#United States Tax Planning Retirement

[tessansgp]

What You Need to Know about Tax Implications Upon Death [Video]

USA Tax Plann ..

[simply-ivanka]

Who’s Afraid of Project 2025?

Democrats run against a think-tank paper that Trump disavows. Why?

Wall Street Journal

July 29, 2024

By The Editorial Board

Americans are learning more about Kamala Harris, as Democrats rush to anoint the Vice President’s candidacy after throwing President Biden overboard. Ms. Harris wasted no time saying she’s going to run hard against a policy paper that Donald Trump has disavowed—the supposedly nefarious agenda known as Project 2025. But who’s afraid of a think-tank white paper?

“I will do everything in my power to unite the Democratic Party—and unite our nation—to defeat Donald Trump and his extreme Project 2025 agenda,” Ms. Harris tweeted shortly after President Biden dropped out. She’s picking up this ball from Mr. Biden, and her campaign website claims that Project 2025 would “strip away our freedoms” and “abolish checks and balances.”

***

Sounds terrible, but is it? The 922-page document doesn’t lack for modesty, as a wish list of policy reforms that would touch every part of government from the Justice Department to the Corporation for Public Broadcasting. The project is led by the Heritage Foundation and melds the work of some 400 scholars and analysts from an eclectic mix of center-right groups. The project is also assembling a Rolodex of those who might work in a Trump Administration.

Most of the Democratic panic-mongering has focused on the project’s aim to rein in the administrative state. That includes civil service reform that would make it easier to remove some government workers, and potentially revisiting the independent status of agencies like the Federal Trade Commission.

The latter isn’t going to happen, but getting firmer presidential control over the bureaucracy would improve accountability. The federal government has become so vast that Presidents have difficulty even knowing what is going on in the executive branch. Americans don’t want to be ruled by a permanent governing class that doesn’t answer to voters.

Some items on this menu are also standard conservative fare. The document calls for an 18% corporate tax rate (now 21%), describing that levy as “the most damaging tax” in the U.S. system that falls heavily on workers. A mountain of economic literature backs that up. The blueprint suggests tying more welfare programs with work; de-regulating health insurance markets; expanding Medicare Advantage plans that seniors like; ending sugar subsidies; revving up U.S. energy production. That all sounds good to us.

Democrats are suggesting the project would gut Social Security, though in fact it bows to Mr. Trump’s preference not to touch the retirement program, which is headed for bankruptcy without reform. No project can profess to care about the rising national debt, as Heritage does, without fixing a program that was 22% of the federal budget in 2023.

At times the paper takes no position. For example: The blueprint features competing essays on trade policy. This is a tacit admission that for all the GOP’s ideological confusion on economics, many conservatives still understand that Mr. Trump’s 10% tariff is a terrible idea.

As for the politics, Mr. Trump recently said online that he knew “nothing about Project 2025. I have no idea who is behind it.” That may be true. The chance that Mr. Trump has read any of it is remote to nil, and he doesn’t want to be tied to anyone’s ideas since he prizes maximum ideological flexibility.

The document mentions abortion nearly 200 times, but Mr. Trump wants to neutralize that issue. The project’s chief sponsor, Heritage president Kevin Roberts, also gave opponents a sword when he boasted of “a second American revolution” that would be peaceful “if the left allows it to be.” This won’t help Mr. Trump with the swing voters he needs to win re-election.

By our lights the project’s cultural overtones are also too dark and the agenda gives too little spotlight to the economic freedom and strong national defense that defined the think tank’s influence on Ronald Reagan in 1980.

***

But the left’s campaign against Project 2025 is reaching absurd decibels. You’d think Mr. Trump is a political mastermind hiding the secret plans he’ll implement with an army of shock troops marching in lockstep. If his first term is any guide, and it is the best we have, Mr. Trump will govern as a make-it-up-as-he-goes tactician rather than a strategist with a coherent policy guide. He’ll dodge and weave based on the news cycle and often based on whoever talks to him last.

Not much of the Project 2025 agenda is likely to happen, even if Republicans take the House and Senate. Democrats will block legislation with a filibuster. The bureaucracy will leak with abandon and oppose even the most minor reforms to the civil service. The press will revert to full resistance mode, and Mr. Trump’s staff will trip over their own ambitions.

Democrats know this, which is why they fear Trump II less than they claim. They’re targeting Project 2025 to distract from their own failed and unpopular policies.

[random-thought-depository]

""Moreover, it turns out that the United States is not all that tightfisted when it comes to social spending. “If you count all public benefits offered by the federal government, America’s welfare state (as a share of its gross domestic product) is the second biggest in the world, after France’s,” Desmond tells us. Why doesn’t this largesse accomplish more?

For one thing, it unduly assists the affluent. That statistic about the U.S. spending almost as much as France on social welfare, he explains, is accurate only “if you include things like government-subsidized retirement benefits provided by employers, student loans and 529 college savings plans, child tax credits, and homeowner subsidies: benefits disproportionately flowing to Americans well above the poverty line.” To enjoy most of these, you need to have a well-paying job, a home that you own, and probably an accountant (and, if you’re really in clover, a money manager).

“The American government gives the most help to those who need it least,” Desmond argues. “This is the true nature of our welfare state, and it has far-reaching implications, not only for our bank accounts and poverty levels, but also for our psychology and civic spirit.” Americans who benefit from social spending in the form of, say, a mortgage-interest tax deduction don’t see themselves as recipients of governmental generosity. The boon it offers them may be as hard for them to recognize and acknowledge as the persistence of poverty once was to Harrington’s suburban housewives and professional men. These Americans may be anti-government and vote that way. They may picture other people, poor people, as weak and dependent and themselves as hardworking and upstanding. Desmond allows that one reason for this is that tax breaks don’t feel the same as direct payments. Although they may amount to the same thing for household incomes and for the federal budget—“You can benefit a family by lowering its tax burden or by increasing its benefits, same difference”—they are associated with an obligation and a procedure that Americans, in particular, find onerous. Tax-cutting Republican lawmakers want the process to be both difficult and Swiss-cheesed with loopholes. (“Taxes should hurt,” Ronald Reagan once said.) But that’s not the only reason. What Desmond calls the “rudest explanation” is that if, for whatever reason, we get a tax break, most of us like it. That’s the case for people affluent and lucky enough to take advantage of the legitimate breaks designed for their benefit, and for the wily super-rich who game the system with expensive lawyering and ingenious use of tax shelters.

