One of the most consistent debates emanating out of Washington in the past 6 years has been that dealing with income tax. Whether high, low, "fair" or "unfair", said discussions, however, focus solely on tax paid at the Federal level, and largely ignore that "other" key tax: state. Which is surprising, considering some states such as California demand a total contribution amounting to a third of the highest marginal Federal tax bracket, which could make some wonder if those bracing sea breezes are really worth it. But what about the other states? Here is the full breakdown of the states with the top income tax rates, those with the lowest, and all the states inbetween.
Did you know that the number of Americans getting benefits from the federal government each month exceeds the number of full-time workers in the private sector by more than 60 million? In other words, the number of people that are taking money out of the system is far greater than the number of people that are putting money into the system. And did you know that nearly 70 percent of all of the money that the federal government spends goes toward entitlement and welfare programs? When it comes to the transfer of wealth, nobody does it on a grander scale than the U.S. government. Most of what the government does involves taking money from some people and giving it to other people. In fact, at this point that is the primary function of the federal government.
If you listen carefully, you can hear the stampede of politicians distancing themselves from their once best-friend - Hotel magnate Sant Singh Chatwal - as AP reports, he plead guilty Thursday to charges he secretly funneled more than $180,000 in illegal campaign contributions to three unnamed candidates and coached someone to lie about it. Without the contributions "nobody will even talk to you," Chatwal said. "That's the only way to buy them, get into the system." Welcome to the ugly truth of American politik.
- Putin Doesn't Rule Out Sending Troops (WSJ)
- Japan Cuts Economic View on Tax Rise (WSJ)
- No "harsh weather" in Chipotle restaurants where comp store sales rose 13.4% (PR)
- No sanctions for you: EU sanctions push on Russia falters amid big business lobbying (FT)
- Consumer Spending on Health Care Jumps as Obamacare Takes Hold (BBG)
- China Seen Cracking on Property Controls (BBG)
- Google, IBM results raise questions about other tech-sector companies (Reuters)
- California city evacuation lifted after military ordnance found (Reuters)
- For Obama, Standoff With Moscow Jumbles Plans at Home and Abroad (WSJ)
The Florida Panthers finished this season with the 2nd lowest points total in the NHL and drew the 2nd lowest average attendance of 14,200 fans per home game. The team is losing $25 million annually. All of this is the exact opposite situation of the team's owner - Vincent Viola of HFT firm Virtu Financial infamy. As Bloomberg reports, Viola, whose high-frequency trading firm plans to raise millions in an initial public offering next month, is seeking tax dollars to help cover the bills for the hockey team he bought six months ago. Viola asked lawmakers in South Florida’s Broward County to use $64 million in taxpayer funds for arena bond payments owed by the team. In addition to taking over bond payments, which would be made over the next 14 years, the team wants concessions that would cost county taxpayers another $14 million in the same period.
Just Like the Financial Crisis and Fukushima: BP and the Government Decided to Temporarily Hide the Oil by Sinking It with Toxic Chemicals … The Gulf Ecosystem Is Now Paying the Price
UPDATE: The BLM has ceased rounding up Bundy's cattle - because of safety concerns
If you haven’t been following the unfolding drama at the Bundy Ranch about 80 miles northeast of Las Vegas you need to start now. The escalating confrontation between irate local residents and federal agents of the Bureau of Land Management (BLM) has the potential to take a very dangerous turn for the worse at any moment, as hundreds of militia members from states across the country are expected to descend upon the area and make a stand with 67-year-old Nevada rancher Cliven Bundy. The kindling for social upheaval has been growing in America for quite some time. Disrespectful and ignorant statements from billionaire oligarchs only make it worse. The question in my mind has always been what will the catalyst be to spark the brushfire? Will it be the Bundy Ranch? We’ll have to wait and see.
In a world filled with innuendo, false flags, and more one thing remains constant: What is Goldman Sachs (GS) up to and more importantly – why?
The top 1% of 825,000 individual medical providers accounted for 14% of the $77 billion in medicare billing in 2012, according to new federal data reported by the WSJ. The data shows a very small number of doctors and medical providers account for a huge amount of the costs for treating the elderly and, as WSJ notes, suggest in some cases, may be enriching themselves in the process. As Bloomberg notes, one doctor, who treats degenerative eye disease in seniors, was paid $21 million (twice the 2nd highest paid doctor on the list) with some top earners making 100 times the average for their respective fields. One researcher summed it up, "There's all sorts of services that are low-value for patients, high-revenue to providers," and leaves us wondering, once again, how the government will manage as Obamacare's "success" washes ashore.
The mainstream recovery narrative has an astounding “recency bias”. According to all the CNBC talking heads, the 192,000 NFP jobs gain reported on Friday constituted another “strong” report card. Well, let’s see. Approximately 75 months ago (December 2007) at the cyclical peak before the so-called Great Recession, the BLS reported 138.4 million NFP jobs. When the hosanna chorus broke into song last Friday, the reported figure was 137.9 million NFP jobs. By the lights of old-fashioned subtraction, therefore, we are still 500k jobs short—notwithstanding $3.5 trillion of money printing in the interim. The truth is, all the ballyhooed “new jobs” celebrated on bubblevision month-after-month have actually been “born again” jobs. That is, jobs which were created during the Fed’s 2002-2007 bubble inflation; lost in the aftermath of the September 2008 meltdown; and then “recovered” during the renewed bubble inflation now underway.
Following the March Jobs Report, ConvergEx's Nick Colas got to thinking about the composition of employment growth rather than just the headline number. Is every new job created really the same when it comes to overall economic impact? Consider that the average household income in Maryland is $69,920, versus $39,592 in Mississippi. Or that Mining and Logging jobs pay, on average, $28.77/hour and Retail Trade positions average only $14.22/hour. To expand on this point, Colas came up with three 'Ideal' marginal hires, when considering which jobs bring the most "bang" for the wage/employment "buck". At this point in the cycle we should be focused on job quality as much as quantity.
It seems two states is not enough for billionaire investor George Soros (who is ranked the 9th most influential marijuane user in the US). As The Washington Times' Kelly Riddell reports, advocacy groups are leading the campaign to crush marijuana prohibition from coast-to-coast, and 83-year-old Soros is helping line the pockets of those making that push. "Through a network of nonprofit groups, Mr. Soros has spent at least $80 million on the legalization effort since 1994, when he diverted a portion of his foundation’s funds to organizations exploring alternative drug policies, according to tax filings," Riddell notes, adding that the Soros-affiliated Foundation to Promote an Open Society donates roughly $4 million annually to the Drug Policy Alliance.
The stock market really was rigged... “It’s 2009,” Katsuyama says. “This had been happening to me for almost two years. There’s no way I’m the first guy to have figured this out. So what happened to everyone else?” The question seemed to answer itself: Anyone who understood the problem was making money off it...
It seems if you can't beat the digital dickweeds, then you join 'em. Dennis Kneale, infamous for his exclamations regarding bloggers while working for CNBC, has finally been let go by Fox also... these are his tips on how to be unemployed (at age 56!) via his new blog...
Simple: just don't pay the mortgage. Because here is what happens next: shortly thereafter foreclosure proceedings will begin and at some point, far in the distant future, the bank will finally complete the foreclosure process, claiming the property and putting it on the block with intent to resell (or simply raze it). How far in the future? According to RealtyTrac, the average duration of the foreclosure process for zombie foreclosures is an average of a record 1,031 days. Or just shy of 3 years.