RichC | March 24, 2024
Today, Sunday March 24, 2024 is Palm Sunday … the Sunday before Easter. For Christians around the world, it commemorates the triumphant entry of Jesus into Jerusalem. On this day, a cheering crowd greeted Jesus along the road, spreading their garments and palm branches before Him. For us today, it is time to get our […]
RichC | February 17, 2024
As an entrepreneur who has owned a business that sells in several Ohio counties and collects sales taxes (all counties are different), I do monitor the steady sales tax percentage increase over the decades of doing business. It is also interesting to know how managing a business in Ohio compares to other states (click map […]
RichC | January 28, 2024
An email newsletter from the Tax Foundation offered up a few interesting tax oriented tidbits. Lady Godiva As the story goes, Lady Godiva famously rode a horse through Coventry, Warwickshire . . . in the nude. But why did this 11th-century noblewoman choose to do such a thing? Taxes. Lady Godiva pleaded with her husband, […]
RichC | December 29, 2023
The IRS has set the new tax brackets to adjust for inflation beginning in January 2024. The update is to shift higher by 5.4%, but for 2023 taxes that most of us will be filing before April 15 and saw even more “bracket creep” due to the previously year’s inflation. Here are the changes […]
RichC | December 26, 2023
Have you ever wondered about taxes … and how many (or how much) is too little or too much? If so, here’s a short YouTube clip from the TaxFoundation:
RichC | September 30, 2023
Thirteen years ago I blogged on the US National Debt spiraling out of control (the US National Debt was $13.5 Trillion in September of 2013) … who knew we wouldn’t even remotely take this exponentially increasing monstrosity seriously? Now we’re $33 TRILLION in debt, running huge deficits, and adding to the national debt even faster […]
RichC | August 23, 2023
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RichC | May 27, 2023
Once again, politicians are taking our US SPENDING and BORROWING problem right to the wire. Everyone knows that eventually politicians will just raise the debt ceiling and borrow more. The Republicans want spending cuts and the Democrats want a “clean increase” so as to be able to pay promised liabilities (previous spending) and we all […]
RichC | May 3, 2023
Taxes are often on my mind … especially when reminded by an email update from the Tax Foundation. This week was both a depressing one (Ohio #41) and an interesting one due to the number of states and cities trying hard to reduce the burden of bloated government on their residents. I would nice if […]
RichC | April 18, 2023
Yup … ENFORCEMENT. … hundreds of IRS applications have been around for at least 25 years and dozens that have been in existence for more than 50. There were also pieces of software running 15 updates behind the current version. Fifteen! That’s like using a new iPhone with the iOS from the original iPhone … […]
RichC | October 23, 2022
The Federal tax brackets are adjusted each year by the IRS based on inflation numbers in an attempt to stop “bracket creep.” This prices have soared as in September 2022 consumer prices were up 8.2% compared to 2021. It is likely most Americans have not seen that kind of wage increase which means their buying […]
RichC | October 18, 2022
As a former GOP VP hopeful would say, “You betcha.” In catching up on my Tax Foundation reading, one of their recent emails highlighted what internationally we have seen in off and onshoring is that businesses go to where they are treated best. It most often has to do with a companies lowest cost of […]
RichC | July 10, 2022
While I personally have not worked the numbers, a May 2022 Barron’s Advisor column on retirement offered an enlightening look on “where” to live; it can be eye-opening! Low income taxes aren’t everything. Many retirees who live in states with high taxes are eager to move to states with no income taxes, says Rhian Horgan, […]
RichC | March 20, 2022
Photo from February 2013 in Delray Beach while visiting Brenda’s parents For years … well decades really … we have been fortunate enough to escape winter in February or sometimes March or April and head to sunny or warmer climates for a week. Often it was to visit either Brenda’s or my parents who would […]
RichC | December 10, 2021
The surprise increase in blog traffic corresponded to my taking a few more security measures such as locking down more of the personal content to only logged in readers … but I’m not sure that had anything to do with increasing earnings? Still, I noticed upward change (more than doubling) of Google Adsense earnings and […]
RichC | October 9, 2021
If you think about it, the IRS will probably need far more than another $80 BILLION tax dollars to hire enough agents to track and follow up on every American who has a bank account or transaction over $600? A major component of President Joe Biden’s plan to raise revenue to pay for his trillions […]
RichC | June 25, 2021
Currently, we attempt to pay for infrastructure by taxing drivers at the pump when they fill their cars and trucks with gasoline and diesel fuel … but vehicles are becoming more efficient while the cost of infrastructure and maintenance continues to goes up. In other words, there isn’t enough money being collected. The politicians answer […]
RichC | July 15, 2020
