"Have too much cash? You’d better tell the government. If not, they’re authorizing themselves in this bill to seize not just the money you didn’t report, but ALL of your assets and bank accounts. They even go so far as to specifically name 'safety deposit boxes' among the various assets that they can seize if you don’t fill out the form." Continue reading →
"State lawmakers in California and New York voted this year to pass state-run single payer health care plans, despite the fact that both states would need to double their existing tax revenue to pay for the new entitlement. But even if those political hurdles are overcome, and even if the two states figure out how they are going to come up with the necessary tax revenue—about $400 billion in California's case, and somewhere between $91 billion and $225 billion in New York's—to make those systems functional, both may run into another problem: The whole thing could be against the law." Continue reading →
401(k) deductions are under attack and tax advantages of inherited IRAs are being eliminated, while retirees move to Ecuador to escape outrageous expenses. Continue reading →
"The GOP's dreams have collided with interest-group lobbying and the tax system's reality. Politicians all profess to hate the tax code, but they don't agree on exactly what they hate. Voters gripe about complexity but are wary of losing cherished breaks that are woven into the economy." Continue reading →
"Aetna is saying goodbye to Obamacare. The insurance giant announced Wednesday that it would not offer policies in Nebraska or Delaware next year, completing its exit from the exchanges. Earlier this year, Aetna said it would pull out of Iowa and Virginia in 2018. The company said it expects to lose more than $200 million in its individual business line this year, on top of nearly $700 million in losses between 2014 and 2016. Aetna withdrew from 11 of its 15 markets for 2017. It has 255,000 Obamacare policyholders this year, down from 964,000 at the end of last year." Continue reading →
"Millions of Obamacare customers who do not qualify for financial aid to lower the cost of their health insurance — or who opt not to apply for such assistance — pay the full cost of coverage for their plans. While the Republican Obamacare replacement bill pending in Congress would increase the number of people who would qualify for subsidies, the bill is also expected to increase average premiums over the next two years higher than they would be under Obamacare." Continue reading →
"Venezuelan President Nicolas Maduro on Sunday said that his U.S. counterpart, Donald Trump, is deeply involved in 'terrorist' activities and the violence that is unfolding in the South American nation with an eye toward 'taking political control' there. Maduro said on his weekly radio-television show that his country is facing an 'attack by violent forces (...) intolerance and generalized destruction,' and that behind all this turmoil is 'the imperialist hand of Donald Trump.' 'Trump has his hands infected and stuck deeply into this conspiracy and this attack that has as its objective taking political control in Venezuela, recolonizing Venezuela,' Maduro claimed." Continue reading →
"The bottom line is that people who receive comfortable government benefits don’t have as much skin in the game when it comes to the end-result of the newly proposed healthcare bill." Continue reading →
"We’re not dealing with a government that exists to serve its people, protect their liberties and ensure their happiness. Rather, these are the diabolical machinations of a make-works program carried out on an epic scale whose only purpose is to keep the powers-that-be permanently (and profitably) employed." Continue reading →
"The new proposal would treat all 401(k) and traditional IRA contributions as if they were Roth IRA contributions. You’d lose the tax exclusion of those contributions, but your future 401(k)/IRA earnings and appreciation would be tax-free. Some think this could raise $1.5 trillion in additional tax revenue over the next decade, making the corporate tax slash feasible. Unless they decide to tax retirement earnings and appreciation too." Continue reading →