And there are other ways, Desmond points out, that government help gets thwarted or misdirected. When President Clinton instituted welfare reform, in 1996, pledging to “transform a broken system that traps too many people in a cycle of dependence,” an older model, Aid to Families with Dependent Children, or A.F.D.C., was replaced by Temporary Assistance for Needy Families, or TANF. Where most funds administered by A.F.D.C. went straight to families in the form of cash aid, TANF gave grants to states with the added directive to promote two-parent families and discourage out-of-wedlock childbirth, and let the states fund programs to achieve those goals as they saw fit. As a result, “states have come up with rather creative ways to spend TANF dollars,” Desmond writes. “Nationwide, for every dollar budgeted for TANF in 2020, poor families directly received just 22 cents. Only Kentucky and the District of Columbia spent over half of their TANF funds on basic cash assistance.” Between 1999 and 2016, Oklahoma directed more than seventy million dollars toward initiatives to promote marriage, offering couples counselling and workshops that were mostly open to people of all income levels. Arizona used some of the funds to pay for abstinence education; Pennsylvania gave some of its TANF money to anti-abortion programs. Mississippi treated its TANF funds as an unexpected Christmas present, hiring a Christian-rock singer to perform at concerts, for instance, and a former professional wrestler—the author of an autobiography titled “Every Man Has His Price”—to deliver inspirational speeches. (Much of this was revealed by assiduous investigative reporters, and by a 2020 audit of Mississippi’s Department of Human Services.) Moreover, because states don’t have to spend all their TANF funds each year, many carry over big sums. In 2020, Tennessee, which has one of the highest child-poverty rates in the nation, left seven hundred and ninety million dollars in TANF funds unspent."

- The New Yorker: "How America Manufactures Poverty" by Margaret Talbot (review of Matthew Desmond's Poverty by America).

[justinspoliticalcorner]

Matt Gertz at MMFA:

Prominent members of the right-wing media elite touted John Kelly’s ability as White House chief of staff to impose discipline on then-President Donald Trump and prevent the nation from falling into chaos.  The Wall Street Journal editorial board and commentators like National Review Editor-in-Chief Rich Lowry and Fox News contributor Newt Gingrich praised the retired four-star general as an “indispensable” and “unflinching” figure who “deserves the nation’s gratitude” for stopping Trump from exercising his worst impulses.  Now, Kelly is publicly describing the former president as a fascist bent on ruling the United States as a dictator if he returns to power — while Trump is making clear that he will not allow himself to be surrounded by similar figures who could act as guardrails in a second term — and the same figures are still backing his candidacy.

Elite right-wing commentators lauded Kelly for keeping Trump under control

For a segment of the right-wing press that likes Trump’s support for cutting taxes, banning abortion, dismantling the social safety net, and other traditional GOP positions — but dislikes the chaos he brings with them — Kelly’s July 2017 appointment as chief of staff was a godsend.

[...]

Kelly served at the highest levels of the Trump administration and says the former president is a fascist

The Journal editorial board, Lowry, and Gingrich were correct to worry about the prospect of an unhinged Trump unrestrained by a competent chief of staff. Mark Meadows, a former congressman who served in that role, oversaw the final chaotic months of Trump’s administration, during which Trump led a shambling response to the COVID-19 pandemic, threatened to use military force against protesters, and ultimately sought to subvert the results of the 2020 election and triggered the storming of the U.S. Capitol. Now Kelly, who served Trump as chief of staff for a year and a half, is speaking out about what he saw in the White House and the urgent danger he says the former president poses to the country.

In interviews with The New York Times, he said of Trump and his plans for a second term:

“Certainly the former president is in the far-right area, he’s certainly an authoritarian, admires people who are dictators — he has said that. So he certainly falls into the general definition of fascist, for sure.”

“He certainly prefers the dictator approach to government.”

He “never accepted the fact that he wasn’t the most powerful man in the world — and by power, I mean an ability to do anything he wanted, anytime he wanted.”

“I think this issue of using the military on — to go after — American citizens is one of those things I think is a very, very bad thing — even to say it for political purposes to get elected — I think it’s a very, very bad thing, let alone actually doing it.” 

“He’s certainly the only president that has all but rejected what America is all about, and what makes America America, in terms of our Constitution, in terms of our values, the way we look at everything, to include family and government — he’s certainly the only president that I know of, certainly in my lifetime, that was like that.”

Kelly is one of several high-ranking national security appointees in Trump’s administration who are warning the country that the former president is a fascist. Mark Milley, who served as chairman of the Joint Chiefs of Staff under Trump, has described him as “fascist to the core” and “the most dangerous person ever,” remarks reportedly echoed by Jim Mattis, Trump’s former secretary of defense.  And on Wednesday, former Defense Secretary Mark Esper said on CNN that “it's hard to say that” Trump “doesn't” fit the definition of fascist, adding, “He certainly has those inclinations, and I think it's something we should be wary about.”

[...] The defining feature of right-wing media during the Trump era has been that you either back the former president despite your better instincts and morality, or you get excommunicated from the movement. That incentive structure — and the right-wing commentariat’s craven responses to it — explains the resulting media ecosystem rallying behind a lying felonious racist and conman who launched an insurrection and whose own former top aides describe as a fascist.

