied in Ch... More quote details and news » NYT in Your Value Your Change Short position columnist Paul Krugman isn't exactly famous for...
  • Wisconsin’s Walker thinking about ending income tax

    12/18/2013 4:48:17 PM PST · by Libloather · 31 replies
    Washington Post ^ | 12/18/13 | Reid Wilson
    Wisconsin Gov. Scott Walker (R) said earlier this week that his administration will consider ending the personal income tax as part of a major review of the state’s tax structure. In comments first reported by, Walker told reporters at a stop in Pembine that some states without personal income taxes are in better economic shape and are better equipped to compete for jobs. “There are many states that do very well, better than most states in the country, that have no income taxes,” Walker said, according to WisPolitics. “That’s one thing for us to look at. Is that feasible?...
  • Our so-called economic recovery is just another Obama lie: Here’s why

    12/12/2013 9:00:20 AM PST · by Oldpuppymax · 1 replies
    Coach is Right ^ | 12/12/13 | Kevin "Coach" Collins
    Last week we got our monthly insult from the Bureau of Labor Statistics telling us unemployment is down to 7.0%. The truth behind the BLS’s fake number is that when Americans are so sick and tired of trying to find work and give up in despair, using Soviet style logic, the government declares them nonpersons and refuses to count them as unemployed. If there was a touch of honesty in these announcements the true unemployment rate would be 11.5%. The percentage of Americans who are working is startlingly low at just 58.6%. During the contrived “Bush recession” the rate was...
  • CBO: The rich pay OVER 100 percent of taxes [income taxes]

    12/12/2013 1:51:06 AM PST · by markomalley · 13 replies
    The Daily Caller ^ | 12/11/2013 | Breanna Deutsch
    The rich are paying even more in taxes than you think.According to a Congressional Budget Office report this week, America’s top 40 percent of earners pay 106 percent of the taxes and the bottom 40 percent pay negative 9 percent, reports CNBC.How can one group pay more than 100 percent and another group pay less than zero? The formula that the CBO uses offsets taxes that are paid with refundable tax credits. These include money the government transfers back to the taxpayer for food stamps and social programs.Some low-income Americans received very generous subsidies. The report shows that Americans who...
  • How Much Wealth Redistribution Is Enough?

    12/11/2013 7:37:36 AM PST · by SeekAndFind · 12 replies
    IBD ^ | 12/11/2013
    Income Gap: As President Obama laments America's growing income inequality, a new government report shows the futility of his calls for ever-more wealth redistribution. To deflect attention from ObamaCare's failures, the president this month trotted out his income inequality chestnut. "A dangerous and growing inequality," he intoned, "has jeopardized middle-class America's basic bargain." He argued, "as a trickle-down ideology became more prominent, taxes were slashed for the wealthiest, while investments in things that make us all richer, like schools and infrastructure, were allowed to wither." Apparently, nobody bothered to brief the president before he delivered this speech. Fact is, federal...
  • Top 40% Paid 106.2% of Income Taxes; Bottom 40% Paid -9.1%, Got Average of $18,950 in 'Transfers'

    12/10/2013 6:11:39 AM PST · by Cincinatus' Wife · 18 replies
    CNS ^ | December 9, 2013 | Terence P. Jeffrey
    ( - The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010, according to a new study by the Congressional Budget Office.At the same time, households in the bottom 40 percent took in an average of $18,950 in what the CBO called “government transfers” in 2010.Taxpayers in the top 40percent of households were able to pay more than 100 percent of net federal income taxes in 2010 because Americans in the bottom 40 percent actually paid negative income taxes, according to the CBO study entitled, “The Distribution of Household...
  • Rising riches: 1 in 5 in US reaches affluence

    12/09/2013 11:08:41 PM PST · by 2ndDivisionVet · 15 replies
    The Associated Press ^ | December 9, 2013 | Hope Yen
    Fully 20 percent of U.S. adults become rich for parts of their lives, wielding extensive influence over America's economy and politics, according to new survey data. These "new rich," made up largely of older professionals, working married couples and more educated singles, are becoming politically influential, and economists say their capacity to spend is key to the U.S. economic recovery. But their rise is also a sign of the nation's continuing economic polarization. They extend well beyond the wealthiest 1 percent, a traditional group of super-rich millionaires and billionaires with long-held family assets. The new rich have household income of...
  • Oh We Got Trouble, Right Here In Bubble City: Real Income Fallinbg While House Prices Rise