The pandemic delayed April 15th Tax Day for Americans’ 2019 taxes is now upon us and for those who have not filed, you have until 11:59 tonight to do it … unless you request an extension until October 15th. We can try to wish it away like Dorothy in the Wizard of Oz, but as […]
RichC | January 26, 2020
graphic credit – Enza Financial There was an excellent podcast on Charles Schwab‘s WashingtonWise Investor (link) last week with Mike Townsend and Dan Stein that summarized the 2020 changes for those planning their retirement – hopefully everybody. Most of the new changes made by Congress last year in the SECURE Act are based on Americans […]
RichC | September 18, 2019
Does Your State Have a Marriage Tax Penalty? It isn’t always easy to decipher the tax impact of marriage on taxes, but the Tax Foundation summarized the tax code “marriage penalty” and offers an overview map. YMMV. Under a progressive, graduated-rate income tax system, tax rates increase as a taxpayer’s marginal income increases. A marriage […]
RichC | June 21, 2019
Taylor is my millennial antagonist when it comes to discussing politics, investing and both government and personal finances. We both enjoy debating, so it’s cool most of the time. He is also a product of his generation just as I am of mine. We view the role and expanse of government differently when it comes […]
RichC | March 7, 2019
I do miss browsing in bookstores … something our family would regularly do Sunday after church … and something my daughter and I would do “in the good ol’ days” when I would visit her in college. I suppose there are still a few bookstores around to enjoy, but nowadays I read what is recommended […]
RichC | February 7, 2019
The 2018 wireless phone Tax Foundation report came out in December 2018 and although we may have seen income tax rates drop, wireless phone plans continue to be ripe for the taxman’s pickings. It is shocking to see such a wide rate structure from all the different states (map above) but that doesn’t tell the […]
RichC | January 13, 2019
With incentives, South Dakota and Minnesota compete for tiny trū Shrimp and its promise of indoor shrimp farms. A company named trū Shrimp Co. had planned to break ground this spring in Luverne, Minn., on a $330 million to $360 million indoor shrimp farm. It aims to produce 8 million pounds of shrimp a year […]
RichC | January 12, 2019
There is one thing that is consistent in Washington DC … politicians and bureaucrats love spending other people’s money. It doesn’t matter whether they are a Democrats or a Republicans … socialists or capitalists … politicians all want someone else to pay for their ideas. The current top two politicians in the news are newly […]
RichC | December 18, 2017
While waiting for the predicted Tuesday vote on the GOP Tax Plan that has been anticipated ALL year, it is looking like it might actually get done in 2017. It has not been easy or as simple as many of us wanted “Tax Reform,” but the corporate tax cut will make the U.S. more competitive […]
RichC | November 3, 2017
On Thursday, the long awaited Republican tax reform plan finally saw the light of day after most political and financial watchers haggled over the unknown details most of this year. President Trump has made tax reform and cuts as his centerpiece agenda as essential to growing the economy and stimulating job and wage growth for […]
RichC | October 7, 2017
A friend of mine is receiving his first social security check this month and so I’ve been doing some reading on the subject (it is a long way off yet for me … just in case readers had me already over-the-hill!) One of the biggest concerns for those nearing retirement and doing calculations is that […]
RichC | October 4, 2017
A little bit of research highlights which of the Dow 30 companies benefit from corporate tax reform and which one are currently better at working the existing complex tax code. Company Ticker Median effective income-tax rate – past five reported quarters UnitedHealth Group Inc. US:UNH 40% Home Depot Inc. US:HD 36% Verizon Communications Inc. US:VZ […]
RichC | September 28, 2017
President Trump will roll out his administration’s tax reform plan on Wednesday, seeking reductions in both the corporate and individual income tax rates, while doubling the standard deduction. The plan would cut corporate taxes from 35% to 20%, while dropping the top individual tax bracket from 39.6% to 35% and collapsing the current seven brackets […]
RichC | August 3, 2017
Just one more irritation as to how politicians spend tax dollars … and line their own pockets. For the past couple of decades, the private sector has been struggling … particularly the blue collar worker and mid to lower management employees. Pensions are non-existent, benefits eliminated and health care for the private sector a nightmare! […]
RichC | June 13, 2017
There was a time when I thought I could count on Republicans who now control the House of Representatives, Senate and Whitehouse in Washington DC to reduce taxes — how naïve of me. The latest going around is how "gasoline and diesel taxes haven’t been increase in years and how they need to go up […]
RichC | May 1, 2017
The rate of U.S. inflation for March was slower than expected just one month after hitting a five-year peak. The number reflects lower gasoline and consumer goods prices, including automobiles. Thiis could ease pressure on the Federal Reserve to raise interest rates, even though central banks have telegraphed increases this year. The U.S. economy is […]
RichC | April 26, 2017
CNBC posted a simple chart in their article looking at #taxreform, cuts and simplification as to what deductions might be eliminated.