During Donald Trump’s first term, right-wing media elites such as Newt Gingrich and Rich Lowry praised John Kelly as a restraint on Trump’s worst impulses.

[pissingonmonarchy]

Creating an exit plan to become an expatriate (expat) from the United States involves a series of steps, from researching destinations to managing financial and legal obligations. Here’s a general outline to help guide you through the process:

1. Research Destination Countries

• Identify your criteria: Think about climate, cost of living, healthcare, quality of life, tax implications, and visa requirements. Consider how you want to spend your time abroad, like working, retiring, or starting a business.

• Narrow down options: Research countries that align with your criteria. For many Americans, countries in Europe, Central and South America, and parts of Asia are popular because of their expat-friendly environments.

2. Visit Potential Countries

• Plan exploratory trips: Spend a few weeks in each potential destination to experience the local lifestyle, cost of living, and culture firsthand. This can help confirm that a location fits your needs.

• Connect with local expats: Attend events or join expat communities to get insights into life in each country.

3. Understand Visa and Residency Requirements

• Research visa options: Each country has its own set of visa options, like work visas, retirement visas, digital nomad visas, and investment visas. Determine which one aligns with your goals.

• Plan for long-term residency: Many countries offer paths to permanent residency or citizenship. Find out the requirements and start the application process if your target country allows.

4. Prepare Financially

• Create a budget: Factor in moving costs, cost of living, healthcare, taxes, and emergency savings. Make sure your finances will support your lifestyle abroad.

• Understand tax obligations: U.S. citizens must file taxes regardless of where they live. Research your obligations and consider consulting an accountant with experience in expat tax law.

• Set up local bank accounts: Find out if you’ll need a local bank account and research how to transfer money internationally efficiently.

5. Secure Healthcare Coverage

• Look into healthcare options: Some countries offer affordable healthcare, while others may require private insurance. Explore local healthcare systems and check if your target country offers expat health insurance.

• Assess your U.S. healthcare: If you need continued U.S.-based healthcare coverage (like Medicare, which generally doesn’t cover you abroad), consider how you’ll handle medical needs.

6. Tie Up Loose Ends in the U.S.

• Handle legal and financial matters: Consider creating a will, assigning a power of attorney, and updating your legal documents.

• Manage property and assets: Decide whether you’ll rent out, sell, or keep your home and other properties.

• Notify institutions: Inform banks, creditors, insurance companies, and other relevant institutions about your move to avoid complications.

7. Learn the Language and Culture

• Study the local language: Even a basic understanding of the language will help with daily interactions, especially in less expat-heavy areas.

• Understand cultural norms: Adjusting to new customs and social norms will make integration smoother and more enjoyable.

8. Build a Support Network

• Join online communities: Many social media groups exist for expats in various countries. Being part of these groups can ease the transition.

• Stay connected to home: Plan regular calls with family and friends to help with homesickness and maintain relationships.

9. Make the Move

• Arrange for the physical move: Plan your relocation, including moving your belongings, storing items you’re leaving behind, and booking flights.

• Settle into your new home: Take time to get acquainted with your surroundings, set up essential services, and register with local authorities if required.

10. Maintain Flexibility

• Give yourself an adjustment period: The initial months can be a mix of excitement and culture shock. Allow time for adaptation.

• Have an exit strategy: Keep a backup plan in case you decide to return to the U.S. or move to another country in the future.

By planning each step carefully, you’ll create a smooth transition from the U.S. to your new country. Let me know if you’d like specific country recommendations or further details on any step!

[hardtheoristking]

Can Navy Federal Help You Save for Retirement?

Navy Federal can help you save for retirement. It's also an option for non-military members. Anyone connected to the military can join Navy Federal. This includes family members. Navy Federal offers different accounts for saving. These accounts can help you grow your money over time. One common choice is the Individual Retirement Account (IRA). An IRA offers tax benefits. This means you pay less tax on the money you save. The result is more money in your pocket. Over time, savings can add up. Navy Federal offers guidance. Their advisors can help you make smart choices.

John, a Navy veteran, started saving with Navy Federal. He opened an Individual Retirement Account. He liked the lower fees. He also appreciated the personalized service. John met with a Navy Federal advisor. The advisor helped him choose the best options. He felt confident in his choices. Over the years, John watched his savings grow. He plans to retire soon. His Navy Federal account will help him live comfortably. Many others have stories like John's. Navy Federal makes retirement saving easy and stress-free.

Saving for retirement might seem hard. But with Navy Federal, it's simple. They offer tools and advice. You don't need to be rich to start. Small amounts add up over time. Navy Federal's app makes saving even easier. You can check your account anytime. You can also set up automatic deposits. This way, you save without thinking about it. Navy Federal is there to support you every step of the way. Their goal is to help you reach your retirement dreams. Start now, and secure your future with Navy Federal.

Discover Bizzy: Your Comprehensive Source for USA Contact Information

For in-depth access to extensive USA contact details, explore the Bizzy directory. Offering a wide array of listings, this resource ensures you can find specific contacts across various industries and regions within the United States. Whether you're searching for business contacts, customer service numbers, or professional connections, Bizzy is a dependable platform to streamline your search. Utilize its user-friendly interface and vast database to access the most relevant and current contact information tailored to your needs. Efficiently uncover detailed American business contact information with the Bizzy directory today.

[pacificglovebox]

Jyn Work Infodump Post - Public Accounting

I've talked in the past (in at least one post) about how I work in the United States Tax Return Preparation industry. So this post is about the industry and specifically Public Accounting and why I am planning to leave this segment of the accounting industry in the next year.

If you are thinking about entering this industry, I ask you to please read further for a warning. I have a hard time saying run away, but RUN AWAY from this industry! Find something else, work in private accounting, or if you truly decide to join Public Accounting have a good therapist who you will see.