    12/09/2013 11:31:31 AM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 12/09/2013 | Anthony B. Sanders
    There are cheers from the media about the latest jobs report. While some speculated that it was so good that The Fed would begin tapering their assets purchases, few noticed that the 10 year Treasury yield actually fell on the jobs report. But let’s look at the longer term picture. House prices are rising rapidly despite declining real median household income. Problem 1: Labor’s share of nonfarm business have been falling for decades, but it’s decline has been accelerating since 2000. laborsharelt No problem, many economists say. The U.S. has been moving towards a service economy for decades. But, …...
  • Coastal Fats: Millionaires Defaulting On Mortgages In Record Numbers While Others Struggle

    12/08/2013 7:51:35 AM PST · by whitedog57 · 14 replies
    Confounded Interest ^ | 12/08/2013 | Anthony B. Sanders
    While foreclosure activity as a whole has been declining in the U.S., there are still some unnerving aspects to the housing and mortgage recovery. So, it’s time for “The Good, The Bad and The Ugly.” The good. According to RealtyTac, overall U.S. foreclosure activity is down 23 percent year-to-date through October 2013. The bad. Foreclosure activity on properties in the $5 million-plus value range is up 61 percent from the same time period in 2012. And most of it is concentrated in Florida and Los Angeles. I designate Atlanta as an honorary coastal city since Georgia does have properties on...
  • Obama to address income inequality

    12/03/2013 8:48:14 PM PST · by Nachum · 77 replies
    The Hill ^ | 12/3/13 | Justin Sink
    President Obama will cast growing income inequality and a decline in economic mobility as a “fundamental threat to the American dream” during a speech Wednesday in Washington. The speech will serve as an early preview for next year’s State of the Union address, according to a White House official, who said Obama would focus much of his energy over the next three years on the issue. “The decisions we make over the next few years will determine whether or not our children will grow up in an America where, if you work hard, you can get ahead,” the official said.
  • Go East, Young Man! Real Median Household Income Is Falling, But Not In Washington DC!

    12/03/2013 12:38:34 PM PST · by whitedog57 · 5 replies
    Confounded Interest ^ | 12/03/2013 | Anthony B. Sanders
    “Go West, young man” is a popular quote from Horace Greeley in 1865. “Washington is not a place to live in. The rents are high, the food is bad, the dust is disgusting and the morals are deplorable. Go West, young man, go West and grow up with the country.” – Horace Greeley I see much hasn’t changed since 1865, but Greeley’s advice was wrong if we look at real median household income. The blue line is for the nation as a whole, the red line is for Washington DC. realmedhi So, go east young man, if you want to...
  • Bad Government Policies Or Stupidity? GINI Coefficient Keeps Rising While Real Income Falls

    11/29/2013 5:15:21 AM PST · by whitedog57 · 10 replies
    Confounded Interest ^ | 11/29/2013 | Anthony B. Sanders
    Boris Johnson, the mayor of London, caused a flap where he pronounced that some people are too stupid to get ahead. But unless people are getting more stupid over time, it is likely bad government policies that are preventing people from getting ahead. Government policies including the Fed monetary expansion have seemingly made matters worse for the average American family. Particularly since 2007. The GINI coefficent is a measure of income distribution in country. And it has been skyrocketing since 2007 when Democrats took control of Congress and 2009 when they achieved a majority in both the House and Senate...
  • Obama and Democrat Policies Harm Minorities And The Middle Class (Krugman Is Krazy!)

