Category: Finance
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France’s Richest Man Moves to Belgium
The richest man in France has officially transferred his multi-billion pound fortune out of his homeland to Belgium. Bernard Arnault, head of luxury goods group LVMH, insists he has moved his assets for ‘family inheritance reasons’. But others are convinced that the 63-year-old has joined other tycoons and celebrities in wanting to avoid taxes –…
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Government Dependents Outnumber Private Sector Workers
In 11 of the 50 states in the US, residents dependent on the government outnumber private sector workers. “America is rapidly becoming a nation of takers,” economic blogger Michael Snyder writes. “An increasing number of Americans expect the government to take care of them from the cradle to the grave, and they expect the government…
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Gov Official Warns Cook County Retirees Of Local Debt
In May, 2012, the collective debt reported by the local primary taxing agencies in Cook County was more than $140 billion! To put that in context, the total debt-per-household in the City of Chicago was $87,720, and $35,774 in the suburbs. Since local governments cannot print money, they rely on property taxes as their main…
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GM Exit Strategy: Taxpayers Eat Billions
The Obama administration said Wednesday it will sell 200 million shares — or 40 percent of its remaining stake in General Motors Co. — back to the automaker and announced plans to completely exit the Detroit automaker by March 2014. The Detroit automaker said it will purchase 200 million shares of GM stock held by…
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Pensioners Take Note, Municipal Bond Storm Coming
[B]ut California too is now starting to hand it to bondholders. Cities in California are now testing the limits of bankruptcy law, and not paying the debt nor the payments for retirees to the state system. Thus this article describes how the state retirement system (CALPERS) is suing to demand payment, and saying that retiree…
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$55 Million Paid to Kids to Do Nothing
Records provided to CNN show that $54.5 million was spent on the NRI program, mostly through the governor’s discretionary fund, which doesn’t require legislative approval. The only data on the program’s accomplishments come directly from the Illinois Violence Prevention Authority. The NRI states that it created more than 3,484 jobs, provided counseling for more than…
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Who Would Rather Not Work?
This first came up (recently at least) with the Hostess workers: Interviews with more than a dozen workers showed there was little sign of regret from employees who voted for the strike. They said they would rather lose their jobs than put up with lower wages and poorer benefits. “They’re just taking from us,” said…
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$45k/yr is the “New Rich”
Implemented in 1969 to make sure upper-income Americans pay their share of taxes, the AMT has increasingly snared more middle-income Americans over the years because it was never indexed for inflation. During the 2011 tax year for example, the higher tax hit single taxpayers with incomes as low as $48,450 and joint filers making only…
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2/3 of Millionaires Avoid 50% Tax Rate
Two-thirds of millionaires left Britain to avoid 50p tax rate Almost two-thirds of the country’s million-pound earners disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed. via Telegraph. Shhhhh… This is a secret. No one tell the U.S. media. They think the “rich” will just stay and give…