A few points of note that I do want to appreciate with my job and specifically my current employer - as they have done their best to help me in and out of the job and I am grateful

I recognize I am well-off due to my job and my pay is above the median for my "position" (slight annoyance since I am technically doing work in the level above mine but not yet been promoted to that level - my pay low for that level so idk)

I do have some very nice perks in my job such as generous vacation benefits, sick leave, and the ability to work from largely anywhere

My job, and especially bosses, are very flexible and have been really done what they can to help me grow professionally and where possible personally

I genuinely have some really fun coworkers to work with (i'll admit i know nothing about sports when they talk about it) and I enjoy eating lunch with them most days

Okay now that I have shared the reasons that I am grateful I want to share some reasons that public accounting, at least to me, is not an industry that I believe I can continue working in too much longer.

1. The Hours and Stress

The hours in this industry are known for being horrible, especially during the annual tax season *coughs this time of year* with around 60 - 80 hours a week and an average 2200-2400 hours a year [Source: Anecdotal Evidence through myself and others I know in the industry]... I believe that we should not be working more than 24-32 hours a week and even during a busy season at work we should not work more than 50 hours. In our off seasons we practically do no work and the following gif really hits deep, but I still have to justify what I'm doing in the off season.

Public Accounting has a really big issue with burnout and I have felt this, as I stated above, at least one a year but regularly entering a burnout cycle twice a year. This is in large part due to the hours and the toll the job puts on the staff. The other major part is the fact that this job is really stressful and it really should not be that way. Below I outline several of the major stressors that the industry is experiencing and how I personally have felt about them.

2. The Staffing Shortage

Accounting and specifically Public Accounting has a Staffing Shortage to a very severe degree. I think it was like 75% of the current CPA's are looking to retire in the very near future [Source]. This is really worrisome as students right now are, very rightfully so, not entering the industry and I am not alone in deciding to leave the industry [Source]. You may ask would having enough students go into the industry help? No.

The fact is the industry has access to a labor market, and has been recently taking advantage of it, through the hiring of individuals in foreign countries (foreign meaning non-United States). This does not solve the issue with the shortage. We are short on the experienced staff and manager level. We are missing the individuals who typically would train new staff. This is yielding in staff who are being pushed quicker and quicker into dealing with more complex returns in the tax preparation industry and thus the younger staff are burning out faster than they used to before.

On a personal level, I am a more experienced staff and I am someone who fields the majority of questions from staff and interns at my workplace. I rarely can find a moment to get my own work done during the "typical" workday so I end up having to work more hours in order to get my work done. I have worked at times until 2 or 3 am in the morning in order to get my work "done" only to have to do it again the next day. I am burning out because the work that is "too" complex for my staff is something that I have to do. I do not even feel ready to work on those items.

3. The Workplace, Conservative History, and Clients

I do enjoy my workplace for the things I listed above, but there are plenty of gripes I have about it too. First is while we are on an annual basis generally losing more staff than we hire, the bosses are taking on more clients than we are losing in a year. The driving factor is one word only... profits

Other gripes include the fucking bureaucracy apparently required to do my job. I get a decent bit of freedom to be in charge of my work, as long as it gets one, but just fuck it's so annoying to have to fill out a stupid form every time we don't make a profit or 'good enough' profit on a tax return. I have staff with not enough training, I am exhausted trying to train them, and I am told I have to now fill out a form when I still have so much other work to do.

Additionally, don't we all love an industry known for being stuffy, white, and conservative? If you haven't seen my blog before (how did you get here? thank you for reading this far - hope you enjoy this post), I am a Trans Lesbian and I feel like I cannot come out in this industry. Like I know logically most people would not give a single fuck, but that doesn't mean the industry is welcoming. If anything it is more like my dad's church and realizes us gays exist but would rather I try shut up and to fit in the box and get work done.

The last part I want to gripe about here is the clients. I love interacting with the majority of my clients, but like 10% of them are the worst. I have to beg my bosses to "fire" some clients (firing a client is what it sounds like, we no longer will serve them). I had to beg for two years to fire a client that was mentioned by name in about seven people's exit interviews after they quit. This one client was so nasty to everyone that tried to help them. Like this one client, the majority of clients who are in this 10% are the ones who treat me like i'm a "bad" person. Look I get you hate paying taxes... I agree with you on some level (I like paying some taxes when I know the taxes go into helping my local community or helping people) but do not take it out on me and yell at me on the phone or send me an email yelling at me. I am trying to help you and work with your best interest in mind and this often means trying to help you minimize taxes, penalties, and interest you will have to pay to the government.

4. The Legal/Political Environment

The government does not care. The politicians do not care. The IRS especially does not care. They ruin your life if you do not pay. I have known people who have not paid their taxes (either on purpose or cannot pay them) have a warrant put on them and taken to jail. Just for not paying taxes owed. I do not care too much if this happens to the person who could pay but refuses out of the principal of it. I get mad when it happens to someone who could not afford to pay and used the last dollar to put food on the table for their kids. It genuinely is fucked up that this can happen - I will make a caveot that I have not seen this happen often and not from Federal or State Tax agencies (not that it is not possible, I'm frankly unaware) but rather Cities who should be most fucking understanding since that is your neighbor.

Other huge reasons the government and politicians do not care is that they actively choose to play the stupid political game and make things more difficult for everyone else. They have and will continue to pass laws effecting years already passed forcing us to go back and redo returns. This is fine in our slow season, but they do it during the busiest part of the year! Fuck the government! It is nothing more than a game to them and I wish i could opt out of this system.

Taxes should be easier. Like it should be easy enough since the government already receives a lot of your information, but not everything. The reason the government does not get everything is politics. Politics and the fact that the government wants to control our actions has resulted in the complicated tax code that tries to incentivize or punish you into following what they want you to do. I can talk in another post about this... i feel this is getting too long and ranty.

