Steadfast FinancesSteadfast Finances - Taxes
8 November 2012

How to Get a Tax Deduction from Hurricane Sandy

 Personal Finance         No comments

In comparison, it wasn’t as bad where I live. Many homes were without power for a couple of days. A few downed trees proved a nuisance for homeowners who now had to deal with chopping them up. I had to chase down my recycling bin, which was sent racing down the street by a gust of wind. For those in NJ and NYC, the conditions were far worse.

5 November 2012

5 Unforeseen Expenses That Can Ruin Your Retirement

Retirement is the culmination of everything we worked hard for throughout the first two-thirds of our lives. It is the time when we can truly start to enjoy the fruits of our labor. Well, ideally, it should be. But what if, before you even start to enjoy your rest and freedom, you discover certain financial obligations that you never even considered before. You find out too late that there are hidden expenses that you still need to pay for regularly. That will surely burst your bubbles fast on your last day on the grind.

25 October 2012

The Finances of Faster Highways

 Economy         No comments

Texas is looking to break the speed barrier. A new highway proposal is schedule to set an 85 mph speed limit, making it the fastest section of road in the US. Proponents of the speed limit increase maintain that by increasing speed, it will increase traffic use, which is good for toll revenues. However, financial opportunities never arise without financial consequences.

2 August 2012

Who Pays Taxes on Government Savings Bonds and When?

 Investing 101         No comments

It’s hard to earn interest on your money these days. The returns on CD and savings accounts are so small, they rarely beat inflation. It’s difficult to watch the purchasing power of your savings dwindle every year. No doubt, many are tempted to roll the dice with buying stocks. Stocks may be risky, but most safe investments are guaranteed losers. There is still one bright spot for safe investing; government savings bonds.

3 May 2012

Tax Incidence: What It Is and Why It Matters

 Taxes         No comments

Did you know that you might be paying corporate taxes and not even know it? Don’t bother checking your 1040 for an accounting error. If you aren’t self-employed, but paying corporate tax rates, you are never going to know for sure thanks to something known as tax incidence. Tax incidence is a term used in government to define the party who pays the financial burden of a given policy. Just because a piece of legislation outlines a tax or fee to one entity doesn’t mean that the identified entity bears the brunt of the legislation. Taxable entities and individuals often have the ability to shift legislative burdens to others, which means it’s important for policymakers to understand where the buck stops before crafting legislation that has unintended consequences.

3 August 2011

Fake Prosperity: U.S. National Debt Growth vs. GDP Growth

If you’re a member of Gen X and Gen Y, this is probably the scariest chart you will see in 2011, and possibly, right up to the time you’re old and gray. As you can clearly see, the crony capitalism, fake prosperity, recycled Keynesianism memes et al., have been a great benefit to the U.S. economy… right [...]

25 March 2011

Ex-Tax Collectors Turned Corporate Tax Dodging Heroes

Many years ago, John Madden once gave a memorable quote about the necessity for speed at the skill positions in the NFL: Speed: can’t teach it, can’t coach it, better draft it! It would appear that General Electric, a “too big to fail” corporation, has a similar philosophy in paying their corporate taxes… if you [...]

9 February 2011

Businesses That Give You a Discount for Paying Cash

When speaking of financial innovation or the future of money, rarely does the downward trend of paying cold hard cash come up. DiscountWithCash.com hopes to change that… DiscountWithCash.com will be a database of small businesses that rewards its customers for paying cash, and needs your help in finding them. So if you know of a [...]

24 January 2011

Take a Guess Who is Paying Fannie & Freddie’s Legal Fees

Only in America! Not only did taxpayers bail out Fannie and Freddie and overpay (still overpaying) the executives, but we’re also paying their legal bills. Kinda like paying the Captain of the Titantic an overly generous salary for ramming the iceberg, rescuing him from certain death, then paying his legal bills after the families of [...]

15 December 2010

30 Year History Lesson: National Debt Up 14 fold, Economy Up Only 3-4 Fold

 Politics,Taxes         No comments

Sobering words from David Stockman, former Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan. (FYI, this guy is widely considered one of the major, if not the major, architects of Reaganomics.) In 1981 the national debt was $1 trillion. Today, national debt it is $14 trillion. The economy in the [...]

6 December 2010

American Demosclerosis: Borrow & Spend the New American Way

 Politics,Taxes         2 comments

Call me a cynic, but if ever there is a better example of how demosclerotic the “greatest country in the history of the world” [via Mitt Romney] really is… Top senators from both parties indicated Sunday that a deal was likely soon on temporarily extending Bush-era tax cuts for all Americans, along with unemployment benefits [...]

3 December 2010

Simpson-Bowles Deficit Commission Summation: The Greediest Generation

 Politics,Taxes         3 comments

Any young person better start paying attention. This may not be the greatest generation, it might be the greediest generation. Sober up, or sleep in the streets. – Alan Simpson and Erskine Bowles, Bipartisan Deficit Commission A funny thing happens when you give people money, perks and benefits… once you give it to them, they [...]

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