RichC | April 26, 2017
What a start to the week for the stock market! There is optimism that something "will" get done with taxes, unlike #RepealAndReplace legislation. The news is that President Donald Trump will be unveiling his proposal to cut corporate taxes on US companies’ foreign profits and slash the top tax rate has investors in the "buy" […]
RichC | April 18, 2017
… the IRS bite feels just the same.
RichC | April 2, 2017
The beginning of April is one of my least favorite times of the year … tax time … but for a couple reasons, next year should be better. This is the last FULL year to file for MomH and her trust return. We should see lower tax rates for 2017 (if retroactive?) Republicans are advocating to simplify […]
RichC | March 26, 2017
Two years ago, Intuit’s Turbo Tax software tried their "money grab" in attempted to strong-arming their long-time and new customers into paying substantial more to use their software to file their 2014 taxes. The CEO took to the Internet and made an apology and stepped up to Intuit’s greedy "mistake." One would think that competitors […]
RichC | February 16, 2017
Unless you’ve had your head in the sand pile, you know that there is a shake-up happening in Washington DC since the election of President Donald Trump and his taking office less than 1 month ago. Much of the economic optimism seen by new records on Wall Street, job incentives and both interest rates and […]
RichC | December 23, 2016
We still have a week of trading before closing the books on 2016, but those last few DJIA psychological points to 20,000 have proven evasive. Thursday’s 23 point decline, after the steady climb since the election, has a few gurus thinking the Trump Rally may be ahead of itself? Some are looking at current corporate […]
RichC | October 16, 2016
I love simplicity … so when tossing around political footballs, I generally join the team that at least "attempts" to simplify government and taxes. I’m not naïve enough to believe it will ever happen or even work well, but after filing personal (for friends and family), organizations and business taxes for years, it would sure […]
RichC | August 11, 2016
There are people who have the ability to communicate and can make "simple-sense" of the usually complicated economic issues facing our country. I’d like to believe that IF enough voters are willing to digest the three minutes of conversation below, that they would be less inclined to "dis" a business oriented pro-growth policy that is […]
RichC | April 7, 2016
Here’s a personal "what I’m doing" post after spending an evening with my son Taylor finishing up his taxes. We of course used this excuse to have dinner together too. I think we have both always enjoyed our time together, but the older (and more mature) he gets, the more I really do enjoy talking […]
RichC | March 23, 2016
Looking at the Finviz chart of the wild second half of 2015 slide for crude oil, one would think we Americans would be cheering since we love driving big cars. Unfortunately lower crude prices (and prices at the pump) are also indicators of a struggling domestic and world economy. U.S. companies need strong international economies […]
RichC | July 27, 2015
Small business owners who regularly collect sales tax on their goods and services might not be quite as enamored with the “economic rebound” being boasted about in Ohio. While I do support Gov John Kasich and realized he does not have direct impact on counties needing to find more tax revenue, the tax shifting in […]
RichC | May 8, 2015
The bigger the federal government grows and the longer the tenticles reach into business and personal lives, the slower our country grows. What will it take for Americans to recognize that our country grows and lifts every citizen when the ambitious and innovative are not thwarted by Uncle Sam at every turn? Besides limiting the […]
RichC | February 24, 2015
CEO Steven Mollenkopf spoke with Maria Bartiromo on Sunday Morning Futures this past weekend about his company Qualcomm Inc. ($70.94 -0.58 -0.81%) and dealing with taxes and low interest rates impact his business decision making. About taxes, Mollenkopf commented that the high current U.S. corporate tax rates (graph below) encourage investment and job creation overseas […]
RichC | February 14, 2015