Basically, if you have just wages from a W-2 Job you should just be able to receive a refund from the government without filing. They know exactly how much you earned, your age, and really everything else they need to know. The only thing you would need to inform them of is your filing status, but I personally think we should not have separate filing statuses. Just another way the government tries to force us to fit a "standard" and I do not like it. I could start another rant about this, but won't for now.

I think the reason they make you file a return is to so they can keep your money when you choose not to. There are free filing tools I will link them in another post [Here] (link not yet added, please come back I'll update with a hyperlink) that allow you to file and not pay for the privilege to request your money be given to you.

Whew that was a lot but you made it - congrats the following gif is for you! I think that sums up my thoughts and a few additional rants added in for a little spice. I just feel unfulfilled in my job and I’m constantly stressed and I hope I find something new soon.

[loverockawaitsyou]

Life update...

So after a lot of thinking, and researching, and discussions, I have to decided to leave California. I’m not sure if it will be a permanent, but at least for a while. I’ve been thinking about it for some time.

My current living situation and my situationship have really impacted my emotional and physical health, and I am trying to look out for myself for one of the first times in my life. For the past couple of months, I’ve been dealing with a toxic work and living situation, and a relationship that really isn’t working out. And having to deal with both at the same time has been taxing, to say the least.

Overall, I just need some time off, and an extended period of recovery from everything I’ve been through the past 2.5 years.

My plan for now is to go up to Seattle for a few weeks to see how I like it, and then decide if I want to stay. I have a remote job, so money isn’t too much of a hinderance at this time. My last trip was very quick and touristy, so I wanted to come in for a longer period of time to get a more accurate depiction of living there. 

I’m leaving my currently place at the end of July. I would leave sooner, but due to some other workplace circumstances, I have to stay for a bit.

If that doesn’t work out, I’ve thought about returning to my home state for a few. 

So far, almost all of my family is really supportive. My mom surprisingly was like “go for it!” But I guess if you can survive in LA, you can survive anywhere (in the United States that is). Plus, I’m pretty much “retired” from film criticism- which is the main reason I came to LA in the first place.

At first I was embarrassed to admit it, because I worked so hard to get to and stay in LA, but I don’t feel home here right now, and I need a change of pace and scenery.

This is kind of scary, but I know it’s the right thing to do.

[xlntwtch2]

ap news 11/12/23 from this article...

Trump would ... strip tens of thousands of career employees of their civil service protections. That way, they could be fired as he seeks to “totally obliterate the deep state.”

... he would ...undertake the largest domestic deportation operation in American history. He would target people who are legally living in the United States but harbor “jihadist sympathies” and revoke the student visas of those who espouse anti-American and antisemitic views.

... U.S.-Mexico border, Trump says he will move thousands of troops currently stationed overseas and shift federal agents, including those at the Drug Enforcement Administration and FBI, to immigration enforcement. ...more border wall.

His aim: bar “dangerous lunatics, haters, bigots, and maniacs,” as well as those who “empathize with radical Islamic terrorists and extremists.”

...he has said he would end birthright citizenship..

...he will institute ... system of tariffs of perhaps 10% on most foreign goods. .... proposed a four-year plan to phase out Chinese imports of essential goods, including electronics, steel and pharmaceuticals. he will force Chinese owners to sell any holdings “that jeopardize America’s national security.”...

...claims .. before he is inaugurated, he will have settled the war between Russia and Ukraine. That includes, he says, ending the “endless flow of American treasure to Ukraine” and asking European allies to reimburse the U.S. for the cost of rebuilding stockpiles.

...he will stand with Israel in its war with Hamas and support Israel’s efforts to “destroy” the militant group. He says he will continue to “fundamentally reevaluate” NATO’s purpose and mission.

..he will ask Congress to pass a bill establishing that “only two genders,” as determined at birth, are recognized by the United States.

...he will declare that hospitals and health care providers that offer transitional hormones or surgery no longer meet federal health and safety standards and will be blocked from receiving federal funds..

Under the mantra “DRILL, BABY, DRILL,” ... he would ramp up oil drilling on public lands and offer tax breaks to oil, gas, and coal producers.

...he will exit the Paris Climate Accords, end wind subsidies and eliminate regulations imposed and proposed by the Biden administration..

...pledged to terminate the Department of Education, ....he would cut funding for any school that has a vaccine or mask mandate ... promote prayer in public schools....“the nuclear family” including “the roles of mothers and fathers”...allow trained teachers to carry concealed weapons. ... federal funding so schools can hire veterans, retired police officers, and other trained gun owners as armed school guards.

...force the homeless off city streets... wants to bring back large mental institutions to reinstitutionalize those who are “severely mentally ill” or “dangerously deranged.”

...use federal government’s funding and prosecution authorities to strong-arm local governments.... use controversial policing measures such as stop-and-frisk ...police should be empowered to shoot suspected shoplifters in the act.

...called for the death penalty for drug smugglers and those who traffic women and children. ..also pledged a federal takeover of the nation’s capital, calling Washington a “dirty, crime-ridden death trap” unbefitting of the country.

[subconsciousneedstostop]

The Percentage of People with Student Debt

You keep hearing that 17% of all Americans have student debt, and that 83% would be paying for the rest. That's not correct, not entirely. I want to run you some numbers.

Using the United States Demographic Information (collected via the US Census Bureau), we can get some rough demographic information for the United States. I say rough because it is estimates for 2022 that I will be using.

According to the USCB, the total population in 2022 was 333,287,557 as of April (roughly). Of that population:

Persons under 18: 21.7% or 72,323,399.9 (we'll round that up to the nearest person)

Persons above 65: 17.3% or 57,658,747.4 (we'll also round this up)

So the amount of people who have not reached economic majority (and aren't taxed usually) and the people who have retired and are not economic contributors is 129,892,147, or 38.9% of the population. This leaves 203,395,410 people who are in the economic sphere (61.1%).

