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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 

Condensed Articles

October 16, 2012

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GRAVE ROBBERS
By Byron King

According to tax expert Byron King unless the lax laws change in 2013 the estate tax will increase from 35% to 55%.  The estate tax exclusion of $5 million per person and $10 million for a surviving spouse will drop to $1 million.

Mr. King writes, “Think about that $1 million exclusion if you own real estate such as a farm or a house in an upscale neighborhood or a couple of rental properties somewhere, you might be there now.  Add in your personal property like cars, furnishing and such, plus bank and brokerage accounts.  And don’t forget that life insurance often winds up getting counted against that estate tax exclusion.  It’s not difficult for an ‘average’ estate to exceed $1 million.”

He continues, “The end of Bush-era tax rates also impacts itemized deductions and personal exemptions…That is, we’ll experience dramatic changes to phaseouts and limitations.  Thus, individual taxpayers, and many households, will lose some or all current personal exemptions and deductions, including mortgage interest, charitable contributions and more.  Meanwhile, the ‘employee portion’ of Social Security tax – 4.2% the last two years – goes back to 6.2%.  This will hit everyone, down to the minimum-wage lunch ladies at the school cafeteria.

“Also, the new 3.8% health care tax will apply to all wages.  This tax increase will increase the current Medicare hit on individuals from 2.9% to 3.8%.  So if you work and receive a paycheck, the ‘employee portion’ of your Medicare tax will increase from 1.45% to 2.35%.

“The long-term capital gain rate will increase from 15% to 23.8%.  This includes a basic capital gain increase from 15% to 20%, as well as a new 3.8% ‘healthcare tax’ on interest, dividends and other passive income realized by ‘high earners’ – individuals earning more than $200,000 per year or $250,000 for married taxpayers.

“Taxes on passive, ordinary income, such as interest and dividends, will increase from 35% to 43.4%, including the healthcare tax.

“In addition to the restored 2% FICA tax, couples could be subject to marginal federal tax rates as high as 44.3% - a 26% increase in effective tax rates just on the affected income – with possibly higher state and local taxes on top of that.”