    11/28/2013 3:13:52 PM PST · by whitedog57 · 5 replies
    Confounded Interest ^ | 11/28/2013 | Anthony B. Sanders
    Government policies including the Fed monetary expansion have seemingly made matters worse for the average American family. Particularly since 2007. The GINI coefficent is a measure of income distribution in country. And it has been skyrocketing since 2007 when Democrats took control of Congress and 2009 when they achieved a majority in both the House and Senate AND the Presidency. But for all the talk of income redistribution and “leveling the playing field,” things have only gotten worse for the average American household. Here is the GINI coefficent for the USA since 2005. Note the decline from 2006 to 2007,...
  • The Sad, Slow Economic Decline of the American Family

    11/06/2013 3:16:48 PM PST · by rightwingerpatriot · 4 replies ^ | November 6, 2013 | RightWingPatriot
    My mother and father taught me some important lessons in my life. One of them was to not to pay attention to what someone is saying, but rather pay attention to what they are doing and the consequences of their actions. Never has this lesson been more evident in taking stock of the economic policies of Obama and the progressive liberals who seek to transform America from an individualistic, capitalistic society to a collective, socially democrat one. We hear on the news every day that the economy is improving, people are going back to work, and that the dark days...
  • Stanley Druckenmiller: How Washington Really Redistributes Income

    10/27/2013 10:56:52 AM PDT · by TurboZamboni · 28 replies
    WSJ ^ | 10-21-13 | James Freeman
    Stan Druckenmiller makes an unlikely class warrior. He's a member of the 1%—make that the 0.001%—one of the most successful money managers of all time, and 60 years old to boot. But lately he has been touring college campuses promoting a message of income redistribution you don't hear out of Washington. It's how federal entitlements like Medicare and Social Security are letting Mr. Druckenmiller's generation rip off all those doting Barack Obama voters in Generation X, Y and Z. "I have been shocked at the reception. I had planned to only visit Bowdoin, " his alma mater in Maine, he...
  • Right-wing nuts nab new way to sabotage Obamacare

    10/17/2013 5:07:52 AM PDT · by 11th_VA · 59 replies
    Salon ^ | 17 Oct 2013 | By David Dayen
    The final deal to avert a breach of the debt limit and end the government shutdown included what has been described as a “small concession” to Republicans: tightening the income verification measures for customers on the Obamacare insurance exchanges to qualify for subsidies. But considering the hurdles associated with this step – and the enormous IT problems we’ve already seen with the exchanges – the concession may not be small at all. As one prominent health care expert tells Salon, the impact could contribute to an attempted sabotage of the law by those who want to see it repealed. Rather...
  • ‘Ask Emily’ takes your Obamacare questions (Husseincare requires your projected 2014 income)

    10/05/2013 5:32:17 PM PDT · by Libloather · 11 replies
    Daily News ^ | 10/05/13 | Emily Bazar
    **SNIP** By the way, you can only receive tax credits if you buy from Covered California. They won’t be offered for employer-sponsored insurance or open-market plans. Will my eligibility for tax credits in 2014 be based on my 2012 or 2013 income — or my estimated 2014 income? And when I do my 2014 taxes in 2015, will there be an adjustment if my actual 2014 income is different than my estimated 2014 income? Let’s start off with a straightforward answer and then ease into the pain: Your eligibility will depend on your 2014 income, says Anne Gonzales of Covered...
  • Continued Shutdown Bad News For Mortgage Market (WORSE Than Already??)

    10/04/2013 8:35:52 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 10/04/2013 | Anthony B. Sanders
    What does the government shutdown mean for the mortgage market? Fannie Mae and Freddie Mac aren’t affected by the shutdown. While the FHA is still processing loans, it’s operating with a vastly reduced staff, which could lead to delays. The FHA is part of the Department of Housing and Urban Development’s Office of Housing, which has just 64 of 2,972 employees reporting to work right now. The biggest issue facing the mortgage market is that the Internal Revenue Service isn’t issuing Form 4506-T, which is what most lenders currently use to verify borrowers’ incomes. For loans ready to close now,...
  • ObamaCare Rules Reward People Who Fudge Income

    09/28/2013 8:45:54 AM PDT · by Libloather · 16 replies
    Investors ^ | 9/27/13 | Jed Graham
    For some individuals and families signing up for ObamaCare, a little fudging can make a big difference in their bank accounts. In California, for example, a childless married couple stating income of $30,000 would face a $1,000 deductible, $15 per primary care visit and a maximum out-of-pocket cost (after premiums) of $4,500. But for a couple attesting to $32,000 in income, the deductible would be $3,000, primary care visit $40 and out-of-pocket maximum a hefty $10,400. Though they are separated by just $2,000 in income, the government might provide the lower-earning family as much as $5,900 more in cost-sharing subsidies...
  • The Late, Great Middle Class