Now for the amount of people with student debt. Assuming that most people above 65, having come from an economically more stable period, lack student loans and that people under 18 are unlikely to have student debt, we can safely (though not without some error) that the population with debt would be in the remaining 61.1% we found.

That means that (according to several sources, but I'll link Investopedia) 45,000,000 of 203,395,410 have student loans. That's 22.1% of the economic populace. So somewhere between 1 in 4 and 1 in 5 people has student loans.

And that's some numbers, for sure, but what does that mean. In 2022, the snapshot of student loan debt was 1.76 trillion, or 1,760,000,000,000. While not everyone is going to have the same amount of debt, let's just divide that up evenly over those 45 million. That gives us 39,111.11 USD per person.

But we aren't done. That's just the original debt. Let's also input interest. For the sake of argument, let's assume everyone got the Federal Direct Loans at Graduate level interest rates of 5.28%. This is the rate if your first disbursement was in 2022, for a graduate level loan. (I'm no mathematician, so I don't want to mess around with exact percentages of people who have doubled up loans or only one kind.)

According to the US Government, interest is paid off first before your principal, meaning you can make a payment that does not even lower your loan amount. The formula they provide for calculating your daily interest is:

Interest Amount = (Outstanding Principal Balance x Interest Rate Factor) x Number of Days Since Last Payment.

The average payment plan is one payment per month. So for a first payment on a new 2022 loan, the formula would be:

(100 x .0528) x 31 = 163.68 USD per month in interest (again, rough math)

If you add the amount of interest for, let's say a 120 month payback where you are chipping away at your principal balance (say 420 USD payment a month or around there), you have somewhere around 11,314 USD in interest, and a TOTAL repayment of somewhere near 50,000 USD.

Wow numbers! But let's go one step further.

That's 50,000 USD per person in 45,000,000. Assuming no one since 2022 has gotten a student loan or ever will. That's a total of 225,000,000,000,000 USD that has to be paid by those people, assuming no one fails to meet their interest payment and it doesn't get compounded into their loan amount (which raises the interest on their payments). If you're like me and hate all the zeros, that's 225 trillion dollars.

225 trillion dollars.

That's 225 trillion dollars that aren't in economic circulation. It's not being used to pay for groceries. It isn't being used for child care. It's not for clothing. It's not for housing. It's for a debt that someone accrued because they wanted to get a better job (which as most of us know now, the college thing was a lie), like we are constantly told to.

You can argue all you want about whether the decision to waive student debt is a good one or a bad one, but just consider this: tuition prices from 2003 to 2023 rose on average 150%. The total consumer price inflation, for the same period of time, was only 65%.

In 2003, tuition was 11,541.33 on average.

In 2023, tuition was 27,938.33 on average.

That's for just tuition. For the privilege of being allowed to register for classes and sit in the room. Not for books, food, housing, clothing, study aids, transport, or anything else.

Just to sit in the room.

My numbers may not all be perfect, but they're close enough to make me mad about this. But what do I know? I'm just a person.

[tessansgp]

How Taxes Devour Your Estate (and How YOU Can Minimize Them) | Estate Lawyer Reveals the Truth [Video]

USA Retirem ..

[profitmanagementsolutionsllc]

Maximizing Returns: Exploring Strategies to Reduce Capital Gains Tax

Introduction:

Capital gains tax is a significant consideration for investors and individuals who realize profits from the sale of assets such as stocks, real estate, or valuable collectibles. As tax obligations can significantly impact investment returns, it is essential to explore strategies that may help reduce capital gains tax burdens. In this article, we will delve into various methods and considerations that can potentially minimize your capital gains tax liabilities.

Understanding Capital Gains Tax:

Before we delve into the strategies, let's understand the basics of capital gains tax. Capital gains tax is a levy imposed on the profit generated from the sale of an asset held for investment purposes. The tax is applied to the difference between the asset's sale price and its purchase price (adjusted for transaction costs and improvements). Capital gains tax rates vary depending on factors such as your income level, holding period, and the type of asset being sold.

Long-term Investment Benefits:

One of the most effective ways to reduce capital gains tax is by holding onto your investments for the long term. In many countries, a lower tax rate is applied to long-term capital gains compared to short-term gains. Holding an asset for at least one year or meeting the specified holding period criteria can often result in a reduced tax liability.

Capital Losses and Offset:

Capital losses can be utilized to offset capital gains, thereby reducing your tax burden. If you have sold an asset at a loss, you can use the losses to offset gains made elsewhere in your portfolio. This strategy, known as tax-loss harvesting, involves selling underperforming assets to offset gains. If your capital losses exceed your capital gains, you can use the remaining loss to offset up to a certain amount of ordinary income, further reducing your overall tax liability.

Charitable Donations:

Donating appreciated assets to qualified charitable organizations can be a tax-efficient way to reduce capital gains tax. By gifting appreciated stocks or other assets, you can avoid paying capital gains tax on the appreciation, and the charitable donation may also be eligible for a tax deduction. Consult with a tax professional to understand the specific rules and limitations surrounding charitable contributions.

Tax-Advantaged Accounts:

Utilizing tax-advantaged accounts, such as individual retirement accounts (IRAs) and 401(k)s, can provide a shelter for your investments from capital gains tax. Contributions made to these accounts are often tax-deductible or grow tax-free, and withdrawals are typically subject to ordinary income tax rates rather than capital gains tax. Utilizing such accounts can help defer or minimize your tax liabilities, especially if you plan to hold investments for retirement purposes.

Qualified Small Business Stock (QSBS):

Under certain circumstances, investing in qualified small business stock (QSBS) can provide significant tax benefits. In some jurisdictions, QSBS investments may qualify for a full or partial exclusion from capital gains tax if certain requirements are met. This incentive encourages investment in small businesses and can potentially reduce the tax burden associated with selling qualifying stock.

