JoeTaxpayer

First, my United States of Innumeracy post in which I discussed a viral email making the rounds which claimed the bailout was equal to $250K or so per person. Coincidently, a couple weeks later, Forbes publisher, Rick Karlgaard, published “Math Boneheads, Pt II”, in which he expressed similar sentiment, only he was a bit more aggressive suggesting that the difference between the illiterate and innumerate is that “most innumerates have no idea they they are math boneheads.” I’m with you, Rich.

Next was my post “Send Fuld to Jail” in which I suggested that Sarbanes-Oxley be used to confiscate Fuld’s gains among others. Forbes, in the same issue I cite above, offers the same suggestion, only they felt that applying this regulation against former CEOs of failed banks was a longshot. Can’t say I didn’t try.

Joe
(Happy Turkey Day tomorrow.)

written by JOE \\ tags: bailout, banks, dick fuld, innumeracy, IRA, irs, Oxley, rich, Sarbanes

CNNMoney had an interesting look at how Obama and McCain would change your taxes in an article titled “what they’ll do to your tax bill“. This article is a few months old, a more recent update is available from the Tax Policy Center, and is as recent as Aug 28. A look at either article shows that both candidates wish to lower taxes overall, but it’s clear that McCain would skew the savings toward the top earners, the 1%. I don’t wish to ’soak the rich’, but you can see that there’s probably some reasonable medium. Obama wants to raise taxes on those making over $250K, and McCain would give the highest decreases to those same earners. I don’t like either candidates proposal. I say freeze the rates on the top 1%, no change, help those who really are hurting, and invest in the country’s future.

Joe

written by JOE \\ tags: CNN, cnnmoney, interest, mccain, money, obama, rich, Savings, tax, tax policy center, Taxes

I recently read that Leona Helmsley bequeathed $8 billion to a charitable trust dedicated to “the care and welfare of dogs.” I have nothing against dogs, or other pets, for that matter. When I read stories of people spending large sums of money on their pets, I think it’s their money, to spend as they wish. But enough is enough. $8 billion dollars? Some time ago, I posted about the Global Rich List, a web site that will tell you how well you’re doing compared to the rest of the world. This web site informs me that 1.3 billion people live on less than $1 per day. That $8 billion dollars could have been directed to a trust that could help to double the well being of one million people ($365M/yr is less than 5% of $8B) who are otherwise starving, not just for a year, but indefinitely. Queen of Mean, indeed.
Joe

written by JOE \\ tags: charitable trust, global rich, leona helmsley, money, rich, trust

In a simulcast of publishing both here, and my main web page, where I publish a monthly article, I am happy to offer my List of Lists;

Ever since 1977’s “Book of Lists“, our fascination with lists and sets of rules has grown. David Letterman’s Top Ten List has been going on for decades with no end in sight. These are Rules of Money that I’ve saved over the past few years, enough to post my favorite “List of Lists”. If I missed one of your favorites, please leave a comment and I will add it.

• 25 Rules to Grow Rich By
• 9 money rules to live by
• 16 favorite money rules of thumb
• 5 money rules to live by
• Jim Cramer’s 25 Rules of Investing
• Charlie Munger’s 10 Rules for Investment Success
• The 10 Most-Hated Money Saving Tips
• Eight Secrets of Financial Happiness
• 10 Reasons You are Not Rich
• 20 timeless money rules
• Dilbert’s “Unified Theory of Everything Financial”
• 50 Tips to Help Establish Your Emergency Fund
• Ten Things You Need to Know About Money
• Seven Reasons to Welcome a Recession
• 15 ways to improve your credit score
• 50 Ways To Raise Your FICO Credit Score

Take your time, enjoy the list, and send me your thoughts.
Joe

written by JOE \\ tags: 20 timeless money rules, book of lists, charlie munger, Credit, david letterman, emergency fund, fico, fico credit score, Investing, investment, investment success, jim cramer, money, recession, rich, saving, TIPS, top ten list

A few days ago, in You Are Rich, I observe the median income of all the people in world is about $850. Now, that thought led a Forbes author to go one step further, in the Forbes 400 issue, writing an article The Forbes One Billion, in which he notes the combined wealth of tho top 400 people in the US is $3.5 trillion. On this, you’d expect an annual gain of $350 billion or so. He then states that the bottom One Billion people average $350 per year in income. The $350 billion dollars of annual gain of our top 400 fellow Americans can double the income of One Billion of the world’s poor. I don’t have more to say on this, to me, it’s something to ponder.
JOE

written by JOE \\ tags: Forbes 400, Investing, money, rich, wealth