    09/26/2013 4:12:53 AM PDT · by Kaslin · 26 replies ^ | September 26, 2013 | Victor Davis Hanson
    The American middle class, like the American economy in general, is ailing. Labor-force participation has hit a 35-year low. Median household income is lower than it was five years ago. Only the top 5 percent of households have seen their incomes rise under President Obama. Commuters are paying more than twice as much for gas as they were in 2008. Federal payouts for food stamps, unemployment insurance and disability insurance have reached unprecedented levels. Meanwhile, the country is still running near-record budget deficits and is burdened by $17 trillion in aggregate debt. Yet the stock market is soaring. How can...
  • Household Net Worth Soars To $74.8 Trillion In Q2 While Real Median Household Income Falls

    09/25/2013 12:47:57 PM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 09/25/2013 | Anthony B. Sanders
    Household net worth rose to $74.8 trillion in the second quarter, helped by the stock market, housing market and government accounting. Household wealth in the U.S. increased from April through June, supported by gains in the stock and housing markets that are improving Americans’ finances. Net worth for households and non-profit groups climbed by $1.34 trillion in the second quarter, or 1.8 percent from the previous three months, to $74.8 trillion, the Federal Reserve said today from Washington in its financial accounts report, previously known as the flow of funds survey. Here is a chart of household net worth since...
  • Median Household Income Has Fallen For Five Years in a Row

    09/22/2013 5:04:50 AM PDT · by SeekAndFind · 17 replies
    TEC ^ | 09/21/2013 | Michael Snyder
    If the economy is getting better, then why do incomes keep falling? According to a shocking new report that was just released by the U.S. Census Bureau, median household income (adjusted for inflation) has declined for five years in a row. This has happened even though the federal government has been borrowing and spending money at an unprecedented rate and the Federal Reserve has been on the most reckless money printing spree in U.S. history. Despite all of the "emergency measures" that have been taken to "stimulate the economy", things just continue to get worse for average American families. Americans...
  • Real Median Household Income Below 1989 Levels (And We STILL Had A Housing Bubble?!)

    09/20/2013 1:25:43 PM PDT · by whitedog57 · 10 replies
    Confounded Interest ^ | 09/20/2013 | Anthony B. Sanders
    The typical American family makes less than it did in 1989. “the most depressing result comes when you look at the longer view of household incomes in the United States. This chart shows real median household income over the past 25 years; that is, the money earned, in inflation-adjusted dollars, by the family at the exact middle of the income distribution.” medianhouseholdincome Yes, that is pretty depressing. This in spite of a tax system where 43% of Americans pay no Federal income taxes. The good news? It used to be 47%. This corresponds to my least favorite chart which shows...
  • The poor: Reagan vs. Obama

    09/16/2013 10:22:00 PM PDT · by Innovative · 6 replies
    Trib Live ^ | Sept 15, 2013 | Ralph R. Reiland
    I think the poor need another Reagan in the White House. The income of black heads-of-households dropped by 10.9 percent from June 2009 to June 2013. This decline in black income is more than double the overall 4.4 percent drop nationally in real, adjusted for inflation, median household income during the same four years of alleged “recovery.” In dollar terms, the median income per year ... in female-headed households and black households has dropped, respectively, by $2,300 and over $4,000 since Obama's stimulus-led “recovery” began in June 2009. The CBO report shows that after-tax household income, adjusted for inflation, increased...
  • You Don't Have to Stay Poor

    09/11/2013 3:42:56 AM PDT · by Kaslin · 24 replies ^ | September 11, 2013 | Walter E. Williams
    No one can blame you if you start out in life poor, because how you start is not your fault. If you stay poor, you're to blame because it is your fault. Nowhere has this been made clearer than in Dennis Kimbro's new book, "The Wealth Choice: Success Secrets of Black Millionaires." Kimbro, a business professor at Clark Atlanta University, conducted extensive face-to-face interviews, took surveys and had other interactions with nearly 1,000 of America's black financial elite, many of whom are multimillionaires, to discover the secret of their success. Kimbro's seven-year study included wealthy blacks such as Byron E....