1031 Exchanges (US):

For real estate investors in the United States, a 1031 exchange can offer an opportunity to defer capital gains taxes. This provision allows you to sell a property and reinvest the proceeds into a like-kind property within a specific timeframe, typically deferring the tax until a later sale. It is crucial to adhere to the stringent guidelines and consult with a tax professional familiar with 1031 exchanges to ensure compliance.

Conclusion:

While it may not be possible to completely eliminate capital gains tax, various strategies exist that can help minimize the tax burden associated with the sale of assets. By employing long-term investment strategies, offsetting gains with losses, leveraging tax-advantaged accounts, making charitable donations, exploring QSBS investments, or considering 1031 exchanges (where applicable), investors can potentially optimize their after-tax returns. It is always advisable to consult with a qualified tax professional to understand the specific tax laws and regulations in your jurisdiction and to develop a strategy tailored to your individual circumstances.

[sandraps]

Wealth Management in UAE

A financial powerhouse, the United Arab Emirates (UAE) draws people and businesses from all over the world. Favorable legislation, a desirable tax environment, and a dedication to financial innovation have all contributed to the growth of its wealth management sector. This rapidly expanding industry offers a broad range of investment and asset management services to ensure financial growth, serving high-net-worth individuals, foreign nationals, and local business owners.

Prospects for Wealth Management in the UAE in the Future

The future of wealth management in the United Arab Emirates appears bright. Government programs in the area, such as the Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), keep improving regulatory frameworks and encouraging foreign investment. Furthermore, wealth management services are changing as a result of the UAE's emphasis on technology innovations like blockchain, AI, and fintech integration. This progressive strategy establishes the UAE as a pioneer in cutting-edge and safe wealth management solutions, drawing in investors looking to profit from these modern assets.

Important Wealth Management Services in the United Arab Emirates

The UAE's wealth management companies provide a number of services, such as:

Investment advising: Customized investment plans that fit each client's risk tolerance and financial objectives.

Making sure that the transfer of funds is both tax-efficient and in line with the goals of the family legacy is known as estate planning.

Asset management is the process of overseeing portfolios in international markets in order to optimize returns.

Financial Planning: Creating thorough financial plans that address retirement, succession, and taxation.

Corporate financial advisory: Helping companies with strategic investments, mergers, and acquisitions.

In conclusion UAE wealth management is expanding quickly thanks to the nation's innovative economic policies, state-of-the-art infrastructure, and welcoming investment environment. The UAE is becoming a popular location for both domestic and foreign investors wishing to protect and increase their wealth as wealth management companies innovate to offer specialized and effective financial solutions. This ongoing development points to a bright future and positions the UAE as a center for superior wealth management.

[reversemortgagespeciali]

Reverse Mortgage Counseling: Why It’s Essential Before You Borrow

Introduction

If you are considering a reverse mortgage in Hilton Head, understanding the ins and outs of this financial product is crucial. A reverse mortgage can be a valuable tool for seniors looking to access the equity in their homes without monthly mortgage payments. However, before you proceed, it is essential to undergo reverse mortgage counseling. This step not only helps clarify the process but also ensures that you are making informed decisions that align with your financial goals.

What is Reverse Mortgage Counseling?

Reverse mortgage counseling is a requirement for homeowners interested in obtaining a Home Equity Conversion Mortgage (HECM), which is a government-insured reverse mortgage. The counseling sessions are conducted by HUD-approved counselors who provide impartial information about reverse mortgages. They explain how these loans work, the obligations involved, and the potential risks and benefits. This counseling session is not just a formality; it is a critical part of the process that equips you with knowledge and understanding.

Why Counseling is Essential

Understanding Your Options: A reverse mortgage can offer various payout options, including a lump sum, monthly payments, or a line of credit. Counseling helps clarify these choices, allowing you to select the one that best meets your needs.

Evaluating Your Financial Situation: Counselors will review your financial status, including your income, expenses, and existing debts. This evaluation is crucial for determining if a reverse mortgage is the right option for you and if you can afford any related costs, such as property taxes and maintenance.

Identifying Alternatives: During counseling, you may discover alternative solutions for accessing cash or managing your retirement financing. Counselors can discuss options like home equity loans or other financial strategies that might be more suitable for your situation.

Understanding Responsibilities: A reverse mortgage comes with responsibilities, such as maintaining your home, paying property taxes, and homeowners insurance. Counseling ensures you are aware of these obligations to avoid any potential pitfalls.

Preparing for the Future: Understanding reverse mortgage benefits and disadvantages can help you plan for the long term. Counselors can provide insights into how this loan might impact your estate and inheritance, which is vital for seniors planning their legacies.

Conclusion

In conclusion, reverse mortgage counseling is an essential step before borrowing. By seeking guidance from a knowledgeable counselor, you can make informed decisions about whether a reverse mortgage is right for you. This process not only empowers you with critical information but also helps ensure your financial stability and peace of mind as you navigate your retirement years. If you’re considering a reverse mortgage in Hilton Head, prioritize counseling to make the best choice for your future.

Author: David Stacy

Who We Are

A reverse mortgage can provide significant benefits for retirees looking to supplement their income while retaining ownership of their home. For those in Hilton Head Island, SC, considering a reverse mortgage, it's important to carefully weigh both the advantages and disadvantages. Working with a reputable lender is essential to ensure that the terms of the loan are in your best interests. Call David Stacey at Reverse Mortgage Specialist of Hilton Head today at (854) 842-2505 for a friendly chat to see if a reverse mortgage is right for you.

Contact Us

Reverse Mortgage Specialist of Hilton Head

81 Main Street, Hilton Head Island, South Carolina, 29926, United States

(854) 842-2505

rmspecialisthiltonhead@gmail.com 

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[dankusner]

TEXAS HOUSE Newbies to fill 9 area seats

ELECTIONS ’24

Four candidates, two from each party, are running unopposed

Thanks to a wave of retirements and primary election defeats, nine North Texas seats in the state House will be filled by newcomers after the Nov. 5 election.

