Government's Responsibility to Educate
"And say, finally, whether peace is best preserved by giving energy to the government or information to the people. This last is the most certain and the most legitimate engine of government. Educate and inform the whole mass of the people. Enable them to see that it is their interest to preserve peace and order, and they will preserve them. And it requires no very high degree of education to convince them of this. They are the only sure reliance for the preservation of our liberty." --Thomas Jefferson to James Madison, 1787. (Forrest version) ME 6:392
"It is an axiom in my mind that our liberty can never be safe but in the hands of the people themselves, and that, too, of the people with a certain degree of instruction. This is the business of the state to effect, and on a general plan." --Thomas Jefferson to George Washington, 1786. ME 19:24 --
Friday, March 27, 2009
Tuesday, March 17, 2009
Sunday, March 15, 2009
Saturday, March 14, 2009
Avoiding Investment Fraud
Visit the following website and see "Protecting Yourself Against Fraud"
www.sipc.org
SIPC: Securities Investor Protection Corporation
Investments not covered: commodity futures, fixed annuity contracts, currency nor investment contracts such as limited partnerships not registered with the SEC.
**Don't do business with a brokerage firm unless you see this: Member Securities Investor Protection Corporation
www.sipc.org
SIPC: Securities Investor Protection Corporation
Investments not covered: commodity futures, fixed annuity contracts, currency nor investment contracts such as limited partnerships not registered with the SEC.
**Don't do business with a brokerage firm unless you see this: Member Securities Investor Protection Corporation
AARP Government Watch Program
This program includes issue briefs and a "Key vote Summary" that shows how members of Congress vote on top issues.
www.aarp.org/governmentwatch
www.aarp.org/governmentwatch
Thursday, March 12, 2009
Financial Times
Here is the website of the Financial Times. You'll see all kinds of interactive blogs in the right column. The Times is running a series on the Future of Capitalism, which you might be interested in. Their Economic Editor, Martin Wolf, was on c-span this morning. A very interesting conversation. You can watch it on c-span's website after it gets posted.
http://www.ft.com/home/us
http://www.ft.com/home/us
Wednesday, March 4, 2009
Taxable Income and Household Income Levels
HOW ACCURATE ARE THE QUOTED PERCENTAGES ON TAX ISSUES
On the IRS website, I looked up a table of 2006 (latest numbers) tax returns filed and taxes paid. After a few calculations, we came up with some percentages close to those being thrown around in the News.
Mainly, the tax on TAXABLE INCOME.
NUMBER OF TAX RETURNS OWING TAXES: 42,402,081
91% of all tax returns with taxable income reported less than $200,000.
9% was tax returns with taxable income over $200,000.
The tax being quoted on $250,000 or above is on TAXABLE INCOME.
A total of 2,957,282 were filed with taxable income between $200,000 and $500,000.
That’s 6.9% of all tax returns with taxable income.
TAXABLE INCOME: $4,109,723,394,000 (trillions)
Of the total taxable income reported , 50% was reported by taxpayers with less than $200,000 and 50% was reported by taxpayers with more that $200,000.
TAXES PAID: $837,277,177,000 (billions)
Of the total tax paid, 38% was paid by taxpayers with less than $200,000 taxable income.
(38,554,840 tax returns)
62% of the total tax paid was by taxpayers with more than $200,000 taxable income.
(3,847,241 tax returns)
TAXABLE INCOME RANGES
The IRS table ranges for taxable income , start with Under $5,000 and adds $5,000 to each level until it hits $100,000 of taxable income. Then the range goes to ($100,000 to $200,000),
( from $200,000 to $500,000) and then adds $500,000 to each new level up to $2,000,000, and ending with $10,000,000 or more. Yes there were tax returns filed for the $10,000,000 or more range, 15,710 of them.
OVERALL REVENUES
2006 total revenues: $2.4 Trillion with social security/medicare tax
2006 total outlays : $2.6 Trillion with social security/medicare tax
Deficit: $248 Billion
2006 revenue without social security/medicare tax: $1.8 Trillion
2006 outlays without social security/medicare tax: $2.2 Trillion
Deficit: $434 Billion
2007 INCOME DISTRIBUTION BY HOUSEHOLD-BUREAU OF LABOR STATISTICS
80 % of Household income for all races, is below $100,000.
20% is above $100,000. (12.2%-$100,000 to $149,000), (4.4%-$150,000-$199,999), (1.7%-$200,000-$249,000)
***2.1% of Household income for all races is above $250,000.
http://pubdb3.cesnsus.gov/ CURRENT POPULATION SURVEY
On the IRS website, I looked up a table of 2006 (latest numbers) tax returns filed and taxes paid. After a few calculations, we came up with some percentages close to those being thrown around in the News.
Mainly, the tax on TAXABLE INCOME.
NUMBER OF TAX RETURNS OWING TAXES: 42,402,081
91% of all tax returns with taxable income reported less than $200,000.
9% was tax returns with taxable income over $200,000.
The tax being quoted on $250,000 or above is on TAXABLE INCOME.
A total of 2,957,282 were filed with taxable income between $200,000 and $500,000.
That’s 6.9% of all tax returns with taxable income.
TAXABLE INCOME: $4,109,723,394,000 (trillions)
Of the total taxable income reported , 50% was reported by taxpayers with less than $200,000 and 50% was reported by taxpayers with more that $200,000.
TAXES PAID: $837,277,177,000 (billions)
Of the total tax paid, 38% was paid by taxpayers with less than $200,000 taxable income.
(38,554,840 tax returns)
62% of the total tax paid was by taxpayers with more than $200,000 taxable income.
(3,847,241 tax returns)
TAXABLE INCOME RANGES
The IRS table ranges for taxable income , start with Under $5,000 and adds $5,000 to each level until it hits $100,000 of taxable income. Then the range goes to ($100,000 to $200,000),
( from $200,000 to $500,000) and then adds $500,000 to each new level up to $2,000,000, and ending with $10,000,000 or more. Yes there were tax returns filed for the $10,000,000 or more range, 15,710 of them.
OVERALL REVENUES
2006 total revenues: $2.4 Trillion with social security/medicare tax
2006 total outlays : $2.6 Trillion with social security/medicare tax
Deficit: $248 Billion
2006 revenue without social security/medicare tax: $1.8 Trillion
2006 outlays without social security/medicare tax: $2.2 Trillion
Deficit: $434 Billion
2007 INCOME DISTRIBUTION BY HOUSEHOLD-BUREAU OF LABOR STATISTICS
80 % of Household income for all races, is below $100,000.
20% is above $100,000. (12.2%-$100,000 to $149,000), (4.4%-$150,000-$199,999), (1.7%-$200,000-$249,000)
***2.1% of Household income for all races is above $250,000.
http://pubdb3.cesnsus.gov/ CURRENT POPULATION SURVEY
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