There was no love lost from customers of Intuit’s Turbo Tax software, and like many, I quickly looked to their competitors when I saw Intuit’s “money grab” in January 2015. Although the company responded with an apology and offered a $25 rebate to those who eventually figured out they needed to upgrade their Deluxe edition […]
RichC | June 6, 2014
While closing the first full week of June on a rather high note (all time high!), the financial markets and Dow Jones Industrial Average pushed ever closer to 17K — DJIA closed at 16,923.77 up 87.66 (0.52%). I’m probably not the only one wondering how companies can keep performing when consumers have fewer dollars leftover […]
RichC | March 23, 2014
Wallethub compared how average families from each state when it comes to paying taxes … how does your state look? According to their color coded map, the brighter red your state, the more you pay; conversely, the greener your state, the lower your taxes, and brown puts you somewhere in the middle. If you hate […]
RichC | February 4, 2014
If business growth is the medicine for job creation and a healthy economy … how does the U.S., or more specifically, each state, encourage business growth and incentivize expansion? Companies need to have an attractive tax climate in order to put capital at risk (or at less competitive), although it is not the only criteria […]
RichC | August 26, 2013
Wasteful government spending is nothing new, nor is the corruption and abuse by companies and recipients siphoning off our hard earned tax dollars. What is new is a much bigger federal government and the addition of bunches of new programs and the seeming disregard for responsible oversight that comes with a “bigger government.” It is […]
RichC | July 22, 2013
The tax man in the form of the Internet online giant Amazon.com has warned advised me that they will begin to collect Ohio sales tax for Amazon Web Services. This is probably appropriate as too many tax dollars are lost to online out of state vendors, but paying more taxes is still hard to swallow. […]
RichC | April 15, 2013
I had the best of intentions to update my blog regarding the special "wedding weekend," but between clean-up, wrap-up, rest-up and spending the weekend with family (Brenda‘s parents staying with us) … AND of all things an April 15th TAX day Monday, I’m wiped out. I’m way behind on the pleasurable post detailing my daughter’s […]
RichC | January 16, 2013
It is becoming increasingly clear the the answer the federal government’s excessive spending is to “broaden the base” … but before the attacks from Democrats begin, let me clarify my reasoning (highlighted below) and explain. The current debate in Washington DC is whether to address the deficit (and mounting debt) by raising taxes on the […]
RichC | December 11, 2012
Those of us watching the “dance” in Washington DC over the looming taxes and possible spending cuts closing in on every American can make one’s head spin. What we all know is that our government spends too much and seems unable to even come close to balancing their budget or coming up with a plan […]
RichC | November 30, 2012
Playing the tax game as a big business or 1%-er investor must be a challenging problem to have? [sarcasm] Here’s a Wall Street Journal op-ed commenting on Costco’s recent “early” dividend announcement. Uncertainly in the tax code, along with the credits, deductions and complexity, slows economic growth, deters job creation and demonstrates that the more […]
RichC | February 22, 2012
The tax season is upon us and many take this opportunity to take account of our retirement strategy (at least those who are thinking ahead). Years ago … in the days of the company pension, confidence in Social Security and Medicare and the assumption that one would retire at 65 after a lifetime career with […]
RichC | February 4, 2012
Fred Smith, CEO of Fedex, spoke on Thursday this past week and simplified his thoughts on turning around the economy and creating jobs. He supplied a chart which doesn’t necessarily clear up the “chicken or the egg” discussion associated with which comes first, but his chart does show that capital investment and private sector employment […]
RichC | November 22, 2011
Even if you’re not a CNBC watcher or someone who focuses on the financial markets each day, you may have heard of Rick Santelli and his rant in 2009 during the peak of the U.S. financial bailouts. I included the clip in a post which many believed may have spurred the Tea Party movement (some […]