Four candidates are running unopposed.

The local races without a House incumbent are:

DISTRICT 33

Katrina Pierson, Republican:

Pierson is running unopposed and will be the next lawmaker for a district that includes all of Rockwall County and a portion of Collin County.

Pierson defeated Rep. Justin Holland, R-Rockwall, in the May 28 primary runoff election, 56% to 44%.

A former national spokesperson for former President Donald Trump’s 2016 presidential campaign, Pierson ran as a candidate who would reform the Texas House and opposes Democrats serving as chairs of legislative committees.

She supports Rep. David Cook, R-Mansfield to replace Dade Phelan, R-Beaumont, as House speaker.

DISTRICT 61

Tony Adams, Democrat:

Adams, a small-business owner in Collin County, is running on unifying and working collaboratively with Republican lawmakers.

Adams opposes sending public tax dollars to private schools and wants stronger gun laws in Texas.

He also opposes Texas’ near-total ban on abortion.

Adams faces an uphill battle in a solidly Republican district that includes parts of McKinney and Frisco.

Keresa Richardson, Republican: Richardson, CEO of the Lawton Group, defeated Rep. Frederick Frazier, R-McKinney, in the May primary runoff 68% to 32%.

Richardson challenged Frazier’s conservative credentials and received Ken Paxton’s support after Frazier voted to impeach the attorney general.

Richardson said working with Democratic lawmakers gave the minority party too much influence and watered down Republican priorities.

She supports creating a school voucher program and a Texas Border Unit to enforce immigration laws, and she said she believes the state constitution should be amended to require proof of citizenship before an individual can register to vote.

DISTRICT 64

Angela Brewer, Democrat: Brewer, an adjunct professor at the University of North Texas, ran an unsuccessful campaign against Rep. Lynn Stucky, R-Denton, in 2020, losing by 10 points.

Brewer told KERA News that Gov. Greg Abbott’s push to allow school vouchers was one of her big motivations to run and said she is “100% committed against” school choice.

Her other key legislative issue is protecting abortion access, promising to file a bill repealing the state’s abortion ban.

Andy Hopper, Republican:

Hopper, an engineer and chief warrant officer for the Texas State Guard, defeated Stucky in the May primary runoff by 12 points, receiving the support of Paxton.

He signed the “Contract with Texas,” a pledge to support conservative priorities, including a ban on Democratic committee chairs and term limits for House speaker.

He supports school choice and believes the Legislature should make it a crime to travel out of state for an abortion.

DISTRICT 65

Detrick DeBurr, Democrat:

DeBurr, a software engineer and planning and zoning commissioner for The Colony, said he is running because he believes the district, which cuts east to west across Denton County, has seen tremendous growth and by serving as commissioner, he understands what priorities are needed.

DeBurr describes himself as “very conservative, yet thoughtful and compassionate.”

His legislative priorities include increasing public school funding and expanding Medicaid in Texas.

Mitch Little, Republican:

Little was an impeachment lawyer for Paxton during last year’s Senate trial.

He defeated Rep. Kronda Thimesch, R-Lewisville, in the March primary. His campaign priorities include election integrity, reducing property taxes, securing the U.S.-Mexico border and reforming the House, saying change is needed to advance conservative priorities.

DISTRICT 91

David Lowe, Republican:

Lowe is running unopposed after defeating Rep. Stephanie Klick, R-Fort Worth,

in the May 28 runoff, despite Klick having Abbott’s backing and serving as chair of the Public Health Committee.

Lowe, an Army veteran, criticized Klick from the right, including her vote to impeach Paxton.

Lowe was endorsed by Paxton and supports eliminating property taxes, opposes red flag gun safety laws and wants to eliminate in-state college tuition for undocumented migrants.

DISTRICT 97

Carlos Walker, Democrat:

Walker, director of Fort Worth ISD’s Family Action Center, lists four priorities on his campaign website: public education, property tax relief, women’s rights and support for farmers.

The Republican-leaning district includes western Tarrant County.

John McQueeney, Republican:

McQueeney, the CEO of Vision Companies, lists his priorities as border security, increasing school funding, passing school choice, helping foster business growth and protecting the First Amendment.

The district is currently represented by Rep. Craig Goldman, R-Fort Worth, who is running for Congress.

DISTRICT 107

Linda Garcia, Democrat:

Garcia, an entrepreneur and financial literacy educator, is running unopposed to replace Rep. Victoria Neave Criado, D-Dallas,

who challenged Dallas Sen. Nathan Johnson in the Democratic primary but lost.

Garcia wants to expand Medicaid, invest more in infrastructure and affordable housing, restore reproductive rights and increase funding for public schools.

DISTRICT 109

Aicha Davis, Democrat:

Davis is running unopposed to replace Rep. Carl Sherman, D-DeSoto, who was defeated in the Democratic primary for U.S. Senate. Davis is a six-year member of the State Board of Education. She opposes universal school vouchers, believes teachers should get a pay raise and does not support legislative efforts to restrict access to books deemed inappropriate for children.

DISTRICT 115

Cassandra Hernandez, Democrat: Hernandez is seeking to replace Rep. Julie Johnson, D-Farmers Branch, who is running for Congress. Hernandez, an attorney, lists gun violence reform as a key issue. Her campaign website says she lost her father to gun violence. Her other priorities include expanding Medicaid, cutting property taxes and addressing the fentanyl crisis.

John Jun, Republican: Jun, a Navy veteran and attorney, is a former member and mayor pro tem of the Coppell City Council. He said he opposes school vouchers and would increase school funding. His other legislative priorities include cutting taxes and supporting small businesses by limiting regulations.